Greens to propose $50m fines for price gouging
Make us a preferred source
Make us a preferred source on Google
The news: The Greens will propose to slap price gouging companies with $50 million fines, in a bill to be introduced to Parliament next week.
The context: Under the proposal, the Australian Competition and Consumer Commission (ACCC) would be empowered to apply for a court order if it believes a corporation has abused its market power by price gouging. The court could then impose a civil penalty of up to $50 million if the company was found to have done so.
The ACCC would be also able to force a corporation to lower the price of a product for a specified period of time.
The bill is almost certain to fail, but forms part of a broader effort by the Greens to target major corporations during a cost of living crisis.
Earlier this month, leader Adam Bandt revived a suite of “Robin Hood” plans to fund cost of living relief, including taxes on major mining corporations and a 40% on profits for any company with a turnover above $100 million.
What they said: “There is rampant price gouging and it needs to end … This will rein in corporate greed and reduce the cost of food and groceries,” Greens senator Nick McKim said in a statement.
The source: Nick McKim statement
