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Australia's consumer law penalties set to increase
The Australian Competition and Consumer Commission (ACCC) welcomes legislation that has passed Australia's Federal Parliament today to increase maximum financial penalties under Australian Consumer Law (ACL).
In its final report on the ACL Review, Consumer Affairs Australia and New Zealand (CAANZ) recommended penalties for a breach of the ACL be raised from $1.1 million for companies to the greater of $10 million, three times the value of the benefit received, or where the benefit cannot be calculated, 10 per cent of annual turnover in the preceding 12 months. Penalties against individuals under the ACL will also increase from $220,000 to $500,000 per breach.