Overview
- Parliament, which passed the bill on Thursday, doubled the maximum fine for consumer and competition breaches to A$100 million per offence.
- The law bans false claims about prices and targets price fixing, collusion, and refusal to supply independent retailers, with the ACCC tasked to enforce it.
- The ACCC confirmed an enforcement investigation into petrol and diesel pricing after more than 500 public reports, with Ampol, BP Australia, Mobil, and Viva Energy named in media coverage.
- A federal fuel supply task force led by Anthea Harris is coordinating distribution as hundreds of service stations report at least one fuel type out of stock during the Middle East disruption.
- Greens and consumer advocates say the move does not ban price gouging and any court action could take years, while the higher cap applies across the economy and follows a 2022 rise to A$50 million.