Big business facing steep fine increases amid crackdown

The overhaul of fines comes decades after they were first set.

Any fines handed out to corporations were a slap on the wrist and not really regarded as fines but investments toward greater profit. As are Lawyers, Accountants Professional Lobbyists, Media and PR companies.

A strengthening of consumer protections to be introduced to Parliament on Wednesday will raise the maximum fines levied on companies engaging in anti-competitive behaviour from just $10 million, or 10 per cent of their revenue, to $50 million or 30 per cent.

The government will raise the base maximum penalty, unchanged for decades, to stop companies from simply absorbing fines as part of the cost of doing business.

Source: Big business facing steep fine increases amid crackdown

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.