Cartels
Businesses that make agreements with their competitors to fix prices, rig bids, share markets, restrict outputs (all ‘cartel conduct’) or otherwise agree to act together instead of competing with each other, are breaking the law.
Individuals found guilty of cartel conduct could face criminal or civil penalties, including up to 10 years in jails and/or fines or civil pecuniary penalties, and be disqualified from managing a corporation.
Maximum penalties for companies, per offence, are $10 million, three times the value of the benefit obtained from the cartel or 10 per cent of the previous year’s turnover, whichever is greater.
Parties involved in a cartel can apply for immunity from prosecution in exchange for helping with the ACCC’s investigations.
Related information: Cartels
Legislation: Competition and Consumer Act 2010 Part IV