ACCC Chairman Rod Sims' speech on the release of the OECD’s Pecuniary Penalties for Competition Law Infringements in Australia report.
The ACCC will re-think its approach to penalties for breaches of the competition law after an OECD report found that average Australian penalties are significantly lower than those imposed in other comparable OECD jurisdictions.
Chairman Rod Sims has announced the ACCC’s product safety priorities for 2018 at the National Consumer Congress. Mr Sims has reaffirmed the ACCC's support for a general safety provision to be introduced in Australia law to reduce the risk of unsafe goods entering the market, and the nine critical safety issues facing Australian consumers.
Interim report for the Mortgage Price Inquiry.
The Australian Competition and Consumer Commission (ACCC) has released a draft determination proposing to authorise joint gas marketing arrangements between Central Petroleum (ASX: CTP) and Macquarie Mereenie.
Central and Macquarie are joint venture partners at the Mereenie oil and gas field, which is located in the Amadeus Basin in the Northern Territory, approximately 250 km west of Alice Springs.
The ACCC welcomes the Productivity Commission’s (Commission) draft report into Competition in the Australian Financial System and the opportunity to appear at this hearing.
Among the Commission’s recommendations was the need for an existing regulator to be given the role of championing competition in the financial sector. The Commission anticipates that regulator would have a number of functions including, but not limited to, conducting transparent analyses of the impact on competition in the financial sector of prudential regulation and other regulatory measures.
Australia’s east coast gas market remains incredibly tight and users are paying for this with high prices and limited sources of competing supply.
The east coast gas market is at a crossroads and the only real choice is to address the fundamental supply problem, particularly in the south.
The supply situation is most stark in the case of the southern part of the east coast, with the ACCC’s gas inquiry finding that there is not enough production forecast in the southern states to meet southern demand in 2018.
In his annual CEDA address, Chairman Rod Sims launched the ACCC's 2018 Compliance and Enforcement policy. This year, the ACCC will focus on consumer issues in broadband services and energy, competition in the financial services and commercial construction sectors, systemic consumer guarantee issues, and conduct that may contravene the new misuse of market power and concerted practices provisions.
The ACCC is proposing to grant re-authorisation to an alliance between Qantas Airways Limited (ASX: QAN) and Emirates for a further five years.
The global alliance covers Qantas’ and Emirates’ air passenger and cargo transport operations. The ACCC first authorised the alliance in 2013 for five years.
“The ACCC considers that the alliance is likely to continue to result in a range of public benefits,” ACCC Commissioner Roger Featherston said.
The ACCC has decided to re-authorise the continued coordination of three Qantas (ASX: QAN) Asian-based joint ventures: Jetstar Asia, Jetstar Pacific and Jetstar Japan.
The Jetstar joint venture airlines are also seeking to coordinate with their shareholding airlines Qantas, Japan Airlines and Vietnam Airlines, on passenger and cargo services within Asia.
The decision continues an ACCC authorisation made in 2013.