ACCCount details the ACCC’s enforcement, compliance, merger, adjudication, economic regulation, market studies, advocacy and international activities during the January to March 2018 quarter.
This edition includes:
- The release of the ACCC’s Residential Mortgage Price Inquiry interim report. The report found that the residential mortgage prices offered by the five banks affected by the Government’s Major Bank Levy (ANZ, CBA, Macquarie, NAB and Westpac) lack transparency, which makes it difficult for consumers to make informed decisions, and that pricing between the banks is not strongly competitive.
- The Federal Court ordering the highest ever penalty for a breach of the secondary boycott provisions with a $1 million penalty judgment against the Construction, Forestry, Mining and Energy Union (CFMEU).
- The release of an issues paper in relation to the ACCC’s digital platforms inquiry seeking feedback on the market power of platforms; the implications of digital platforms for media content creators, advertisers and consumers; longer term trends in the media and advertising services market; and the effectiveness of existing regulation and proposals for changes.
- The commencement of the first criminal prosecution of an Australian corporation under the criminal cartel provisions, against Country Care and its managers.
- Continued enforcement action in relation to false or misleading NBN speed claims with the ACCC obtaining compensation and remedies for affected consumers with s.87B undertakings provided by iiNet, Internode, Dodo, Primus and M2.
- The Assistant Minister to the Treasurer issuing a compulsory recall notice for faulty Takata airbag inflators. This is one of the largest and most significant recalls in Australia, with four million affected vehicles. The ACCC has published guidance materials on its Product Safety Australia website and is helping to educate industry about the recall requirements. The ACCC will also be monitoring recall activities to oversee compliance with recall obligations.
To read the full report, see: ACCCount 1 January to 31 March 2018