Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Hansard source

I move:

That this bill be now read a second time.

Today, we introduce the Treasury Laws Amendment (Doubling Penalties for ACCC Enforcement) Bill 2026.

This bill amends the Competition and Consumer Act 2010to double maximum penalties for misconduct under competition law and the Australian Consumer Law from $50 million to $100 million.

These laws help tackle price gouging at its source, outlawing:

The even stronger penalties that we are introducing will empower the ACCC to throw the book at any companies who illegally and unfairly increase their prices.

Since the start of the war, we have seen much higher prices for petrol and diesel across the country.

It has put more pressure on motorists and families who are already doing it tough.

Our message to petrol retailers has been very clear: you are on notice; do not use the conflict to take advantage of Australians.

Now they'll face penalties of up to $100 million per offence if they do.

These penalties apply across the economy.

This will help ensure that all retailers and suppliers, from fuel companies to supermarkets and the entire supply chain in between, do not use the war in the Middle East as an excuse for illegal and unfair pricing.

The states and territories share the Albanese government's sense of urgency here. Reforms to the Australian Consumer Law require the agreement of the states and territories, and I want to thank every single one of them for very swiftly confirming their agreement to support these reforms.

The ACCC has been clear that they won't hesitate to take action to protect consumers and markets, and they'll seek the highest penalties appropriate in any case that they take to court.

This bill is an important way that we are protecting consumers and securing Australia's fuel security, but it's not the only way.

We have already:

This bill also brings Australia's competition law penalties into closer alignment with comparable economies.

It's the latest step in our strong record of competition and consumer reforms since coming to government in 2022. Here, I want to pay tribute to the assistant minister, who does an absolute mountain of work when it comes to our competition policy settings in this country.

We've already legislated the single biggest reform to Australia's merger laws in 50 years, for example.

We're introducing unfair trading practice arrangements to protect consumers and small businesses, including farmers and producers.

We've increased ACCC funding by over $30 million to go after supermarkets using misleading pricing tactics.

We're strengthening the Unit Pricing Code to tackle shrinkflation. We've made the Food and Grocery Code of Conduct mandatory, with tough penalties to stop supermarkets from unfairly squeezing suppliers.

We're reforming non-compete clauses and other employment restraints.

We're extending the right to repair to agricultural machinery.

We're making it easier for new businesses to enter the market by incentivising the states and territories to cut commercial and industrial planning and zoning red tape under the revitalised National Competition Policy.

Backed by our $900 million National Productivity Fund, we're working with the states and territories on:

This is all about making sure that Australian families get a fair go and easing the pressure where we can.

Again, our message to fuel companies is very clear.

If you do the right thing by your customers, our government is here to support you and work with you.

But if you take advantage of foreign conflicts and take Australians for mugs, the ACCC will throw the book at you.

That's what these laws are all about.

Full details of the measure are contained in the explanatory memorandum.

I commend this bill to the House.

Debate adjourned.

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