Trish Cook (Bullwinkel, Australian Labor Party) Share this | Hansard source

I rise today to speak in strong support of the Treasury Laws Amendment (Doubling Penalties for ACCC Enforcement) Bill 2026. In the electorate of Bullwinkel, our community spans from the hills to the valleys and out into the regional hubs, so, for my constituents, the cost of living isn't a theoretical debate; it's a daily reality for them, particularly so every time they pull up to a petrol pump. They deserve a fair go and they deserve to know that the laws of this land are strong enough to protect them from corporate misconduct. This bill is very simple. The punishment must fit the crime. Fines act as a deterrent. If a corporation decides to put its profits above the law, the penalty should not be seen as a mere cost of doing business; it should be a significant deterrent that stops them in their tracks.

Schedule 1 of this bill gives effect to the announcement made by the Treasurer and the assistant minister two weeks ago on 11 March. It is straightforward but powerful: we are doubling the ACCC enforcement penalties. Under this measure, maximum penalties for anticompetitive conduct, including false and misleading claims and cartel behaviour, will rise from $50 million to $100 million. This applies across the entire economy, ensuring that the Australian Competition and Consumer Commission has the teeth it needs to bite back against those who would seek to exploit Australian families. We are introducing these changes at a time of significant global instability. As the world deals with the challenges posed by the conflict in the Middle East, our energy and fuel sectors are under immense pressure—but global pressure is no excuse for local misconduct.

This measure is part of a broader suite of measures implemented by the Albanese Labor government and designed to ensure that Australians get a fair deal at the pump. We're increasing scrutiny, ramping up surveillance of the fuel sector and taking action to shore up our fuel supply, particularly in regional areas like mine in Bullwinkel, where a car isn't a luxury; it's a necessity for work, school, life and, of course, farmers.

It is particularly timely to note that, on 19 March, the ACCC announced an enforcement investigation into allegations of anticompetitive conduct by major fuel suppliers Ampol, BP, Mobil and Viva Energy. While that process must take its course, it highlights exactly why we need higher penalties. We cannot have a business-as-usual approach when it comes to the essential needs of our citizens.

This isn't just a tough-on-crime stance for the sake of it. It's backed by evidence. The OECD's 2026 economic survey of Australia found that our penalties for competition law breaches were low by international standards. They explicitly recommended an increase to ensure appropriate deterrence. In 2022, when penalties were increased by our government from $10 million to $50 million, the opposition supported us. We hope again that they will see reason and support us as we increase these deterrent fines from $50 million to $100 million.

To be clear, this bill does not change the offences themselves. It doesn't move the goalposts for business, and businesses that are doing the right thing have nothing to fear. But, if you engage in cartel behaviour, if you mislead the public, if you coordinate to keep prices artificially high, the stakes will just double.

These new maximums will apply from the day after royal assent of this bill, providing the urgency that our environment demands. This bill sends a clear message from this government that we are on the side of the consumer, we are on the side of the families in Bullwinkel and we will not hesitate to hold the biggest players in our economy to account. I commend this bill to the House.

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