The Australian Competition and Consumer Protection Commission is an independent body of the Australian government . Its mandate is to protect the rights of consumers , business rights and obligations, regulate the industry, monitor prices and prevent illegal anti-competitive behavior.
| Australian Competition and Consumer Protection Commission | |
|---|---|
| |
| general information | |
| A country | |
| date of creation | 1995 |
| Superior Office | |
| Annual budget | $ 202 million 2010 |
| Site | accc.gov.au |
Sanctions
The commission is authorized to file lawsuits against companies that violate the Trade Practices Act. Penalties for non-compliance with the law can be very serious.
Companies that do not comply with the restrictive trade practices of the Trade Practices Act may be fined in a federal court. There are three ways in which the maximum amount of a fine can be assessed. The maximum possible fine is more than $ 10 million, or three times the cost of an illegal profit, or (if the damage value cannot be established) 10% of the turnover in the previous 12 months. Individuals can be fined up to $ 500,000.