Court Powers to Force Reduction of Market Share for Corporations
Competition and Consumer Amendment (Divestiture Powers) Bill 2024
Private Member's Bill1st House
2nd House
Law
Links to official parliament websites
Effects of this bill
If this bill passes, it means that:
The Commission can apply to the Court to reduce a corporation's market power; this must happen within 3 years of the law being broken.
The Court can order a corporation to reduce its market share within 2 years; this applies if the corporation used a substantial degree of market power to break the law.
The Court can make a reduction order if all parties to the proceedings agree; this can happen even if the Court has not formally found a law was broken.
The Court can accept a voluntary promise from a corporation to take action to reduce its market power; this serves as an alternative to a court order.