Court Powers to Force Reduction of Market Share for Corporations
Competition and Consumer Amendment (Divestiture Powers) Bill 2024
Private Member's BillSenate
House of Representatives
Assent
Introduced by: Senator Nick McKim (GRN)
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.