[no bill text published] Prohibition on Excessive Pricing for Corporations with Substantial Market Power
Competition and Consumer Amendment (Make Price Gouging Illegal) 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:
Corporations with substantial market power must not charge excessive prices for goods or services.
The law bans making offers or entering agreements at prices that are excessive.
A price is excessive if it is higher than the competitive price that would exist without the corporation's market power.
The ban does not apply if a Commonwealth, State, or Territory law requires or allows the price.
Corporations with a total group turnover of less than $10 million are exempt.
Turnover is calculated as the sum of all supplies; it excludes input taxed supplies and those not made for consideration.