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(Australian Associated Press)
Strict new penalties for companies that breach Australia’s consumer laws will match the severity of the wrongdoing, the Turnbull government has warned.
Tougher penalties including fines of $10 million or 10 per cent of the company’s annual turnover will act as a deterrent to bad behaviour, assistant minister to the treasurer Michael Sukkar says.
Alternatively, businesses also face handing over three times the amount of any benefit gained from their wrongdoing if that figure is higher, under legislation that passed the lower house on Wednesday.
“The increases to these maximum penalties will hold companies who breach the law accountable and impose a real financial cost instead of it just being a cost of doing business,” Mr Sukkar said.
Individuals face penalties up to $500,000.