Bill
Competition and Consumer Amendment (Make Price Gouging Illegal) Bill 2024
lapsed, as at 2026-02-05.
- Sponsor
- Nick McKim
- Portfolio
- Not recorded
Recorded stages
- introduced — 2024-09-16
- second reading — 2024-09-16
- second reading — 2024-10-09
- second reading — 2024-10-09
- other — 2025-08-26
- second reading — 2026-02-05
- second reading — 2026-02-05
- second reading — 2026-02-05
Divisions
- Competition and Consumer Amendment (Make Price Gouging Illegal) Bill 2024 - First Reading - Suspend the usual rules — 2024-09-16, Senate: affirmative, ayes 41, noes 4
- Competition and Consumer Amendment (Make Price Gouging Illegal) Bill 2024 - Second Reading - Put the question — 2024-10-09, Senate: affirmative, ayes 41, noes 18
- The majority voted against an [amendment](https://www.openaustralia.org.au/senate/?gid=2024-10-09.7.1) introduced by Victorian Senator [Jess Walsh](https://theyvoteforyou.org.au/people/senate/victoria/jess_walsh) (Labor), which means it failed. The amendment would have changed the wording of the usual second reading motion, which is "*that the bill be read a second time*" (parliamentary jargon for agreeing with the main idea of the bill). ### Amendment text > *Omit all words after "That", substitute "the bill be referred to the Economics Legislation Committee for inquiry and report by 28 March 2025".* #### No rebellion West Australian Senator [Fatima Payman](https://theyvoteforyou.org.au/people/senate/wa/fatima_payman) (Independent) is currently listed as a rebel voter against the Labor Party, but this is inaccurate because she is no longer part of the Labor Party. — 2024-10-09, Senate: negative, ayes 18, noes 41
- Competition and Consumer Amendment (Make Price Gouging Illegal) Bill 2024 - Second Reading - Agree with the bill's main idea — 2024-10-09, Senate: negative, ayes 16, noes 29
- Competition and Consumer Amendment (Make Price Gouging Illegal) Bill 2024 - Second Reading - Agree with bill's main idea — 2026-02-05, Senate: negative, ayes 12, noes 29
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2024-09-16.
The bill would prohibit corporations with substantial market power from charging excessive prices, known as price gouging.
It would amend the Competition and Consumer Act 2010 to insert a new subsection 46(2), enforced by the Australian Competition and Consumer Commission (ACCC) and the courts.
Corporations found in breach could face a maximum civil penalty of $50 million, and the ACCC could require them to lower prices to a competitive level for a specified period.
- The bill inserts a new subsection 46(2) into the Competition and Consumer Act 2010 to ban price gouging by corporations with substantial market power.
- It sets a maximum civil penalty of $50 million for corporations found in breach.
- It allows the ACCC to require enforceable undertakings, including lowering prices to a competitive level and guaranteeing supply.
- It exempts small businesses with annual turnover under $10 million from the prohibition.
- It defines an excessive price as one that would not be charged if the corporation lacked substantial market power.
- It excludes goods or services whose price is set by a Commonwealth, state or territory law.
Corporations with substantial market power, particularly large energy, supermarket and banking companies, and small businesses with turnover under $10 million are exempt.
Sources
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