Thanks for logging in.

You can now click/tap WATCH to start the live stream.

Thanks for logging in.

You can now click/tap LISTEN to start the live stream.

Thanks for logging in.

You can now click/tap LATEST NEWS to start the live stream.

LISTEN
Watch
on air now

Create a 2GB account today!

You can now log in once to listen live, watch live, join competitions, enjoy exclusive 2GB content and other benefits.


Joining is free and easy.

You will soon need to register to keep streaming 2GB online. Register an account or skip for now to do it later.

Advertisement
Advertisement
Advertisement

Companies breaching consumer law could now face fines worth ‘hundreds of millions’

Brooke Corte
Article image for Companies breaching consumer law could now face fines worth ‘hundreds of millions’

Companies who breach consumer law will be hit with much higher financial penalties.

Amid the chaos in Canberra, the Senate passed changes to consumer law.

The changes will see penalties imposed on businesses, who do the wrong thing by consumers, increased.

ACCC Chairman Rod Sims tells Ross Greenwood a single breach could now cost a company 10 per cent of their turnover.

“These penalties could now be in the hundreds of millions of dollars,” he says.

Mr Sims says the new fines will force companies to “take notice”.

“Once the penalties get to hundreds of millions of dollars, Ross, which they now can, I think share prices will be affected.

“I think that will grab the notice of board directors, of financial analysts, and get Australian consumer law taken much more seriously.”

Click PLAY below to hear the full interview with ACCC Chairman Rod Sims

Brooke Corte
Advertisement