Federal Parliament has increased maximum financial penalties under the Australian Consumer Law (ACL).
In its final report on the ACL Review, Consumer Affairs Australia and New Zealand (CAANZ) recommended
penalties for a breach of the ACL be raised from $1.1 million for companies to the greater of $10 million,
three times the value of the benefit received, or where the benefit cannot be calculated, 10 per cent of
annual turnover in the preceding 12 months. Penalties against individuals under the ACL will also increase
from $220,000 to $500,000 per breach.
“Companies will now face more serious financial consequences for breaching consumer law that align with
competition law breaches,” ACCC Chair Rod Sims said.
Consumers of Furniture and Furnishing Products can learn more about their rights HERE.