Treasury Laws Amendment (Doubling Penalties for ACCC Enforcement) Bill 2026

Senator GALLAGHER (Australian Capital Territory—Minister for Finance, Minister for the Public Service, Minister for Women, Minister for Government Services and Manager of Government Business in the Senate) (15:05): I move: That this bill be now read a second time. I seek leave to have the second reading speech incorporated in Hansard. Leave granted.

The speech read as follows— Today, I introduce the Treasury Laws Amendment (Doubling Penalties for ACCC Enforcement) Bill 2026. This bill amends the Competition and Consumer Act 2010 to double maximum penalties for misconduct under competition law and the Australian Consumer Law, from $50 million to $100 million. These laws help tackle price gouging at its source, outlawing: False or misleading representations, including lying about the reason for price increases; Price fixing, colluding on prices, and other cartel behaviour; Misuse of market power to lessen competition, including by refusing to supply to third parties like independent fuel retailers; Unfair contract terms, especially in relation to business-to-business conduct, to stop big business pushing around small and family businesses; Exclusive dealings that reduce competition; and Unconscionable conduct like taking advantage of vulnerable people.

The even stronger penalties we are introducing will empower the ACCC to throw the book at any companies who illegally and unfairly increase their prices. Since the start of the war, we have seen much higher prices for petrol and diesel across the country. It has put more pressure on motorists and families already doing it tough.

Our message to petrol retailers has been clear: you are on notice; do not use the conflict to take advantage of Australians. Now they'll face penalties up to $100 million per offence if they do. These penalties apply across the economy.

This will help ensure all retailers and suppliers, from fuel companies to supermarkets and the entire supply chain in between, do not use the war in the Middle East as an excuse for illegal and unfair pricing. The states and territories share the Albanese government's sense of urgency. Reforms to the Australian Consumer Law require agreement of the states and territories, and I want to thank every one of them for swiftly confirming their agreement to support these reforms.

The ACCC has been clear they won't hesitate to take action to protect consumers and markets, and they'll seek the highest penalties appropriate in any case they take to court. This bill is an important way we are protecting consumers and securing Australia's fuel security, but it's not the only way. We have already: Established a Fuel Supply Taskforce led by Anthea Harris to ensure fuel is getting to where it is needed; Added hundreds of millions of litres of diesel and petrol by releasing some of our minimum stock obligations; Temporarily reduced the sulphur content standards to ensure more fuel can be sold here in Australia, and we are amending the fuel security services payment to ensure our domestic refineries can keep making fuels here; Temporarily adjusted diesel standards to give Australian refineries more flexibility in how they make diesel and widen the markets we source diesel from; Increased surveillance and reporting of petrol pricing by the ACCC, with a focus on usual price spikes; Worked with industry to help increase supply to service stations in regional areas; Ensured the ACCC has the ability to issue on-the-spot fines, without having to go to court; Invested $1.1 billion in low carbon liquid fuels, so our refiners can modernise and make more fuels here; Coordinated with our international partners.

The Prime Minister has met with the head of the IEA and, with the Prime Minister of Singapore, reaffirmed our two nations shared commitment to working together and strengthening energy security; I have also engaged with my New Zealand counterpart, Nicola Willis, on our response; and Convened a special meeting of the Council of Financial Regulators to work through the impacts the conflict could have on our economy and financial markets.

The bill also brings Australia's competition law penalties into closer alignment with comparable economies. It's the latest step in our strong track record of competition and consumer reforms since coming to government in 2022. We have already legislated the single biggest reform to Australia's merger laws in 50 years.

We're introducing unfair trading practice arrangements to protect consumers and small businesses, including farmers and producers. We've increased ACCC funding by over $30 million to go after supermarkets using misleading pricing tactics. We're strengthening the Unit Pricing Code to tackle shrinkflation, and have made the Food and Grocery Code of Conduct mandatory, with tough penalties to stop supermarkets from unfairly squeezing suppliers.

We're reforming non-compete clauses and other employment restraints. We're extending the right to repair to agricultural machinery. We're making it easier for new businesses to enter the market by incentivising the states and territories to cut commercial and industrial planning and zoning red tape under the revitalised National Competition Policy.

Backed by our $900 million National Productivity Fund, we're working with the states and territories on: removing barriers to the uptake of modern methods of construction, creating a single national market for goods starting with standards reform, creating a single national market for workers by incentivising occupational licensing reforms, delivering heavy-vehicle productivity reforms, and reforms allowing health practitioners to work to their full scope of practice.

All of this is about making sure Australian families get a fair go and easing the pressure where we can. My message to fuel companies is clear. If you do the right thing by your customers, our government is here to support you.

But if you take advantage of foreign conflicts and take Australians for mugs, the ACCC will throw the book at you. That's what these laws are all about. Full details of the measure are contained in the explanatory memorandum.

I commend this bill to the chamber.