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Dr Andrew Leigh MP discusses whether Australia’s fines for monopolies and powerful corporations are strong enough to deter anti-competitive behaviour.
In this short Australia Asks interview clip, Andrew Leigh explains why financial penalties must be large enough to influence corporate decision-making – not simply become another cost of doing business.
The discussion covers:
- Monopolies and market concentration in Australia
- Fines for anti-competitive corporate conduct
- Australian Competition and Consumer Commission enforcement
- Whether corporate penalties provide an effective deterrent
- Competition law and consumer protection
- The effect of limited competition on prices and choice
- Corporate accountability and economic fairness
- Competition, innovation and productivity
Australia’s competition laws now allow substantial penalties for anti-competitive conduct, including a maximum based on $50 million, the benefit obtained or a proportion of company turnover. But are even these penalties sufficient to change the conduct of dominant businesses?
Dr Andrew Leigh is the Federal Member for Fenner and Australia’s Assistant Minister for Productivity, Competition, Charities and Treasury.
Craig Hill is a Brisbane-based author, journalist, teacher, business consultant and social justice campaigner. He is the General Manager of the Australian Book and Language Studio.
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