Nick Sherry (Tasmania, Australian Labor Party, Shadow Minister for Banking and Financial Services) Share this | Hansard source

Labor does not support this amendment. Labor believes that the current penalties for breach of the anticompetitive provisions of the Trade Practices Act are adequate, other than the lack of criminal penalties for serious cartel conduct, which were promised by the government back in February 2005. These penalties include fines of $10 million for corporations or half a million dollars for individuals for each breach. In addition, sanctions against company directors and officers of a company—for example, disqualification and a prohibition on indemnity for financial liability and legal costs—may also be imposed by the court.