On 7 July 2011, following amendments brought about by negotiation with the opposition party, the Competition and Consumer Amendment Bill (No. 1) 2011 (‘Bill’) was passed by the House of Representatives. It will now be reviewed by the Australian Senate before it can be implemented. The Bill amends the Competition and Consumer Act 2010 (‘CC Act’) and addresses anti-competitive price signalling and information disclosures. The Bill, as it now stands, prohibits disclosure of pricing information between competitors regardless of whether such disclosures are made in private or in public. It also prohibits disclosures of nonprice information if they are made to substantially lessening competition. Though the Bill currently only applies to the Banking Sector, its scope may be expanded to other industries in the future.
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Australian Price Signalling Bill passed
- Rajah & Tann LLP
- Kala Anandarajah, Dr Robert Ian McEwin, Dominique Lombardi, Lim Yee Weng and Ajinkya M Tulpule
- August 1 2011
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Shell Eastern Petroleum