Trade Practices Act

The Treasurer has announced that the amendments to the Trade Practices Act made by Trade Practices Legislation Amendment Act (No. 1) 2006 will commence from 1 January 2007.

The Act implements the Government’s response to the Review of the Competition Provisions of the Trade Practices Act (Dawson Review). It creates a voluntary formal merger clearance system, and provides for changes to the existing merger authorisation process. The Act also creates a new collective bargaining notification regime, for the benefit of small business.

The Act makes a number of important changes to existing notification and review processes, makes improvements to the Australian Competition and Consumer Commission’s enforcement powers, and significantly increases the maximum penalty that can be imposed in relation to serious breaches of Australia’s trade practices laws.