Summary
In response to certain recommendations of the Senate Economics References Committee’s report into the effectiveness of the
Trade Practices Act 1974
in protecting small business, the bill amends section 46 of the
Trade Practices Act 1974
to: address predatory pricing; clarify the role of recoupment in predatory pricing cases; clarify the meaning of ‘take advantage’; confer jurisdiction on the Federal Magistrates Court in matters arising under the section; and amend the competition code similarly. Also amends the
Australian Securities and Investments Commission Act 2001
and
Trade Practices Act 1974
to: require a Deputy Chairperson of the Australian Competition and Consumer Commission (ACCC) to have a small business background; remove the price thresholds applicable to unconscionable conduct cases; and clarify the ACCC’s information gathering powers.