Following revelations in December that several executives at leading Australian packaging firm, Amcor were involved in a cartel which sought to push up the price of cardboard boxes, the Australian government has announced its intention to make such activities a criminal offence.
Currently, price fixing in Australia can only be dealt with as a civil offence. However under the proposed new rules, individuals would face custodial sentences of up to five years and fines of A$220,000, whilst companies would be obliged to pay A$10 million, or three times the profit gained by their illegal activity.
Speaking in Melbourne on Wednesday, Treasurer Peter Costello suggested that the planned legislation makes it clear that "anti-competitive conduct is unacceptable and ripping people off by rigging markets in secret cartels will not be tolerated in Australia".
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