Tip:
Highlight text to annotate it
X
Hello and welcome to the ACCC’s annual report for 2011-12.
I’d like to share some highlights with you.
We set five high level objectives for the year. These were:
First, to make full use of the profound changes to the Australian Consumer Law.
Second, to act against widespread consumer detriment in relation to vulnerable consumers.
Third, to maintain or enhance competition in concentrated markets.
Fourth, to invigorate the debate on effective regulation of monopolies.
And finally, to increase the ACCC’s engagement internationally,
particularly in the Asia Pacific.
We believe we have delivered against these objectives.
In its second full year,
we made full use of the increased range of tools and remedies,
particularly the introduction of pecuniary penalties,
available to us under the Australian Consumer Law.
The Federal Court imposed more than 10.7 million dollars in civil pecuniary penalties.
The ACCC issued 34 infringement notices
and gained a banning order against a company director.
We helped increase Australian businesses and consumers’ awareness of their rights and obligations –
for example in relation to carbon pricing if misleading price claims were made.
Cooperation between the ACCC and the state and territory fair trading agencies
has been important in delivering benefits for business and consumers.
We focus our efforts to provide the greatest benefit for consumers,
and we’re not afraid to take on large corporations.
In 2011-12 we were successful in actions against Apple, Google and Harvey Norman, amongst others,
for misleading and deceptive conduct.
We also considered energy and telecommunications industry sales practices
which have a detrimental impact particularly on vulnerable consumers,
taking legal action to stop these practices.
We achieved positive outcomes in competition cases,
including our continuing Air Cargo cartels case,
misuse of market power against Ticketek
and 1.38 million dollars in penalties in a cover pricing case.
We continue to focus on competition in concentrated markets,
and not only fuel and supermarkets where we have important investigations underway.
We secured significant competitive outcomes in court-enforceable undertakings in the FOXTEL/Austar merger.
We undertook extensive work to lay the foundations for the transition to,
and implementation of, the National Broadband Network,
including approving Telstra’s Structural Separation Undertaking,
as well as commencing consultation on NBN Co’s proposed Special Access Undertaking.
In the energy market
the AER submitted a rule change proposal to the Australian Energy Market Commission,
on how to better regulate electricity networks, which Andrew Reeves will say more about.
The ACCC continues to engage internationally on broader regulatory and enforcement frameworks.
We have engaged particularly in the Asia pacific region,
lending our skills and experience to new and growing competition agencies,
knowing that effective competition regimes around the world
make a profound difference to economic growth.
In 2011-12 we achieved a great deal in our areas of responsibility,
and we have done so while reducing costs.
Looking ahead
our priorities will include competition in online trading
and in highly concentrated sectors like supermarkets and fuel,
our education and enforcement efforts in relation to cartels and carbon pricing,
consumer guarantees and consumer protection.
We will participate in debate on the national access regime for monopoly infrastructure –
the almost 20 year old Part IIIA,
and the regulatory demands for the NBN
will also continue to be a priority.
All of this and far more is detailed in our annual report.
I hope you find it an informative read.
Thank you.