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Commerce Amendment Bill

Introduced on March 10. The Bill makes a number of amendments to the Commerce Act. This included strengthening Section 36 around the misuse of market power aligning the law with Australia to make explicit conduct by persons with substantial market power that has the purpose, effect, or likely effect of substantially lessening competition in markets is prohibited. It also; repeals safe harbours for intellectual property, provides that cartel provisions in covenants are to be treated the same as those in contracts, increases the maximum pecuniary penalties for anti-competitive business acquisitions to align with those relating to anti-competitive agreements and increases the maximum number of Commerce Commission members from 6 to 8. Completed its first reading March 16 with all parties in support and referred to the Economic Development, Science and Innovation Committee. Commerce Amendment Bill