The Australian Competition and Consumer Commission (ACCC) has unveiled its enforcement and compliance priorities for the fiscal year 2024/2025. These priorities reflect the pivotal challenges and concerns shaping the nation’s economic landscape.

Gina Cass-Gottlieb, the ACCC Chair, underscored the urgency of addressing the existential significance of the net-zero transition, the disruptive opportunities presented by digital transformation, and the substantial impact of cost-of-living pressures on the broader community.

Decarbonisation

As the world grapples with the pressing issue of climate change, the ACCC has identified the energy sector as a critical area of focus. The transition towards a net-zero emissions economy is a monumental undertaking that necessitates a concerted effort from both government and industry stakeholders. The ACCC’s enforcement priorities will concentrate on ensuring fair competition, transparency, and consumer protection within the energy sector, facilitating the adoption of renewable energy sources and promoting sustainable practices.

Embracing Digital Transformation

The rapid pace of digital transformation has reshaped industries and consumer behaviour, presenting both opportunities and challenges. The ACCC recognises the need to foster innovation while safeguarding consumer interests and maintaining a level playing field for businesses. Particular attention will be given to emerging technologies, data privacy, and the conduct of digital platforms, aiming to strike a balance between innovation and regulatory oversight.

Addressing Cost-of-Living Pressures

With rising inflation and economic uncertainties, the ACCC has prioritised addressing cost-of-living pressures on Australian households and small businesses. This includes monitoring pricing practices, tackling misleading claims, and ensuring fair market competition across essential goods and services. The Commission aims to protect vulnerable consumers and promote transparency in pricing and marketing strategies.

Enhancing Consumer Protection

Consumer protection remains a cornerstone of the ACCC’s enforcement efforts. The Commission will focus on addressing unfair trading practices, misleading advertising, and deceptive conduct across various industries. Particular emphasis will be placed on emerging consumer issues, such as those related to online marketplaces, subscription services, and environmental claims.

Strengthening Competition Regulations

Fostering a competitive business environment is crucial for economic growth and consumer welfare. The ACCC will actively monitor anti-competitive behaviour, including cartels, abuse of market power, and mergers that may substantially lessen competition. Sectors such as healthcare, telecommunications, and financial services will be closely scrutinised to ensure fair market practices and consumer choice.

Spotlight on Specific Industries

In addition to the overarching priorities, the ACCC has identified several industries that will be subject to heightened scrutiny. These include:

Agriculture and Food Production

The ACCC will focus on ensuring fair trading practices, transparency in supply chains, and addressing concerns related to market concentration and buyer power in the agriculture and food production sectors.

Healthcare and Pharmaceuticals

With the increasing importance of accessible and affordable healthcare, the ACCC will monitor pricing practices, mergers, and acquisitions in the healthcare and pharmaceutical sectors, aiming to promote competition and consumer choice.

Financial Services

The financial services industry will be under the ACCC’s radar, with a focus on ensuring transparency, fair lending practices, and addressing issues related to consumer data privacy and security.

Construction and Real Estate

The construction and real estate sectors will be scrutinised for potentially anti-competitive behaviour, misleading advertising, and unfair trading practices, particularly in the context of rising housing costs and infrastructure development.

Stakeholder Engagement

Recognising the complexity of the challenges at hand, the ACCC emphasises the importance of collaboration with industry stakeholders, consumer advocacy groups, and regulatory bodies. By fostering open dialogue and leveraging collective expertise, the Commission aims to develop effective strategies and promote voluntary compliance with competition and consumer laws.

Enforcement

To reinforce its enforcement efforts, the ACCC will utilize a range of tools, including litigation, administrative resolutions, and monetary penalties. The Commission will also advocate for stronger penalties and deterrents to combat non-compliance and ensure that businesses take their legal obligations seriously.

Educating and Empowering Consumers

Alongside enforcement actions, the ACCC recognises the importance of consumer education and empowerment. The Commission will launch awareness campaigns, provide accessible resources, and encourage consumers to report instances of unfair practices or misconduct. By fostering an informed and proactive consumer base, the ACCC aims to create a more transparent and accountable marketplace.

International Cooperation and Harmonization

In an increasingly globalised economy, the ACCC will collaborate with international counterparts and participate in cross-border enforcement initiatives. This cooperation aims to address issues that transcend national borders, such as online consumer protection, anti-competitive conduct by multinational corporations, and harmonisation of competition and consumer policies.

Regulatory Agility

While upholding its enforcement responsibilities, the ACCC recognises the need to adapt to the rapidly evolving business landscape. The Commission will explore innovative approaches to regulation, leveraging technology and data analytics to enhance its effectiveness. Additionally, the ACCC will strive to maintain regulatory agility, ensuring that its policies and practices remain relevant and responsive to emerging trends and disruptive technologies.

Conclusion

The ACCC’s 2024/2025 enforcement priorities reflect the multifaceted challenges facing the Australian economy and society. By addressing issues ranging from the net-zero transition and digital transformation to cost-of-living pressures and consumer protection, the Commission aims to foster a fair, competitive, and sustainable business environment. Through a combination of enforcement actions, stakeholder collaboration, and consumer empowerment, the ACCC remains committed to upholding the principles of competition, transparency, and consumer welfare for the benefit of all Australians.