Competition and Consumer Amendment (Divestiture Powers) Bill 2024

# Competition and Consumer Amendment (Divestiture Powers) Bill 2024 ## What it does This bill gives Australian courts a new power to force big companies to sell off parts of their business if they've been found breaking competition laws by abusing their market dominance. Instead of just fining a company, courts can now order them to reduce their market power by selling assets or divisions. ## Why it matters Australia's competition regulator (the ACCC) has long complained they can't effectively punish companies that crush competition through their size alone. This gives them a stronger enforcement tool to actually break up anti-competitive behaviour, rather than just slapping fines on powerful firms and letting them keep operating as usual. ## Key details - **When it kicks in**: The court can only force a divestiture if a company has been found guilty of abusing "substantial market power" under section 46 of the Competition Act - **Timeline**: The company has up to 2 years to comply with any divestiture order, and the ACCC has 3 years from when the breach occurred to ask the court for this remedy - **Flexibility**: Courts can also accept a company's voluntary undertaking (promise) to reduce its market power instead of forcing an outright sale, if that seems more appropriate