Government commits $35m to boost ACCC's capabilities

Corporates will face an increased level of scrutiny as the government’s investment ups the number of  ACCC investigators by 16, Treasurer Josh Frydenberg said this week.

This will result in "an increase in cartel prosecutions and greater capacity to investigate competition issues, particularly in the financial sector", Mr Frydenberg  noted.

Six new investigators will join the ACCC’s Cartels Unit, while the remaining 10 will be appointed to the anti-competitive conduct teams, which the ACCC expects will result in an at least two major competition cases in the court each year.

"This investment will ensure the ACCC can continue to protect Australians against cartel and anti-competitive behaviour that comes at the expense of other Australian businesses and consumers by denying them a competitive marketplace," Mr Frydenberg said.

Over the past two years, the ACCC has been a tough cop on the beat, recording a number of successful actions targeting cartel and anti-competitive behaviour, from major Australian banks to the international shipping industry.

The ACCC’s actions have resulted in cartel penalties of over $170 million in that period.

Mr Frydenberg also announced that a resource review of the ACCC will be undertaken to ensure it is appropriately funded for the critical work that it does in protecting consumers and enhancing competition across the Aussie economy.

"Ensuring the ACCC is well resourced to protect consumers and to tackle cartel and anti-competitive [conduct] is part of our plan for a stronger economy," he concluded.