Australian Competition and Consumer Commission chairman says the current penalties are failing as a deterrent

Billion-dollar Australian companies must be fined more for breaching the law, the head of the Australian Competition and Consumer Commission has said, after a new report found Australian fines are 12 times lower than other developed countries.

An OECD report, released on Monday, found the average Australian fine for uncompetitive or cartel behaviour was $25.4m, while the average fine across similar developed nations was $320.4m.

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Read More ACCC says corporate fines too low and it will pursue penalties in the ‘hundreds of millions’

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