ACCC Compliance and Enforcement Priorities 2023-24

 The Australian Competition and Consumer Commission (ACCC) has recently announced its compliance and enforcement priorities for 2023-24. While Cartel conduct, anti-competitive conduct, product safety, vulnerable/disadvantaged consumers, and first nation matters will always be a priority, a particular focus is also on consumer and competition issues in essential services, environmental claims and sustainability, scam detection, unfair terms, the digital economy, financial services, and other critical areas.

For business owners, it is essential you understand the ACCC priorities and that breaching the law could lead to severe penalties.

Given the above, if you haven’t already, now is the time for business owners to start taking proactive steps to ensure they are aware of the impact on their business and themselves, and avoid any potential liability.

Here are just a few tips on what business owners should and need to do:

• Businesses should ensure that they understand their responsibilities, in particular those under the new laws prohibiting unfair contract terms that include a new penalty regime. The introduction of these new laws later this year will be an important change for consumers and small businesses.
  
  Those businesses in franchising and/or using standard form contracts definitely need to pay attention and have their contracts reviewed and updated.

• Business owners should be careful not to engage in manipulative and deceptive practices in connection with any advertising and/or digital services.
  
  Recent sweeps of social media influencers in particular not disclosing commercial relationships have informed the ACCC’s ongoing compliance and education initiatives and enforcement investigations.

• Businesses should avoid misleading sales representations in relation to the price, features, or benefits of their services, especially any essential services, such as energy and telecommunications.
  
  Consumers and businesses need to make informed decisions about what services are right for them in relation to price and the quality of the services.

• Businesses should be mindful of the impact of conduct such as scams and misleading advertising and sales practices on First Nations communities.
  
  The ACCC’s inquiries into the insurance sector, childcare, and mobile regional infrastructure allow the agency to look at the challenges faced by First Nations people in accessing and acquiring key services.
  
  Business owners need to pay close attention to the ACCC’s priorities to avoid penalties and breaching the law. By taking proactive steps and understanding their responsibilities under the law, businesses can ensure that they continue to operate in compliance with the ACCC’s priorities, avoid liability and protect their reputation and brand value.

To read the government’s announcement in full click here. For further information on the announced specific priorities click here.

For more information or to book a call to work out your needs here and ensure you are protected, get in touch.

Please note that this is a general and brief update, it does not purport to be comprehensive legal advice of all information and/or relevant to your circumstances. Consequently, specific legal advice for each of your circumstances should be obtained first before taking or not taking any action with respect to this area.