Big business facing steep fine increases in competition, cost-of-living crackdown

The overhaul of fines comes decades after they were first set. Photo: Getty

Companies bilking consumers with unfair business practices will be hit with significantly increased fines as the government cracks down on anti-competitive behaviour and a soaring cost of living.

A strengthening of consumer protections to be introduced to Parliament on Wednesday will raise the maximum fines levied on companies engaging in anti-competitive behaviour from just $10 million, or 10 per cent of their revenue, to $50 million or 30 per cent.