PRESS RELEASE
The Coalition Government has extended Mr Rod Sims’ term as Chairman of the Australian Competition and Consumer Commission (ACCC) until 1 August 2022.
Mr Sims has done an outstanding job as Chairman of the ACCC since he was first appointed in 2011, and since that time the ACCC has been a strong and proactive competition regulator and protector of consumer rights.
Under Mr Sims’ stewardship the ACCC has:
- Secured nearly $170 million in penalties for breaches of competition and consumer law in 2017-18, including the highest ever fine for a breach of competition law of $46 million;
- Successfully prosecuted its first criminal cartel case in 2017;
- Reviewed the East Coast Gas Market leading to some of the most substantial gas market reforms in two decades;
- Vigorously enforced the Australian Consumer Law, with courts awarding penalties in recent years against businesses in the automotive, telecommunications and pharmaceutical industries amongst others; and
- Conducted the Retail Electricity Pricing Review, which has informed the Government’s plan to lower power prices, increase competition and support investment in new generation.
Mr Sims’ reappointment will ensure continued stability and strong leadership of the Commission, particularly with important inquiries currently underway including the impact of digital platforms such as Facebook and Google on Australian media and advertising markets, the supply and demand for wholesale gas in Australia and residential mortgage products.
The ACCC plays an important role in keeping power prices down and enforcing the major competition law reforms enacted in 2017 following the Harper Review, particularly the strengthening of the prohibition on the misuse of market power.
The Government congratulates Mr Sims on his reappointment and looks forward to his continued leadership of the Commission.
