Alexa

$1M fine for carbon tax price gougers in Australia

$1M fine for carbon tax price gougers in Australia

Australia has warned businesses they face fines of up to $1 million if they indulge in price gouging using an unpopular tax on polluting industries as an excuse.
Treasurer Wayne Swan says the Australian Competition and Consumer Commission "will keep a watchful eye out for any shonky attempts to jack up prices and falsely claim it is related to the carbon price."
He told reporters Wednesday that the ACCC "will be the cop on the beat out there to ensure false claims are dealt with."
The so-called carbon tax comes into force July 1, 2012. It will force the country's 500 worst polluters to pay 23 Australian dollars ($25) for every metric ton of carbon they emit.
Critics say the higher costs will be passed on to ordinary Australians and lead to job losses.