Australia to send price fixers to prison: minister

0 Comments | AFP, January, 2008

SYDNEY (AFP) — The Australian government will strengthen anti-competition laws so that business people who collude to fix prices will face up to five years in jail, Competition Minister Chris Bowen said Wednesday.

The development comes after one of the country's richest men, cardboard box magnate Richard Pratt, was last year fined a record 36 million dollars (31.6 million US) but escaped jail time over a secret pricing deal with a rival firm.

Labor Prime Minister Kevin Rudd, who came to power in November, has promised to monitor the rising cost of petrol, groceries and housing and reportedly wants to act against predatory pricing and other anti-competitive practices.

Bowen said the government would legislate to criminalise price-fixing, because "we believe...