It’s the biggest on record for a breach of Australian consumer law. 9News
"Volkswagen AG firmly believes that the penalty of $75 million agreed in principle with the Australian Competition and Consumer Commission to resolve the regulatory proceedings was a fair amount and is carefully reviewing the court's reasons for deviating from that amount," the company said.
Media reported at the time that Justice Foster described the deal as "not a lot of money for Volkswagen", while he also appeared to criticise the ACCC for not pushing hard enough. The watchdog pointed out that the previous highest penalties of $10 million for Coles, Ford and Telstra were recently overtaken by penalties of $12 million against We Buy Houses and then penalties of $26 million ordered against vocational training provider Empower Institute.
The maximum $1.1 million penalty per breach was increased by federal parliament to the greater of $10 million, three times the value of the benefit the company obtained from the act, or 10 per cent of a company's annual turnover.
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