![]() Justice O’Bryan said that “the conduct in the present case warrants a significant penalty to deter repetition by Mr Ellis and by others who may otherwise calculate that the rewards from such conduct outweigh the risks of detection. The Court also imposed a $575,000 penalty on BlueScope’s former general manager, Jason Ellis, which by Court order cannot be recovered from an insurance company. The penalty ordered by the Federal Court today is the highest penalty ever imposed for cartel conduct in Australia. The Australian Competition and Consumer Commission (ACCC) says steel manufacturer BlueScope Steel has been ordered to pay a $57.5 million penalty for attempting to fix prices for flat steel products supplied in Australia. Once that's done, wait until we get closer to 5:40pm AEST and keep an eye on your device - all will be revealed then! ![]() If you're unsure what that is - open (or download!) the ABC News app on your phone or tablet, head to your settings, tap on "Notifications" and scroll down to ensure you're signed up for "Live" category. We'll bring you Ms Bullock's speech and the Q&A later on in the day, in a special Live Moment. Ms Bullock will also be taking questions after her speech, where it's expected she'll share some insights about how the RBA sees interest rates affecting the economy, what its forecasts are for inflation, and what they might do at next Tuesday's meeting. ![]() ![]() She'll be giving a speech titled "Climate Change and Central Banks" at the Australian National University in Canberra, which is set to begin at 5:40pm AEST. It's less than three weeks until Michele Bullock has her first day as RBA governor, replacing Philip Lowe, and one week until the RBA's next interest rate meeting.īut before then, Ms Bullock will give her first speech since being appointed as the first female governor in the central bank's history tonight. ![]()
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