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$3M seems way excessive for a company that owns 15 properties. However it seems this is a big company: https://en.wikipedia.org/wiki/Meriton https://en.wikipedi

$3M seems way excessive for a company that owns 15 properties. However it seems this is a big company: https://en.wikipedia.org/wiki/Meriton https://en.wikipedia.org/wiki/Meriton

markdown 8y ago
> Meriton is Australia's largest apartment developer and also the country's biggest residential home builder founded by Harry Triguboff AO, its managing director, in 1963. Meriton sells apartments and also operates serviced apartments accommodation under its Meriton Suites brand in Sydney, Brisbane and the Gold Coast. > In 2007, it was estimated the company was building about 1,200 apartments each year. By 2010 this figure had increased to 2,000 units. It is estimated that over the past 50 years, Meriton has built more than 65,000 residential apartments on the east coast of Australia. It also offers serviced accommodation in 17 locations. > 2014 was a record year for the apartment developer, with the company’s annual turnover rising more than 50 per cent to $2 billion https://en.wikipedia.org/wiki/Meriton https://en.wikipedia.org/wiki/Meriton
broodbucket 8y ago
from Wikipedia: 2014 was a record year for the apartment developer, with the company’s annual turnover rising more than 50 per cent to $2 billion, bringing it to 11th place in IBISWorld's 2014 Top 500 Companies, up from 29th spot the previous year. The HIA-Colorbond steel Housing 100 named Meriton as Australia’s largest residential home builder, up more than 5000 housing starts, from 2573 in FY2013-14 to 7929. Based on this figure, new homes by Meriton accounted for around 10 per cent of all multi-unit dwellings commenced in Australia, and 29.5 per cent of all multi-unit dwellings commenced in New South Wales. Meriton projects equated to approximately 0.05 per cent of Australia’s GDP. --- ...yeah I think they'll be fine.
ape4 8y ago
About US$2.2M, which is still a lot.
- ShorsHammer 8y ago
  It's absolutely nothing for a company this size.
  - thereiwas 8y ago
    Maybe the precedent was more important?
    - ShorsHammer 8y ago
      I'm guessing that is the case, especially considering it was a precedent, seems to be more about shooting across the bow of large companies engaging in this behaviour and putting them on notice rather than actual punishment.
taspeotis 8y ago
15 properties isn't ... 15 houses ... here's one property https://www.meriton.com.au/wp-content/uploads/Meriton-Southport-8.8.17-Final-1-e1503013598580.jpg https://www.meriton.com.au/wp-content/uploads/Meriton-Southp...
anoplus 8y ago
Just an idea. Why not penalize by percentage? If the goal of penalties is to prevent companies from breaking laws that are equally valid for everyone. Otherwise, companies holding most capital will be practically above the law.
- conquistadog 8y ago
  Right. Given their size, I'm not sure how painful this amount would be to the offender. Too low, and it's just a cost of doing business. A percentage penalty (of nationwide if not worldwide revenue) might prove much more concerning to them, much as we're seeing with general alarm caused by the fear of the GDPR's percentage penalty.
- hayyyyydos 8y ago
  > Why not penalize by percentage? The ACCC usually does do it this way. Some recent examples: https://www.accc.gov.au/media-release/air-nz-penalised-15-million-for-price-fixing https://www.accc.gov.au/media-release/air-nz-penalised-15-mi... - Air NZ penalised $15m https://www.accc.gov.au/media-release/iphone-and-ipad-misrepresentations-cost-apple-inc-9-million-in-penalties https://www.accc.gov.au/media-release/iphone-and-ipad-misrep... - Apple fined $9m https://www.accc.gov.au/media-release/domain-name-corp-and-domain-name-agency-to-pay-195-million-in-penalties https://www.accc.gov.au/media-release/domain-name-corp-and-d... - Domain Name Corp/Agency fined $1.95m You'll see that most of these amounts are pretty close to the amount the companies made from the activities and scale with the size of their operations

$3M seems way excessive for a company that owns 15 properties. However it seems this is a big company: https://en.wikipedia.org/wiki/Meriton https://en.wikipedia.org/wiki/Meriton

markdown 8y ago

> Meriton is Australia's largest apartment developer and also the country's biggest residential home builder founded by Harry Triguboff AO, its managing director, in 1963. Meriton sells apartments and also operates serviced apartments accommodation under its Meriton Suites brand in Sydney, Brisbane and the Gold Coast. > In 2007, it was estimated the company was building about 1,200 apartments each year. By 2010 this figure had increased to 2,000 units. It is estimated that over the past 50 years, Meriton has built more than 65,000 residential apartments on the east coast of Australia. It also offers serviced accommodation in 17 locations. > 2014 was a record year for the apartment developer, with the company’s annual turnover rising more than 50 per cent to $2 billion https://en.wikipedia.org/wiki/Meriton https://en.wikipedia.org/wiki/Meriton

broodbucket 8y ago

from Wikipedia: 2014 was a record year for the apartment developer, with the company’s annual turnover rising more than 50 per cent to $2 billion, bringing it to 11th place in IBISWorld's 2014 Top 500 Companies, up from 29th spot the previous year. The HIA-Colorbond steel Housing 100 named Meriton as Australia’s largest residential home builder, up more than 5000 housing starts, from 2573 in FY2013-14 to 7929. Based on this figure, new homes by Meriton accounted for around 10 per cent of all multi-unit dwellings commenced in Australia, and 29.5 per cent of all multi-unit dwellings commenced in New South Wales. Meriton projects equated to approximately 0.05 per cent of Australia’s GDP. --- ...yeah I think they'll be fine.

ape4 8y ago

About US$2.2M, which is still a lot.

ShorsHammer 8y ago
It's absolutely nothing for a company this size.
- thereiwas 8y ago
  Maybe the precedent was more important?
  - ShorsHammer 8y ago
    I'm guessing that is the case, especially considering it was a precedent, seems to be more about shooting across the bow of large companies engaging in this behaviour and putting them on notice rather than actual punishment.

taspeotis 8y ago

15 properties isn't ... 15 houses ... here's one property https://www.meriton.com.au/wp-content/uploads/Meriton-Southport-8.8.17-Final-1-e1503013598580.jpg https://www.meriton.com.au/wp-content/uploads/Meriton-Southp...

anoplus 8y ago

Just an idea. Why not penalize by percentage? If the goal of penalties is to prevent companies from breaking laws that are equally valid for everyone. Otherwise, companies holding most capital will be practically above the law.

conquistadog 8y ago
Right. Given their size, I'm not sure how painful this amount would be to the offender. Too low, and it's just a cost of doing business. A percentage penalty (of nationwide if not worldwide revenue) might prove much more concerning to them, much as we're seeing with general alarm caused by the fear of the GDPR's percentage penalty.
hayyyyydos 8y ago
> Why not penalize by percentage? The ACCC usually does do it this way. Some recent examples: https://www.accc.gov.au/media-release/air-nz-penalised-15-million-for-price-fixing https://www.accc.gov.au/media-release/air-nz-penalised-15-mi... - Air NZ penalised $15m https://www.accc.gov.au/media-release/iphone-and-ipad-misrepresentations-cost-apple-inc-9-million-in-penalties https://www.accc.gov.au/media-release/iphone-and-ipad-misrep... - Apple fined $9m https://www.accc.gov.au/media-release/domain-name-corp-and-domain-name-agency-to-pay-195-million-in-penalties https://www.accc.gov.au/media-release/domain-name-corp-and-d... - Domain Name Corp/Agency fined $1.95m You'll see that most of these amounts are pretty close to the amount the companies made from the activities and scale with the size of their operations