Companies who breach consumer law will be hit with much higher financial penalties.

Amid the chaos in Canberra, the Senate passed changes to consumer law.

The changes will see penalties imposed on businesses, who do the wrong thing by consumers, increased.

ACCC Chairman Rod Sims tells Ross Greenwood a single breach could now cost a company 10 per cent of their turnover.

“These penalties could now be in the hundreds of millions of dollars,” he says.

Mr Sims says the new fines will force companies to “take notice”.

“Once the penalties get to hundreds of millions of dollars, Ross, which they now can, I think share prices will be affected.

“I think that will grab the notice of board directors, of financial analysts, and get Australian consumer law taken much more seriously.”

Click PLAY below to hear the full interview with ACCC Chairman Rod Sims