A Senate Economics References Committee inquiry into white-collar crime has called for higher civil penalties.

“The committee considers there is overwhelming evidence and support for increasing the current levels of civil penalties for white-collar offences in the Corporations Act,” its report says. “The committee is reluctant to specify a particular penalty amount.”

The penalty for individuals was set at $200,000 in 2001, with corporations set at $1 million two years later.

The Australian Securities and Investments Commission told the committee the penalties have not kept pace with inflation and, compared with other countries, are at the lower end of the scale. It supports an increase but did not give a suggested scale.

Some submissions suggest penalties should be three times the benefit or loss caused by the offender. Others want $1 million penalties for individuals and $5 million for corporations.

Some want proceeds of crime removed from offenders. The Australian Federal Police told the committee confiscation of criminal assets is “a vital tool in taking the profit out of crime and preventing the reinvestment of criminal profits into further criminal activity”.

The report says: “The committee notes the importance of multiples-of-benefit penalties in ensuring white-collar offenders are not able to profit from their crimes and misconduct in this respect. The committee considers there is a need to introduce multiples-of-benefit penalties in relation to non-criminal offences.”

The committee also heard calls for longer maximum prison terms for white-collar crimes.

“The committee is satisfied the maximum prison terms available in Australia are comparable to those available in similar foreign jurisdictions. Broadly speaking, the committee considers current maximum terms of imprisonment for white-collar crime to be appropriate.”

It says courts should impose imprisonment as a last-resort punishment.

And it notes mandatory sentencing would reduce the prospect of co-operation or guilty pleas in what are often complex cases.