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ARTICLE · 04 MARCH 2014

Australia To Prosecute "Unreasonably High" Prices When Carbon Tax Repealed

Jones Day
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Earlier this week Australia's Federal Treasurer issued a Direction under the Competition and Consumer Act.

AustraliaAntitrust/Competition Law
Nicolas Taylor
Nicolas Taylor
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Earlier this week Australia's Federal Treasurer issued a Direction under the Competition and Consumer Act (2010) to require the Australia Competition and Commission to undertake formal monitoring of the prices, costs and profits of a range of businesses in Australia in anticipation of the passing of the Carbon Tax Repeal package of legislation later this year.

The formal price monitoring direction will apply to all businesses that supply natural gas, electricity or synthetic greenhouse gases, in addition to any corporation listed in the Liable Entities Public Information Database (LEPID) controlled by the Clean Energy Regulator. The ACCC estimates that this Direction will apply to approximately 400 corporations. Its Chairman has welcomed the Direction, stating that "the price monitoring role will leave the ACCC well placed to tackle any price exploitation that may occur post-repeal."

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