The Australian Senate yesterday rejected the bills repealing the
Clean Energy Act 2011, the centrepiece of the Australian carbon
price scheme that commenced on 1 July 2012.
The proposed repeal legislation included several "price
exploitation provisions", inserting sections in the
Competition and Consumer Act 2010 that prohibit corporations from
engaging in "price exploitation in relation to the carbon tax
repeal" during the period 1 July 2014 to 30 June 2015, in
relation to the supply of natural gas, electricity and other
specified goods ("regulated supplies"). These price
exploitation provisions were to commence on the day after royal
assent is given to the repeal bills, and would have related to
conduct engaged in from and after that date in relation to the
period from 1 July 2014.
