Explanatory Statement
Issued by the Authority of the Parliamentary Secretary to the Treasurer
Competition and Consumer Act 2010
Parliamentary Secretary to the Treasurer to the Australian Competition and Consumer Commission Direction No. 1 2011
Section 95ZE of the Competition and Consumer Act 2010 (the Act) provides that the Minister may give written directions to the Australian Competition and Consumer Commission (ACCC) to monitor prices, costs and profits relating to the supply of goods or services by persons in a specified industry and to give the Minister a report on the monitoring.
Direction No. 1 gives effect to the Government’s decision that the ACCC monitor the prices, costs and profits relating to the supply of unleaded petroleum products in the petroleum industry in Australia. The ACCC must also report to the Government on its monitoring activities within one year of the date that the direction takes effect.
Direction No. 1 is a legislative instrument for the purposes of the Legislative Instruments Act 2003.
Direction No. 1 takes effect from 17 December 2011.