Explanatory Statement
Issued by the Authority of the Minister for Competition Policy and Consumer Affairs
Competition and Consumer Act 2010
Minister for Competition Policy and Consumer Affairsto the Australian Competition and Consumer CommissionDirection
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.
This Direction 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 17 December 2013.
This Direction is a legislative instrument for the purposes of the Legislative Instruments Act 2003.
Public consultation was not necessary for this Direction in accordance with section 18 of the Legislative Instruments Act 2003. The Direction is of a minor or machinery nature and does not substantially alter existing arrangements. It implements the Government’s 2013-14 Budget decision to continue the existing monitoring activities of the ACCC.
This Direction commences the day after registration. The ACCC will commence monitoring the prices, costs and profits relating to the supply of unleaded petroleum products in the petroleum industry in Australia for one year from 17 December 2013.