EXPLANATORY STATEMENT
Issued by authority of the Minister for Small Business
Competition and Consumer Act 2010
Competition and Consumer (Monitoring of Prices, Costs and Profits) Repeal Direction 2014
This Legislative Instrument revokes the Direction given to the Australian Competition and Consumer Commission (ACCC) under section 95ZE of the Competition and Consumer Act 2010 (CC Act) to monitor the prices, costs and profits relating to the supply of regulated goods by corporations and the supply of goods by liable entities to assess the general effect of the carbon tax scheme in Australia.
The Direction was provided to the ACCC by the Treasurer on 18 February 2014, commencing on 1 March 2014. The Explanatory Statement to the Direction outlines that it may be revoked following the passage of the Clean Energy Legislation (Carbon Tax Repeal) Bill 2013.
The power to make a Direction includes the power to revoke a Direction (section 33(3) of the Acts Interpretation Act 1901).
The Direction is being revoked as the price monitoring functions of the ACCC are being undertaken under section 60G of the CC Act, as amended by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014 and given Royal Assent on 17 July 2014.
Consultation
The ACCC was consulted on this Direction. Public consultation was not considered necessary for this Direction, as in accordance with section 18 of the Legislative Instruments Act 2003, it is of a minor or machinery nature and it does not substantially alter existing arrangements. The instrument imposes no regulatory change on affected businesses as the price monitoring reporting obligations have continued through the introduction of section 60G of the CC Act. The instrument also revokes the Direction that had applied to ACCC price monitoring in relation to the carbon tax scheme, a scheme which has been repealed by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.
The Clean Energy Legislation (Carbon Tax Repeal) Act 2014, including Division 3 on price monitoring in relation to the carbon tax repeal, was subject to extensive public consultation through an Exposure Draft of the Clean Energy Legislation (Carbon Tax Repeal) Bill 2013.
This Legislative Instrument commences on the day after it is registered on the Federal Register of Legislative Instruments.
Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Competition and Consumer (Monitoring of Prices, Costs and Profits) Repeal Direction 2014
This Legislative Instrument revokes the price monitoring Direction given to the ACCC under section 95ZE of the Competition and Consumer Act 2010.
This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview of the Legislative Instrument
This Legislative Instrument revokes the price monitoring Direction given to the ACCC to monitor the prices, costs and profits relating to the supply of regulated goods by corporations and the supply of goods by liable entities to assess the general effect of the carbon tax scheme in Australia.
The Direction is being revoked as the price monitoring functions of the ACCC are being undertaken under section 60G of the CC Act, as amended by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014 and given Royal Assent on 17 July 2014.
Human rights implications
This Legislative Instrument does not engage any of the applicable rights and freedoms as price monitoring by the ACCC affects corporations rather than individuals.
Conclusion
This Legislative Instrument is compatible with human rights as it does not raise any human rights issues.