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New and Stronger Energy Laws to Put Australian Families and Small Businesses First

Media Releases

Date : 09 June 2020

Author: The Hon Josh Frydenberg MP & The Hon Angus Taylor MP

THE HON JOSH FRYDENBERG MP
TREASURER

THE HON ANGUS TAYLOR MP
MINISTER FOR ENERGY AND EMISSIONS REDUCTION

JOINT MEDIA RELEASE

10 June 2020

NEW AND STRONGER ENERGY LAWS TO PUT AUSTRALIAN FAMILIES AND SMALL BUSINESSES FIRST 

The Morrison Government’s new measures to deal with misconduct in the electricity sector and ensure Australian households, businesses and industries get a fair deal on energy are now in force.

For too long, electricity companies have, in the words of the Australian Competition and Consumer Commission (ACCC), “played a major role in poor outcomes for consumers”.

To address this, the ‘Big Stick’ legislation which holds the energy companies to account for misconduct comes into effect today, six months after royal assent and will drive down energy prices and strengthen supply.

The ‘Big Stick’ legislation will ensure reductions in wholesale costs are passed on to customers, while penalties will apply for anti-competitive behaviour or moves to manipulate electricity prices.

This new law comes at an important time, with an increased number of households and small businesses experiencing hardship due to the COVID-19 pandemic.

The ACCC will be responsible for enforcing the legislation, and will have a graduated range of penalties at its disposal to punish misconduct ranging from public warnings and court ordered fines.

For the most egregious breaches, the legislation makes available two additional significant remedies:

This legislation is part of the Government’s plan to deliver a fairer, more affordable and reliable energy system and a stronger economy for all Australians. This includes:

More information about the new laws is available at energy.gov.au.

ENDS

@JoshFrydenberg on Twitter JOSH ON TWITTER