Andrew Leigh (Fenner, Australian Labor Party, Assistant Minister for Productivity, Competition, Charities and Treasury) Share this | Hansard source

I'd like to thank those members who contributed to the debate on the Competition and Consumer Amendment (Responding to Exceptional Circumstances) Bill 2026—the members for Page, Indi, Moreton, Maribyrnong, Forde and Sturt.

Schedule 1 of the bill creates new powers for the Treasurer and the Australian Competition and Consumer Commission to permit coordinated action during a crisis. Where exceptional circumstances exist which are likely to cause harm to Australia's economy, business or consumers, similar to the current fuel crisis, the Treasurer will be empowered to make a declaration. After an exceptional circumstances declaration is made, the competition watchdog will be able to exercise new streamlined powers to either grant an authorisation to specific businesses or a class exemption to a broader cohort of businesses. These businesses may then take coordinated action to complement the work of government in protecting the Australian public and economy from the impacts of the crisis. These new powers will ensure the Treasurer and the competition watchdog can respond promptly to challenging situations Australia may face during exceptional global or domestic circumstances. They will make it easier and faster for businesses to assist these vital efforts to respond to such circumstances.

Schedule 2 to the bill provides further protections against unfair and unlawful conduct by fuel companies. It will allow the government to introduce severe penalties for breaches of the Oil Code of Conduct that reflect the gravity of these contraventions and provide a real disincentive to fuel companies disregarding their obligations and benefiting from the current conflict in the Middle East. These changes will allow penalties on corporations up to the greater of $10 million, three times the benefit they derive from breaching the code or 10 per cent of their adjusted turnover from the 12 months up to when the contravention occurred. Penalties of this size are needed to ensure fair and lawful conduct through the fuel supply chain to ultimately protect Australian consumers, who are already feeling the impacts of this conflict at the petrol pump. I commend the bill to the House.

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