Joel Fitzgibbon (Hunter, Australian Labor Party, Shadow Assistant Treasurer and Revenue) Share this | Link to this | Hansard source

My question is to the Treasurer. Given predictions that petrol prices will rise to $1.80 per litre some time soon, does he agree with the Prime Minister that there are no quick fixes which offer relief to Australian families and Australian businesses, or will he now sign this letter to Graeme Samuel, which I have written for him, which would provide the ACCC with the power it requires to ensure that the situation with the price of world oil—

Wilson Tuckey (O'Connor, Liberal Party) Share this | Link to this | Hansard source

Mr Tuckey interjecting

David Hawker (Speaker) Share this | Link to this | Hansard source

Order! The member for O’Connor is warned!

Joel Fitzgibbon (Hunter, Australian Labor Party, Shadow Assistant Treasurer and Revenue) Share this | Link to this | Hansard source

is not exacerbated by excessive profiteering in the petroleum market?

Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Link to this | Hansard source

Do I agree that there are no quick fixes to petrol prices, which are rising because of world oil prices? Yes, I do agree. Do I believe that a stunt like signing a letter would bring petrol prices down? No, I do not. It reminds me of the last federal election. What needed to be done by the Labor Party for interest rates? Sign a blank cheque. Why don’t you write a letter ‘To whom it may concern’—the President of Iran, the President of Iraq or the President of Russia—‘Please bring the world oil price down.’ Can I say—and Australians know it and the Leader of the Opposition just implied it with his previous questions—that petrol prices at the bowser in Australia are principally determined by the world oil price.

Ms Catherine King (Ballarat, Australian Labor Party, Shadow Parliamentary Secretary for Treasury) Share this | Link to this | Hansard source

Ms King interjecting

David Hawker (Speaker) Share this | Link to this | Hansard source

Order! The member for Ballarat is warned!

Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Link to this | Hansard source

The second significant factor in petrol prices is the taxation regime. The reason why Australia has the third lowest petrol prices in the OECD is that we have the third lowest taxation regime in the OECD. Let me repeat, as I did yesterday: the ACCC, on a daily basis, monitor 3,500 retail sites across all the metropolitan capitals and 110 in country towns. When they find any evidence of price fixing, they bring proceedings, including in relation to Ballarat recently, where a case in respect of price fixing has gone to the full Federal Court and fines of $20 million were imposed. Petrol prices are of concern to Australian families, and they are of so much concern to Australian families that they will not be helped by stunts like the member for Hunter’s.

Joel Fitzgibbon (Hunter, Australian Labor Party, Shadow Assistant Treasurer and Revenue) Share this | Link to this | Hansard source

Mr Speaker, I rise on a point of order. I seek leave to table the letter I have written for the Treasurer, which will allow the ACCC to look behind the prices not just at them.

Leave granted.