Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

At risk of prolonging the debate, if you want me to put me an answer to that question on the record, I will just read out the explanatory memorandum that was tabled by the government. The questions you have asked are explicitly answered in great detail, in a directly relevant manner, in the explanatory memorandum. If you want me to read them out, I will start. In chapter 4, on page 51, it says:

Schedule 2 to the Main Repeal Bill amends the CC Act—

The Competition and Consumer Act—

to prohibit carbon tax-related price exploitation, to ensure that all cost savings attributable to the carbon tax repeal are passed through the supply chain for regulated goods, and to ensure that lower prices resulting from the repeal of the carbon tax are passed on to consumers of regulated goods.

It then goes through:

Schedule 2 to the Main Repeal Bill also amends the CC Act to:

• prohibit false or misleading representations about the effect of the carbon tax repeal;

• require the ACCC to provide retailers of electricity and natural gas, and entities that are importers of bulk synthetic greenhouse with a carbon tax removal substantiation notice;

• require retailers of electricity and natural gas, and entities that are importers of bulk synthetic greenhouse gases, to provide the ACCC with a carbon tax removal substantiation statement;

• require entities that are retailers of electricity and natural gas to provide their customers with a statement that explains how carbon tax removal savings will be passed on to them;

• provide the ACCC with additional price monitoring powers in relation to the carbon tax repeal;

• provide for stiff penalties to entities that fail to comply with these provisions.

The explanatory memorandum goes on to say:

The removal of the carbon tax is expected to lower input costs for some businesses. In some markets this will flow on in the form of lower consumer prices. However, in selected markets, especially where competition is limited, businesses may think that it is open to them not to pass through savings from the carbon tax repeal.

4.4 The amendments contained in Schedule 2 to the Main Repeal Bill will ensure that consumers and businesses are not exploited by suppliers following the repeal of the carbon tax by prohibiting price exploitation with respect to certain key goods (such as electricity and gas) and false or misleading representations about the effects of the carbon tax repeal on prices. Price exploitation will occur whenever an affected entity does not pass through all of its cost savings that are directly or indirectly attributable to the carbon tax repeal. These amendments are based on those made when the GST was first introduced, but impose greater levels of consumer protection and stiffer penalties on entities that do not comply with their cost saving pass through obligation.

I could go on but I won't because, unlike the Labor Party and the Greens, I am not involved in this shiftwork relay filibuster. I just want to point out to the Senate and to those listening and to you, Senator Dastyari, that you are being entirely unreasonable. You are participating in a filibuster. All of the questions you are raising are answered in the explanatory memorandum. Do you want me to read out the 24 pages of the explanatory memorandum?