Tim Ayres (NSW, Australian Labor Party, Minister for Industry and Innovation) Share this | Hansard source

Thank you, Senator Canavan, and congratulations as well for this morning's elevation. I can tell you that, alongside the measures that have been undertaken by this government in the long term—that is, engaging the fuel security measures that you and I have discussed over the last few days—we announced, just a little while ago, that the government will double penalties for false or misleading conduct and cartel behaviour, to a maximum of $100 million per offence for that kind of conduct, across the economy. We've tasked the ACCC to ramp up fuel monitoring, reporting weekly with a focus on unusual price spikes.

As consumers will see, petrol stations have moved very fast to adjust for increases in prices for international crude oil. I want to make sure that those price rises are consistent with their obligations, but I also want to see price falls occur when and if international crude prices fall. We're working with industry to increase fuel supply to service stations, including by helping the fuel sector secure ACCC authorisation to coordinate supply and to unlock bottlenecks, removing that constraint in relation to that kind of activity. Those measures are in addition to the substantial action that we've already taken on fuel prices.