Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

I thank senators for their contribution on this bill. It is an important bill, and I think the passing of this bill this week, in one of the last things the Senate does in this sitting week, is very important.

The bill doubles the penalties for false or misleading conduct and cartel behaviour to a maximum of $100 million per offence. This is an important part of our response to some of the impacts we are seeing flow through to our economy as a result of the Middle East conflict. These laws will help to tackle price gouging at its source, outlawing false or misleading representations, including lying about the reasons for price increases; price fixing, colluding on prices and other cartel behaviour; misuse of market power to lessen competition, including by refusing to supply to third parties like independent fuel retailers; unfair contract terms, especially in relation to business-to-business conduct, to stop big businesses pushing around small and family businesses; exclusive dealings that reduce competition; and unconscionable conduct, like taking advantage of vulnerable people.

This is important legislation. I thank the Senate for those contributions today. It builds on the action the government has already taken, which includes releasing 20 per cent of the baseline minimum stockholding obligation for petrol and diesel, getting more fuel into the market by temporarily amending the fuel standards, working with the ACCC to authorise major suppliers to get fuel where it's needed in the regions and ramp up fuel price monitoring, and engaging with international partners to strengthen supply chains and fuel security. These are the actions of a responsible government that has been dealing with the impact of the Middle East conflict carefully and appropriately. We will continue to do so as this conflict unfolds and the impacts of the conflict unfold on our economy.