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The government has introduced new measures to deal with misconduct in the electricity sector and ensure Australian households, businesses and industries get a fair deal on energy.
In the words of the Australian Competition and Consumer Commission (ACCC), for too long electricity companies have “played a major role in poor outcomes for consumers”.
To address this, the government has announced that 'Big Stick’ legislation which holds the energy companies to account for misconduct comes has come into affect and will drive down energy prices and strengthen supply.
The ‘Big Stick’ legislation will ensure reductions in wholesale costs are passed on to customers, while penalties will apply for anti-competitive behaviour or moves to manipulate electricity prices.
"This new law comes at an important time, with an increased number of households and small businesses experiencing hardship due to the COVID-19 pandemic," said Treasurer Josh Frydenberg in making the announcement.
The ACCC will be responsible for enforcing the legislation, and will have a graduated range of penalties at its disposal to punish misconduct ranging from public warnings and court ordered fines.
For the most egregious breaches, the legislation makes available two additional significant remedies:
This legislation is part of the government’s plan to deliver a fairer, more affordable and reliable energy system and a stronger economy. This includes: