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Bill

Clean Energy Legislation (Carbon Tax Repeal) Bill 2014

passed, as at 2014-07-17. Environment portfolio.

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Environment

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Plain-language summary

Written by a model from the explanatory memorandum; not the record, as at 2014-07-14.

This bill is part of a package that repeals the carbon tax and includes new rules to stop suppliers from exploiting customers after the repeal.

The amendments would ban price exploitation on key goods like electricity and gas, and require affected businesses to explain how they have passed on cost savings from the repeal.

Maximum penalties for corporations would be 6,471 penalty units ($1,100,070), and for individuals 1,295 penalty units ($220,150), with an additional penalty of 250 per cent of any cost savings not passed through.

Electricity and natural gas retailers, bulk synthetic greenhouse gas importers, and their customers, as well as the ACCC.

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