Bill
True-up Shortfall Levy (General) (Carbon Tax Repeal) Bill 2014
passed, as at 2014-07-17. Environment portfolio.
- Sponsor
- Not recorded
- Portfolio
- Environment
Recorded stages
- introduced — 2014-07-14
- second reading — 2014-07-14
- second reading — 2014-07-14
- second reading — 2014-07-14
- third reading — 2014-07-14
- introduced — 2014-07-15
- second reading — 2014-07-15
- second reading — 2014-07-15
- second reading — 2014-07-15
- committee — 2014-07-15
- committee — 2014-07-16
- committee — 2014-07-17
- third reading — 2014-07-17
- passed — 2014-07-17
- royal assent — 2014-07-17
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
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 introduces new consumer protections.
The package would prohibit price exploitation on key goods like electricity and gas, and require suppliers to report cost savings to the ACCC.
Corporations that breach the price exploitation ban could face maximum penalties of 6,471 penalty units ($1,100,070), and individuals 1,295 penalty units ($220,150).
- Prohibits entities from engaging in carbon-specific price exploitation on key goods after the carbon tax repeal.
- Requires electricity and natural gas retailers and bulk synthetic greenhouse gas importers to provide substantiation statements to the ACCC on cost savings passed to customers.
- Gives the ACCC monitoring powers to assess the effect of the carbon tax repeal on prices.
- Requires electricity and natural gas retailers to prepare and communicate a statement to customers within 30 days after Royal Assent.
- Imposes a penalty of 250 per cent of cost savings not passed through on suppliers that fail to pass through all savings.
Businesses that supply electricity, natural gas, or import bulk synthetic greenhouse gases, and their customers.
Sources
em
em revised
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frl act