Nick Minchin (SA, Liberal Party, Minister for Finance and Administration) Share this | Hansard source

For the purposes of properly informing the committee or confirming what Senator Joyce is saying, there is this part VIIA—Prices Surveillance of the Trade Practices Act and that is what this amendment seeks to deal with. It refers to the definition of ‘goods’, and says that that includes:

(a)

ships, aircraft and other vehicles; and

(b)

animals, including fish; and

(c)

minerals, trees and crops, whether on, under or attached to land or not; and

(d)

water; and

(e)

gas and electricity.

That is a rather interesting list of things! And it is Senator Joyce’s proposal that we add, to that rather odd and eclectic list, ‘petroleum products’. As I am—may I say, informally—advised, because I am no expert on the Trade Practices Act, I must confess, these goods are those which the minister may direct the commission formally to investigate with respect to pricing behaviour.

It is a very special and separate section of the act. I think it is about giving the minister certain authority to order investigations, and it is separate and apart from the general role of the commission in general price monitoring. Of course it needs to do that if it is to establish a base on which to exercise powers, under section 155, to initiate an investigation to see if there is any illegal or improper conduct. That is why it does that sort of widespread monitoring.

This is a quite separate exercise. This is an old prices surveillance regime which has been around for a long time. But really it is about the minister having certain authorities. So we do not see the purpose or need to add petroleum products to part VIIA—Prices Surveillance list—a list, as I say, that is a rather eclectic and odd group of goods—because we think the current arrangements are working more than adequately, and I think Graeme Samuel would support that very much.