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

To conclude, we are grateful to Senator Joyce for drawing our attention to this section, which I think is a hangover from the old Prices Surveillance Commission and got moved into this act. I think the senator is quite right in saying that I might suggest to the Treasurer that we should have a look at this list. It is an extraordinary list of items and it probably is timely that it be reviewed, but I would draw to the attention of the committee that the object of this part as stated in the act is to have prices surveillance—and that is defined in this act, and it is a very rigorous sort of regime that is different to the price monitoring which the ACCC does in the normal course of events—applied only in those markets where, in the view of the minister, competitive pressures are not sufficient to achieve efficient prices and protect consumers. It is a very particular regime. As I say, it is a rather eclectic list which has gathered over time—and I am not sure that we are necessarily particularly worried about the supply of ships in terms of prices surveillance at the moment!—so I think there is a good case for reviewing this list.

But I would also note that Mr Samuel himself made the point in evidence to the current Senate inquiry that there are 6,500 petrol outlets operating throughout Australia. There would appear to be vigorous competitive activity occurring in the sale of fuel, as reflected by the fairly vigorous price cycles that occur on a weekly basis, if nothing else. In the absence of price competition, you would not see the volatility of those price cycles. He is making it clear that he sees this as one of the most competitive industries we have in Australia. I am not sure that it automatically does fit into the quite strict and particular regime that is provided for in part VIIA of the TPA and, therefore, I am certainly not in the position to say that the government could support adding petroleum products to this list. But I am certainly happy to suggest to the Treasurer that he might want to review this particular list and bring it up to date.