Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

I thank Senator Milne. Firstly, Senator Milne did not accurately quote what I said to the chamber yesterday. She is right, though: we did go through this in some detail. As I pointed out yesterday, as a result of this bill, the ACCC will have price-monitoring powers under section 60G. The ACCC will be provided with new powers to monitor the prices offered, displayed or advertised of electricity, natural gas, synthetic greenhouse gas, synthetic greenhouse gas equipment and any other goods designated by regulation in relation to the carbon tax repeal.

False or misleading representations are obviously also prohibited, consistent with section 60K, so all corporations—and that includes airlines and others—will be prohibited from making carbon specific false or misleading representations during the effect of the carbon tax repeal on prices. This prohibition covers all goods and services and carries a penalty of up to $1.1 million for a corporation and $220,000 for an individual.