Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

Let me, first, confirm for the Senate: it's not just a big stick; it's a giant stick. It is designed to bring electricity prices down. The reason I wasn't prepared to share the details underpinning the giant stick with David Speers—as I've previously said, he's one of the best interviewers in the business—was because the legislation had not as yet been finalised. We were consulting in relation to the legislation. I actually started to explain the detail, but you didn't listen to that, so I'm quite happy to go to the detail again. The bill creates new prohibitions against certain misconduct in electricity retail, wholesale and contract markets which is detrimental to competition or consumers. Importantly, on the recommendation of the ACCC and following a referral from the Treasurer, Federal Court issued divestment orders can only be made—and I'm happy to continue— (Time expired)