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

The government will be opposing these amendments. The forced divestiture components of the legislation are designed to apply only to electricity markets and to misconduct specifically in electricity markets, which can, of course, lead to blackouts, destruction of businesses and potentially loss of life. The amendments proposed by Senator Patrick would expand divestiture powers to misuse of market power under section 46 of the Competition and Consumer Act by any type of business. The government will not broaden this legislation. The courts can already impose significant penalties for contravention of section 46, including fines of up to $10 million and injunctions to prevent people from engaging in certain conduct. The measures in the Treasury Laws Amendment (Prohibiting Energy Market Misconduct) Bill, including the forced divestiture powers as a last resort, are specifically designed to deal with the impact and the consequences of misconduct in the electricity market.