6th Dec 2018, 1:11 PM – Representatives Treasury Laws Amendment (Prohibiting Energy Market Misconduct) Bill 2018 - Second Reading - Don't agree with the bill's main idea

The majority voted against a motion to amend the usual second reading motion, which is that the majority should agree with the main idea of the bill (or, in parliamentary jargon, that the majority should agree to read the bill for a second time). Since this motion was unsuccessful, the original motion will remain unchanged and can be voted on as is.

Motion text

That all words after “That” be omitted with a view to substituting the following words:

“the House declines to give the bill a second reading, and notes:

(1) this unprecedented intervention into markets which will result in higher prices for families and businesses;

(2) the Government has abandoned all pretence at being the party of free enterprise and open markets; and

(3) the Government has abandoned all proper process, scrutiny and consultation.”

What is the main idea of the bill?

This bill is part of the Government's package of measures in relation to the electricity sector. For example, the bill sets out three kinds of prohibited conduct in relation to retail prices, the electricity financial contract market and the wholesale electricity market. The remedies included in the bill are graduated, from the Australian Competition and Consumer Commission (ACCC) issuing a public warning notice to the ACCC applying to a court for a pecuniary penalty. The bill also gives new compulsory information gathering powers on the Australian Energy Regulator (AER) and lets the AER share information with other agencies.

The Labor Party was concerned with the speed this legislation was being pushed through Parliament by the Coalition Government.