The energy sector is pushing for major rewriting of the federal government's so-called “big stick” laws, warning that without critical amendments the measures will not reduce energy prices or otherwise benefit consumers.
Ms McNamara said that ''without amendment, the so-called ‘big stick’ will not reduce energy prices, or benefit consumers in any way. It is unnecessary and will discourage investment and risk increasing market volatility.”The Sydney Morning HeraldThe contentious proposed legislation,, has been referred to the Senate's economics legislation committee, which is due to deliver a report on it by November 7.
Under the new changes the laws would expire in 2025, the powers would only apply to the conduct of energy companies in the wholesale market and there would be a so-called “Katter clause” to prevent forced divestment resulting in privatisation of state-owned assets. Under the proposal, the treasurer of the day would also be empowered to force providers to offer "reasonable" contracts, if the Australian Competition and Consumer Commission found breaches of certain parts of the law.
"But poorly considered government intervention risks making things worse rather than better," he said. "This legislation won't need to be used if companies do the right thing. The industry now has to shift in terms of delivering for their customers," he said.
rharris334 Slogans are easy but can Angus Taylor deliver some real action?
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