Australia Rushes Through Legislation To Regulate Its Gas Markets

December 2022
Region: Asia Pacific

Legislation that allows short-term gas market interventions and sets out a framework for long term economic regulation of gas markets has sailed through the Australian parliament in a matter of days.

The Treasury Laws Amendment (Energy Price Relief Plan) Act 2022 (Cth) (Act) took effect on 17 December 2022. The Act amends the Competition and Consumer Act 2010 (Cth) (CCA) by introducing a framework to allow the Commonwealth to regulate domestic gas markets. The Act also amends the Federal Financial Relations Act 2009 (Cth) to provide for an appropriation of AU$1.5 billion to be paid to the states and territories to provide temporary relief on energy bills for eligible households and small businesses.