These are all important but bringing the ACCC into the game is the big stick. ACCC to clear up 'big stick' law confusion. The “Big Stick” legislation is also part of the government’s bigger plan to deliver a fairer, more affordable and reliable energy system, as well as a stronger economy for all Australians. An earlier ACCC investigation concluded that the free use of local news content by Google and Facebook was contributing to the erosion advertising revenue by local publishers and their ability to fund journalism. Credit: AAP. It was also highlighted that the ACCC has the enforcement powers given to it under the so-called “Big Stick” legislation which came into effect in June 2020 [1], which includes the retail pricing prohibition which targets conduct by electricity retailers when they fail to pass on savings to consumers due to lower supply chain costs. A senate committee has given approval to 'big stick' legislation to improve the energy market . The 'big stick' energy laws are opposed by most in the energy sector but are expected to pass the Senate this month. A senate committee has given approval to 'big stick' legislation to improve the energy market . Thu, 7 November 2019 1:28PM. Rebecca Gredley AAP. Published: Thursday, 7 November 2019 4:33 pm AEDT. ACCC releases Big Stick guidelines . THE Australian Competition and Consumer Commission has released draft guidelines on how electricity retailers and generators should comply with new laws designed to reduce the size of power bills. It will require business and regulators to be much more mindful of competition in the future. Rebecca Gredley. The ACCC chair Rod Sims suggested this week companies could be … The plan also carries a big stick, involving penalties of up to 10% of revenue if Google and Facebook don’t comply. monitoring compliance with the new ‘big stick’ energy legislation, with the ACCC actively monitoring electricity costs and whether reductions in costs are passed on to consumers; A Senate committee has given the government's "big stick" bill the nod of approval, saying the ACCC will clear confusion from unclear definitions in the regime. ACCC to clear up 'big stick' law confusion. Implications of waving the ‘Big Stick’ frontier economics Further, for the: • Electricity financial contract liquidity prohibition – the ACCC can recommend the Treasurer make a ‘contracting order’, which obliges the business to offer financial contracts of a certain type for a certain period at certain prices. Promoting competition and investigating allegations of anti-competitive conduct in the financial services sector is also a new priority for 2021. A Senate committee expects the competition watchdog to clear up confusion around the Morrison government's proposal to interfere in the energy market.

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