Commonwealth Consolidated Acts

COMPETITION AND CONSUMER ACT 2010 - SECT 60FE

Scope

  (1)   This section applies to an entity if the entity:

  (a)   is an electricity retailer that sells electricity to electricity customers; or

  (b)   is a natural gas retailer that sells natural gas to natural gas customers.

Preparation of statement

  (2)   Within 30 days after the Royal Assent day, the entity must prepare a statement that:

  (a)   if the entity has electricity customers--identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of electricity customers, that:

  (i)   have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and

  (ii)   are for the financial year that began on 1   July 2014; and

  (b)   if the entity has natural gas customers--identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of natural gas customers, that:

  (i)   have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and

  (ii)   are for the financial year that began on 1   July 2014.

Communication of contents of statement to customers

  (3)   During the period:

  (a)   beginning 30 days after the Royal Assent day; and

  (b)   ending 60 days after the Royal Assent day;

the entity must ensure that the contents of the statement prepared by it under subsection   (2) that relates to a class of electricity customers or natural gas customers is communicated to each customer of that class.

Note:   Section   137.1 of the Criminal Code creates an offence of providing false or misleading information.

Compliance

  (4)   An entity commits an offence if:

  (a)   the entity is subject to a requirement under subsection   (2) or (3); and

  (b)   the entity is capable of complying with the requirement; and

  (c)   the entity omits to do an act; and

  (d)   the omission breaches the requirement.

Penalty:   400 penalty units.

  (5)   Subsection   (4) is an offence of strict liability.

Note:   For strict liability, see section   6.1 of the Criminal Code .

  (6)   If subsection   (4) of this section applies to an individual (whether or not because of subsection   6(2)), subsection   (4) of this section has effect, in relation to the individual, as if the reference to 400 penalty units were a reference to 40 penalty units.

  (7)   If subsection   (2) or (3) of this section applies to an individual (whether or not because of subsection   6(2)), the individual is excused from:

  (a)   preparing a statement under subsection   (2) of this section; or

  (b)   communicating the contents of a statement under subsection   (3) of this section;

on the ground that the information in the statement might tend to incriminate the individual or expose the individual to a penalty.