Government To Introduce 'Big Stick' Energy Legislation To Parliament
The federal government is expected to introduce its "big stick" legislation on energy to parliament this week.
It comes as the ACCC prepares to release its second update into the energy market since the introduction of the Default Market Offer under the Electricity Retail Code came into force on July 1.
The DMO forces energy retailers to offer discounts against a common benchmark, ensuring consumers are able to compare prices.
The report to be released on Monday will show a "significant fall in standing offer prices", Energy Minister Angus Taylor and Treasurer Josh Frydenberg said in a statement.
It will also show access to affordable, reliable and sustainable energy is improving and that almost 800,000 residential and small business customers on standing offers in NSW, South Australia and southeast Queensland received savings, up to $190.
"The government has long warned that energy companies must put their customers first, and the market practices the ACCC has described as 'unacceptable and unsustainable' must stop," Mr Frydenberg and Mr Taylor said in a joint statement.
"That is why the government is committed to passing our big-stick legislation, which complements the DMO and provides the ACCC with real teeth to hold power companies to account for their actions in the market."