This submission is in response to Consumer Affairs Australia and New Zealand's consultation paper on Consumers and Fuel Price Boards.
The submission argues that no new regulations governing information displayed on fuel price boards are needed, on the basis that:
- The problem to be regulated is not well understood and as a result, any potential benefits are likely to be limited and outweighed by the costs to be borne by both business and consumers. By failing to undertake – or completing only a cursory – assessment of the issues, new regulations may be introduced that not only add to the existing compliance burden on business, but which also may result in unintended and negative consequences for consumers.
- The laws and regulations currently in place, in particular the Australian Consumer Law, are sufficient to address any issues and these should be fully exercised before any new regulation is introduced, especially in a sector already subject to extensive and ongoing regulatory monitoring.
At this stage, the proposals for additional regulation do not provide adequate justification for regulatory intervention or meet the BCA’s Standards for Rule Making.