Low-cost, plentiful and reliable energy is fundamental to Australia’s way of life and the competitiveness of Australian businesses.
Energy markets have become more competitive over time but remain highly regulated. Good regulatory governance is essential to ensure regulation is administered efficiently and that it is targeted to addressing problems where there is a clear public interest.
Key regulators must be independent, they should be incentivised to better understand business, minimise regulatory burdens and avoid delays and uncertainty.
As outlined in the Business Council’s report Australia’s Energy Advantages, critical unfinished reforms are holding back Australia’s energy market from being more competitive and efficient. Governance has an important role to play in encouraging progress of these reforms.
This submission proposes that the fundamental aspects of energy market governance should be retained, with some aspects reshaped to better position Australia for delivering required energy reform.