Last month, RACCA Australia published an article on the Carbon Tax Price Reduction Obligation, released by the ACCC, which provided businesses with guidance on how to adjust their prices to fit the repeal of the carbon tax. These adjustments include decreasing prices that were increased when the carbon tax was introduced. Now the ACCC has released its third carbon monitoring report, which details how businesses have adjust their prices following the repeal of the carbon tax.
The carbon monitoring report provided results of the September quarter, which was the first financial quarter after the carbon tax was repealed. The ACCC stated that they have found that businesses have been acting quickly to roll back their prices and that businesses have been compliant with submitting substantiation statements.
The ACCC received substantiation statements from all 244 businesses that they requested a statement from, plus substantiation statements from an additional 39 businesses. However the ACCC also stated that despite this compliance, some of the statements lacked necessary details, in particular specific details on their direct and indirect carbon cost savings.
According to an ABC News report, the ACCC said that estimated that the removal of the carbon tax lowered electricity prices by 5.2 to 12.4 percent and 3.2 to 8 percent for gas consumers. The range on the percentage of savings depends on a consumer’s location and provider.
More information and statistics can be found here.