The Australian Competition and Consumer Commission (ACCC) is monitoring the prices, costs, and profits across various sectors in order to assess the general effect of the carbon tax scheme in Australia.
Chairman of ACCC, Rod Sims said this information would permit the Commission to understand how the carbon tax had affected price tags across the economy.
Mr Sims said it provided a benchmark to allow the ACCC to compare prices charged to consumers both before and after the carbon tax was removed.
"The ACCC expects that after the repeal of the carbon tax businesses will remove any remaining carbon components in prices and that consumers will see the benefit of the repeal as quickly as possible," he said.
Mr Sims said in accordance with the direction, the ACCC had provided a report to the Treasurer detailing the ACCC's monitoring activities for the March 2014 quarter.
A copy of the report, Monitoring of prices, costs and profits to assess the general effect of the carbon tax scheme in Australia, is available at this PS News link.
Mr Sims said in March 2014, the ACCC sent voluntary information requests to relevant entities seeking information on the impact of the carbon tax scheme on the entity and their prices.
He said the ACCC would report on its analysis of the responses in upcoming reports to the Treasurer.
Mr Sims said the ACCC would continue to engage with stakeholders to discuss their rights, responsibilities and obligations under the CCA, any proposed amendments to the CCA, and under the direction by the Treasurer.
The second report detailing the ACCC's monitoring activities for the June 2014 quarter will be provided to the Treasurer by 28 July 2014.
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