On 24 February 2014, the Australian Government, pursuant to the price monitoring provisions under Part VIIA of the Competition and Consumer Act 2010, directed the ACCC to monitor prices, costs and profits to assess the general effect of the carbon tax scheme in Australia, in preparation for the carbon tax repeal post July 2014.

The direction took effect from 1 March 2014 and remains in force until 30 June 2015. The focus of the direction will be on suppliers of regulated goods, namely natural gas, electricity and synthetic greenhouse gases, as well as corporations identified as liable entities under the Clean Energy Act 2011.

The Government also directed the ACCC to provide a report on its monitoring activities at the end of each quarter of each financial year, with the first report due at the end of July 2014.