The Competition and Consumer Amendment (Responding to Exceptional Circumstances) Bill 2026 gives the ACCC and the minister wide ranging power to exempt large corporations from anticompetitive and fair trading laws during crises like the Iranian oil shock.

It lets the government “tear up the rulebook” by rubberstamping illegal anticompetitive behaviour through a Ministerial instrument.

Using the Iranian fuel crisis as an example, major fuel importers deliberately withheld fuel from the spot market to inflate prices, hurting independent regional stations and everyday consumers while securing windfall profits.

The Labor government is backdating the bill to retroactively cover up corporate profiteering, which is being done to push high fuel prices and artificially boost lagging electric vehicle (EV) sales to advance its Net Zero agenda.

The Albanese Government is turning out to be the most totalitarian government in Australian history.

Transcript

This is not a matter of urgency; to the contrary, it’s a matter for considered scrutiny. Let me explain. The Competition and Consumer Amendment (Responding to Exceptional Circumstances) Bill 2026 provides the ACCC with significant new powers. These powers create a new framework for actions that can be taken in exceptional circumstances such as the Iranian oil shock. These powers allow the ACCC to exempt big business from normal fair trading and anticompetitive laws—exempt. This allows big business, once an exceptional circumstance has been declared, to do whatever they like. The framework is wider than fuel; it can be used for anything the minister decides to use it for. This otherwise illegal behaviour will then be simply rubberstamped in the minister’s office using a legislative instrument that cannot be disallowed. It won’t even come before parliament. The ACCC already has the power to allow uncompetitive behaviour in the national interest—it already has the power, in the national interest. This legislation clarifies those rules but little more. I note the proposed amendment from the crossbench which changes that provision to make these legislative instruments disallowable in the parliament. One Nation will be supporting that amendment, as the government should. 

This bill is, in effect, the government granting itself the power to tear up the rulebook to allow large corporations to use their market power to screw the competition, expand their market share and leverage that market share to make more profit at the consumers’ expense. There is a real example of this occurring. In the early days of the Iranian fuel disruption, Australia’s fuel importers—major importers of fuel—despite having full storage tanks, withheld from the spot market. The major importers of fuel deliberately withheld fuel from the spot market, despite having full storage tanks. This is the market into which fuel importers and refiners supply their fuel once their own supply contracts have been met. This is where the smaller independent petrol stations, especially in rural and regional Australia, get their fuel. In the first weeks of the Iranian oil crisis, petrol went above $2.50 a litre—we all remember that—and diesel went over $3 a litre. The increase in the oil price did not justify those retail prices, which were high because of price gouging and manipulation. We know what these large multinational companies did. They held their supply back from the spot market to inflate the retail price, even for fuel which was already in the supply system at the old price. This delivered windfall profits to multinational oil companies—for doing nothing except colluding. 

Labor is now advancing this bill with a clause backdating the bill to the start of the crisis to cover up this profiteering. Labor is covering up this profiteering. Why would the Albanese Labor government excuse foreign multinational fuel companies for profiting at the expense of everyday Australians? The answer is simple: to sell electric vehicles, whose sales had been languishing. Remember all those stories about people rushing out to buy EVs because petrol was so dear? How evil is that? With all the financial hardship in the bush and the regions and the suburbs which resulted from big oil profiteering, the government is using this bill to cover it up to advance its net zero agenda—yet another hidden cost of the net zero agenda. This Labor Party does not give a damn about everyday Australians; it does not care at all. And now they’re helping companies cover it up. If the Greens support this bill, they will be supporting foreign multinational corporations price gouging everyday Australians. I’ll say that again to the Greens. If the Greens support this bill, they will be supporting foreign multinational corporations price gouging everyday Australians. 

I note the amendment from the Nationals to remove the retrospective nature of the cover-up in this bill. One Nation will support that amendment. 

Competition law exists for a reason. It protects consumers and small business. It stops large players from coordinating in ways that damage competition. Any exemption from competition law needs to be treated very seriously, because it’s the people who pay. We can’t normalise anticompetitive conduct. It will lead to more and more exceptions, less and less consumer protection, higher and higher prices, and weaker and weaker service. Clearly, when Labor talks about consumer protections, they don’t really mean it. I’m just checking; this is still a Labor government, isn’t it? Is that right? 

One Nation is the party of everyday Australians now. One Nation wants this bill to go to a committee inquiry so everyone can have their say, and, from that, a fairer bill will have emerged. We want the public to have their input, yet here we are. Once again this Labor government is talking about ramming through without proper debate, without transparency, legislation which contains significant provisions. 

In 2019 the then opposition leader, Anthony Albanese, frequently criticised the coalition for lacking transparency in key legislation and vowed Labor would operate differently, including better parliamentary scrutiny. This bill is not getting committee scrutiny. We want better parliamentary scrutiny, as Anthony Albanese sought back in 2019. In his victory speech in 2022, Prime Minister Albanese promised to end secrecy, to lead with integrity and to treat the public with respect, framing his win as voters choosing accountable government versus the previous cult of secrecy. He repeatedly claims a mandate with just 34 per cent of the vote—one-third of the vote. That’s why he’s got no accountability now. Where is that accountability? Where is the transparency now? Where is the parliamentary scrutiny now? Unless all the substantive amendments presented to the Senate are passed, One Nation will oppose this legislation.