"Price gouging and or profiteering are not defined in the law, and nor are they illegal conduct under the Trade Practices Act," Graeme Samuel, Chairman, Australian Competition and Consumer Commission (ACCC).

Mr Samuel said it was too early to say whether the Trade Practices Act needed to be toughened - Sydney Morning Herald

Since his election, Queensland Nationals Senator Barnaby Joyce has been advocating that the Trade Practices Act (TPA) must be tighented if we are to properly protect consumers and support small business.

“Under the current legislation, the big oil companies basically have to provide a signed affidavit stating they have colluded. Good luck getting that out of them.

“Current legislative and regulatory arrangements and legal precedents have, inadvertantly or otherwise, created an environment where the larger you are the more difficult it is to apply competition laws. The Toll holding merger issue is a good example of this. Collusion in other areas is difficult, some would suggest near impossible, to prove. We have to start looking after Mums and Dads in business and those who look for a fair price for goods in an overcentralised market.

“Mr Samuel’s comments show that you are in a lot of trouble if you collude but he acknowleges the ACCC has a lot of problems in trying to prove it. Highlighting the ‘schooling’ of some to prevent prosecution,” he said.

The Senate’s petrol price hearing, held in Canberra yesterday, clearly outlined the need for several areas to be addressed in relation to the retailing of petroluem products.
These include:

 Strengthening the Trade Practices Act to enable the ACCC to properly monitor the industry. We simply cannot allow an industry that has such a significant impact on average Australians to be left to its own devices.
 Stronger encouragement of a biorenewable fuels industry. An ethanol product has the capacity to lower the price at the bowser whilst ensuring Australian consumers can continue to drive their current internal combustion motor vehicles.
 The promotion of Independent Fuel Retailers. It was outlined in the inquiry yesterday that Independents lead the market on discount fuel, not to mention the fact that we must always support Mum and Dad operators in any marketplace.

“I acknowledge Mr Samuel must operate within the legislative framework afforded his position and organisation and, as such, is unable to speak on policy. So I’ll do it for him.

“The TPA needs strengthening and if we want to maintain a fair marketplace for motorists and small business, it needs to be addressed immediately,” Senator Joyce said.