SUBJECTS: ACCC'S Report Into Unleaded Petrol Prices
ASSISTANT TREASURER:
Well today, I'm releasing the report of the ACCC into petrol prices in Australia.
This is a very comprehensive report. It follows six months of research, 25 public hearings throughout Australia and it's 377 pages long.
Of course, petrol prices are a major concern for the Australian public. In Opposition, the ALP suggested that there were grounds to suggest that the petrol market wasn't working as competitively as it might do. We called for the ACCC to be given the types of powers they've had during this inquiry on a permanent basis. This report confirms that there are some grounds for concern. It's important to note that the report finds no magic bullets, no easy answers, no easy solutions. Nobody ever thought that it would. But it does provide some areas for thought, some areas of concern and some areas for further research as well as some recommendations for action.
Importantly, the ACCC finds that the unleaded petrol industry in Australia is fundamentally competitive with no obvious evidence of price fixing or collusion. However, the commission finds that the Australian refining industry is relatively concentrated, and that there are significant barriers to entry for new refining operations. The commission describes refining in this country as quote, a comfortable oligopoly.
The commission says that competition in the wholesale petrol market is not effective. And the ACCC also expresses some concern about the impact and operation of import parity pricing. The commission also expresses concern about the impact of what are known as buy-sell arrangements and the effect that these have on competition. The commission notes that they have received no satisfactory explanation for the divergence between world oil prices and petrol prices earlier this year.
Commission also finds considerable concern about the information asymmetry between retailers and consumers. The lack of information consumers have about price changes in real terms, whereas retailers have perfect real time information. In the words of the commission, this information sharing arrangement gives them enormous advantage over consumers.
The report finds that petrol prices might be reduced by a few cents a litre if some of these issues are addressed. Now when petrol is so expensive because world oil prices are high, every cent makes a difference to working families.
The report makes a number of key recommendations. It recommends a more detailed assessment of the agreements between oil companies to buy and sell petrol to and from each other, to ensure that these arrangements do not reduce competition. It recommends an audit of terminals suitable for importing refined petrol in order to facilitate increased competition in the market.
It suggests that the Government and the ACCC give further consideration to ways to correct that information imbalance between retailers on the one hand and consumers on the other. It makes a number of suggestions for further thought. It suggests that the Government consider a FuelWatch system, based on the West Australian model, which would involve petrol stations informing the ACCC of its petrol price for the next 24 hours and that that price be locked in. The ACCC says of this idea, and I quote, a more substantive assessment would be needed to be undertaken within government.
In response, the Government welcomes the report as providing a constructive platform for developing policy options. In Opposition, we promised to give the ACCC formal monitoring powers so the commission had powers similar to it has had - to what it has had during this inquiry on a permanent basis. The concerns highlighted by the commission in this report make this even more important. Accordingly yesterday, I wrote to the chair of the ACCC, giving him formal monitoring powers pursuant to section 95ZE of the Trade Practices Act. Commission will report to me once a year on petrol prices and this report will be made public.
We also promised to establish an Office of Petrol Commissioner, and today I'd like to give you an update on that process. The process of establishing an Office of Petrol Commissioner has commenced. I've written to the premiers and chief ministers as required under the Act, opening nominations for a new ACCC commissioner's position. The search process for this person has commenced with the chairman and I giving a lot of thought to the type of person we would like to fulfil this role. We hope to be in a position to announce the Petrol Commissioner soon.
In addition, some of the Government's agenda in trade practices more generally is very important. The Government's intention to criminalise cartel conduct is very important across the economy but of course, important in the petrol industry. In any highly concentrated industry, we need to send the message that any collusion or anti-competitive conduct is completely unacceptable to this Government and completely unacceptable to the wider community.
And the Government will release draft legislation on the criminalisation of cartel conduct early in the New Year with a view to meeting our aim of having jail terms in place for cartel operations within 12 months of our election. Our other steps to strengthen section 46 of the Trade Practices Act against anti-competitive behaviour and give the ACCC power to regulate creeping acquisitions to ensure competitive markets are also important across the economy, but is this - as this report highlights, important in concentrated industries like petrol.
The chairman and I have agreed that the ACCC will immediately progress the following recommendations in the report. A more detailed examination of ongoing monitoring and a buy-sell arrangements, an audit of terminals suitable for importing refined petrol into Australia, covering terminal capacity use and leasing and sharing arrangements.
Ongoing monitoring of the use and leasing of - and sharing of terminals suitable for importing refined petrol into Australia and the monitoring of developments relating to shopper dockets as they arise, including any changes in the extent of the impact of shopper dockets arrangements on competition.
Other recommendations need further work, as has been highlighted by the ACCC, particularly suggestions as to how to correct that information imbalance between consumers and producers. And the Government will embark on that work in consultation with the ACCC and importantly in consultation with the community. It's important that we get community feedback on those various options of correcting that information imbalance and I look forward to being involved in that process.
In conclusion, can I thank the ACCC for what is very comprehensive and important report in an area of vital interest and importance to the Australian people. I'd like to invite Mr Samuel to make a few brief remarks and then either of us will be happy to take your questions.
GRAEME SAMUEL:
Thank you, Minister. This inquiry was the first inquiry conducted by the ACCC under Part VIIA of the Trade Practices Act. When the ACCC commenced the inquiry, we indicated that it would provide a focused examination of the current structure of the industry, the extent of competition at refinery, wholesale and retail levels, including the role of imports, how prices are determined and impediments to efficient petrol pricing and how these might be redressed.
This inquiry has allowed the ACCC to test stakeholders' propositions and check the veracity of claims made in the public arena. We examine facts and tested claims and opinions.
A number of key questions were asked. They included, are Australian petrol prices based on international benchmarks, and if so, why? How are wholesale and retail prices determined, and by whom? Why do petrol prices move in cycles in the largest metropolitan cities? Do consumers benefit from these price cycles? What's the role and effect of the major supermarket chains? And are there impediments to competitive and efficient petrol pricing? And if so, what might be done to overcome them?
We undertook to provide a rigorous analysis in a public setting of all elements of our leaded petrol market in Australia. Our aim was transparency, in order the consumers might be better informed and that market participants might better be held accountable for their pricing practices. Petrol prices in Australia are the fourth lowest in the OECD. Our inquiry found that overall, the petrol market in Australia is competitive.
However, we did find some structural factors that operate to constrain a fully competitive market at all levels of the supply chain. Our report and the recommendations for future action contained in it are directed towards increased transparency and improving the effectiveness of competition in the petrol market to the benefit of all Australian consumers.
ASSISTANT TREASURER:
Happy to take questions.
JOURNALIST:
[Inaudible] once yearly reporting, Minister?
ASSISTANT TREASURER:
Well, this is a very complex area and once a year, I think strikes the right balance in terms of getting the information out to the community. If the ACCC comes back to me and says they feel it should be more regular, then obviously I'll be happy to consider that.
JOURNALIST:
There's been an inquiry, six month inquiry which has - will result in one annual report plus more studies and audits. If - for motorists who are out there who might have been expecting more, what's your message to them?
ASSISTANT TREASURER:
Well the report makes it very clear and I think motorists understand there are no easy answers, no magic solutions, that they expect governments to be doing everything in their power to ensure that the market is working as competitively as it possibly can in their interests. And that's what this Government's committed to doing, I know it's what the ACCC wants to do and it's what we'll continue to do together.
JOURNALIST:
[Inaudible] some changes that could be made would see the price of petrol fall by a few cents. When are we going to see that happen?
ASSISTANT TREASURER:
Well there is no magic solution, there is no overnight solution. We said that in Opposition, we say that in Government. But motorists expect governments to be working constantly over a long period of time, to ensure that the petrol prices are as low as they possibly could be, given world oil prices. Now obviously when world oil prices go up, petrol goes up. But we need to ensure that the market is working competitively to ensure that only those increases which are driven by world oil prices are passed onto consumers. And that's what we'll continue to do now and into the future.
JOURNALIST:
Mr Samuel - FuelWatch in WA. What has attracted your interest in it, and what do you, on your preliminary investigations seems the suggestions of how it works, in terms of keeping prices slightly lower?
GRAEME SAMUEL:
The, the primary factors that we've been focusing on is the imbalance of information between consumers and sellers.
When sellers have a vast array of information - which they do on a virtual real time basis through the informed services subscription service that they each subscribe to - that is the major sellers - then they're able to adjust prices very quickly in response to what their competitors are doing.
They know that they can hike prices up with very little risk, because the informed services information will enable them to determine what their competitors are doing, and if their competitors don't follow suit, they can pull the price down very quickly.
They can defer or delay the discounting of prices because, what happens is they can actually wait and see what competitors are doing and then react very quickly - in matters of minutes - on the electronic service to tell their own service stations, service outlets, what they should be doing with prices.
Consumers don't have that level of information. They have a, a, if you like, a relative porosity of information, relative to that that the sellers have. They don't know where prices are going to move on a day-by-day basis.
And so what we've attempted to address is a number of potential options for redressing that imbalance.
Now of course you can work at two ends of the spectrum. One is to try and curtail the operation of that subscription service, or that service that provides a range of information of virtual real time information to sellers.
The others is, the other is to give consumers more information.
FuelWatch gives more information to consumers. It requires sellers of petrol to post at 2pm each day, the price at which they propose to sell petrol starting 6am the next morning, and for the next 24 hour period.
Now that means that by about 4pm that information can be out in the marketplace; it's available on websites.
In the event that, for example, there was to be a hike in petrol prices, then consumers could go out between the 4pm that they learn of this information, and 6am the next morning, and fill their cars before the hike occurs.
And it has some other competitive elements.
But it is, as we point out, a significant commitment on the part of government. It requires significant resources, and we need to examine very very carefully the overall impact of a FuelWatch scheme before it could be addressed as a matter of policy.
JOURNALIST:
Mr Bowen, [Inaudible] towards FuelWatch - rolling it out nationally?
ASSISTANT TREASURER:
Well, we agree with the ACCC that it does need more work, and we are interested in consulting with the community about it.
Kevin Rudd I think has made it clear in the past, in a general sense, that regulation, more regulation needs to be the answer of, not the answer of first resort across the board.
And while this isn't regulation of petrol prices, there's no doubt it is, it is government getting involved in the process.
Now, if it helps, and we are obviously interested in anything which helps, but we need to consult with the community, to look at the detailed implementation of this idea, as the ACCC has said in its report, it's not something to be rushed into; not something to be embraced in the week before Christmas; but needs a lot more thought, a lot more work, and it's something that we'll be doing in consultation with the broader community.
JOURNALIST:
How soon might it come in?
ASSISTANT TREASURER:
Well, the government needs to consider the ACCC's recommendations, as a whole of government, and we need to, and we need to consult.
So, we're not, I'm not going to lay out a time line today for a decision. But it's something that we'll work with the community on, over coming months. Over coming months we'll work with the community about whether it's a good idea, and whether it's feasible and practicable.
JOURNALIST:
Your report finds no obvious evidence of price fixing or collusion, yet I suppose motorists, as they drive down a street seeing exactly the same price on either side of the road, might disagree with that finding.
How do you explain that to them?
GRAEME SAMUEL:
I think the description I just gave before, of the subscription service provided by informed sources, helps to explain that.
You see, the informed sources works with a, a central computer bank - electronically for about 3600 service stations throughout the country, electronically is fed in the price at which petrol is being sold at any given minute of the day.
That then is fed out on a virtual real time basis then to the major sellers - the major sellers being, in this case, Mobil, BP, Caltex, and the two major supermarket chains.
And so they have it in their own computer banks, and they can then provide a direction to their sellers, in any particular locality, as to the price at which the petrol should be marked up on the headboard, on the price board.
So you can see that by that electronic service, very quickly prices can react to competitors prices. And what we're seeing is as competitors prices move, so other competitors move to bring themselves into alignment.
That is why you will find a similarity in prices in, particularly in the major capital cities.
JOURNALIST:
Will this reverse the trend away from independents in the wholesale sector when many may have already been forced out of business by the larger supermarket chains?
GRAEME SAMUEL:
If you examine the report, the evidence that was brought before us indicated that the major supermarket chains had not led to any increase in the rate of the disappearance, or the rate of exit from industry of the smaller independents.
Now, let me emphasise, there are two forms of independents that are identified in the report. There's the small one or two station independents, and then there are those, there are the larger independent chains, such as United, those branded Liberty, Newman, Gull, Matilda - they're the larger, if you like, independent chains.
Those chains have actually been growing in size and have been, in a sense, increasing their market share relative to what occurred immediately following the Coles Woolworths entry into the market.
What we have seen though is an exit of the smaller independents, the one or two station independents. But that's been an inexorable process that's been occurring over the past 20 years, and is generally more attributable to the fact that the, the sellers of petrol, those that are ultimately supplying petrol at the wholesale level and elsewhere, are focusing on a consumer preference for larger, multi-pump service stations on major highways, rather than some of those smaller service stations that we were used to in yesteryear.
JOURNALIST:
…say that there are obstacles to competition in this market, I'm just trying to understand how bad are they compared to other industries, is this a particularly bad industry in that sense?
GRAEME SAMUEL:
Oh, look, it's very hard to make a comparison between one industry and another.
What we've identified is that at all levels of the supply chain, starting from refining, importing, through to the wholesale arrangements, and at the retail level, there are some impediments to what we would describe as full and effective competition.
Now they're identified in the report, and we could go through each of them, but I think it's probably better if you read the analysis in the report.
But at each level, there are elements of less than effective competition, which, in any sense, can work potentially to the disadvantage of the consumer.
But as we pointed out in the report, the level of less than effective competition - if they could be magically removed, and there are some that could not be removed; we could, you know, look at areas such as refining, where it would be very difficult to remove the concentration that occurs in refineries in Australia.
But if you could magically remove them, then our view is that the impact on petrol prices would be of the order of a few cents a litre.
JOURNALIST:
Just, to give some context - I mean, are there some industries in Australia where there really are effectively no barriers to competition?
GRAEME SAMUEL:
Oh yes, a number of industries where there are no barriers to competition.
But, you know, I don't think it's a very helpful comparison to make; to sort of say, well, you know, this particular industry is, is more competitive because there are no barriers to competition, but this industry is less competitive because there might be barriers to competition.
JOURNALIST:
You're describing this as a comfortable oligopoly - refining, refining - which, in terms it suggests that's a bad thing.
Could that not apply to cinemas, airlines, supermarkets, banks - is this any worse than what we see in most of the industries in Australia that we're familiar with?
GRAEME SAMUEL:
Well look, not having conducted a report into cinemas and banks and the others, I would earnestly suggest that the Minister doesn't recommend that we conduct such an inquiry in the immediate future in any event.
But, it's very hard to make that comparison, I'd have to say, just off the, off the top of my head.
What we can say though is, the words comfortable oligopoly were very carefully chosen. They are a group of major operators who have a series of arrangements between them, particularly in terms of the buy sell arrangements, particularly in terms of the import barriers that exist through a number of factors that we've described in the report, that make it a comfortable oligopoly.
Now, let's not put too great an interpretation on that, other than to suggest that it is, it provides for a more comfortable existence than might occur…
JOURNALIST:
[Inaudible question]
ASSISTANT TREASURER:
The word we should be looking at there. But their arrangements are comfortable.
GRAEME SAMUEL:
Oligopoly is a statement of fact. It's a number of significant operators, yeah.
JOURNALIST:
[Inaudible question]
ASSISTANT TREASURER:
It's the arrangements they have and the barriers to entry.
GRAEME SAMUEL:
Yes, exactly. And, if you look at those arrangements -and we've focused particularly on the buy sell arrangements, which have an element of reciprocity, and are not available to independents, not available to independent chains - then there's an element of comfort in those arrangements.
There's an element of comfort in the import barriers, which are, is reflective of lack of import terminal capacity, and there's a chicken and egg element involved in that in terms of having major customers that can warrant the, the substantial import of fuel by independent importers.
JOURNALIST:
…concerned, then why not do something to, to reduce that? Why just say, yes this exists?
GRAEME SAMUEL:
Well, well I don't think we've said that, as the Minister has summarised in his opening statement.
There are number of recommendations that we've made, which we have agreed with the Minister we will be pursuing into the new year.
Now they do involve issues that, you know, are quite significant indeed, for example, examining the current state of play with respect to capacity to import terminals.
And I could go through each of those that exist around the country, but we, you know, we need to audit what is available and audit, or perhaps examine a lot more carefully what might be made available into the future, what might be built, and the impediments to that occurring.
But we've commented on that in detail in the report.
The buy sell arrangements need a lot closer examination. We have a wealth of information concerning the buy sell arrangement but having described them as a part of the comfortable oligopoly then it would be I think, fairly obvious to anyone that that's something that we need to examine a lot more carefully. Particularly, the fact that the buy sell arrangements are agreements between competitors which in certain respects excludes other competitors from being involved in them. And that may have some implications, I don't want to overstate it but it's the comfort of that oligopoly that I think we want to examine a lot more carefully.
JOURNALIST:
We're on the cusp of the Christmas holidays, many families will be travelling over Christmas, petrol will - is nearing $1.40 a litre. Is there any advice you can give people about how they can minimise their petrol prices in the next week?
GRAEME SAMUEL:
Yes, watch the price cycles and take advantage of them. If there is one element of advice that we have consistently given and that is still demonstrated through the process of this inquiry, it is that the price cycles, if they're taken advantage of, can provide significant advantage to consumers. And that advantage can be of the order of many cents a litre, 10 cents and sometimes more depending on the location. So, if you're in a - particularly in the major capital cities, take advantage of the price cycles, watch for them, being aware of the fact that price cycles still continue to operate even through the holiday period.
JOURNALIST:
[Inaudible] wanting a price of commissioner for the petrol commissioner, how soon before they're appointed and what kind of powers will they possess?
ASSISTANT TREASURER:
Well, we have to appoint them soon, and by that I mean in the New Year. And they will have at the delegation of the chairman, the formal monitoring powers that the government has issued to the ACCC and they'll have, through the chairman and the ACCC itself, the responsibility to report to Government on further steps to be taken and the state of the market on an ongoing basis.
JOURNALIST:
Are there any preliminary approaches to anyone?
ASSISTANT TREASURER:
Well, the chairman and I have been thinking about the type of people we would like to fulfil the role and we'll be making an announcement once we've found the person who fulfils those type.
JOURNALIST:
What are the criteria? Would you for instance be looking at someone who has worked in and knows the industry, what are you thinking of?
ASSISTANT TREASURER:
Obviously it would be somebody with knowledge of competition and consumer law. Somebody with ideally some experience of government and somebody who understands the way that markets work and the way to ensure that markets are working competitively as they can, that's the sort of person that we're looking at and we'll be progressing that over the Christmas break and into the new year.
JOURNALIST:
[Inaudible] to be made if all goes well if the studies point to ways where the Government and the ACCC can act but the governments in Australia themselves have direct control over the excise levy on fuel, that's far more than just a couple of cents there. Why not use the far more direct levers that exist than trying to spend a year or two to, I guess, work out how you can bring in another player, or whatever, surely there's more direct ways to address this?
ASSISTANT TREASURER:
Sure. Look, there's a couple of issues there. Firstly, for every cent you take off the excise, that's, I am advised, $240 million. So, to make a substantial reduction in that respect is a lot less money on schools and hospitals and roads. And we do have the third lowest petrol taxes in the world and as a result the scope for further movement is limited. We've said in opposition and in government that we believe the way to ensure that there is downward pressure on prices is to ensure the market is working competitively and that is widely accepted by commentators in the field and if you are to have any significant impact, that it the way to do it because it is so expensive to make any change in the excise rate. And can I also point out that in effect, the excise is reducing over time. The excise rate was frozen in 2001, so in real terms, as inflation kicks in, it is reducing over time. So it is happening of its own accord without the Government taking any further steps.
JOURNALIST:
[Inaudible] are apparently recommending that that excise be linked to inflation in future. Your government also, just come back from Bali saying that you want to cut emissions that red - that higher petrol does reduce car use. So, you're under a few different pressures here. I mean…
ASSISTANT TREASURER:
On one hand you're asking me to reduce the rate…
JOURNALIST:
Yeah, exactly.
ASSISTANT TREASURER:
..and the other hand you're asking the Government to increase it.
JOURNALIST:
Exactly. And that's where you are. I mean, what are you going to do with the excise? Will you…
ASSISTANT TREASURER:
The Government has no plans, no consideration of indexing the petrol excise rate to inflation.
JOURNALIST:
Let's get back to that question. Isn't this Government at its heart being hypocritical? On the one hand it's spent last week telling us we need to reduce greenhouse gases and today you're here telling us you want to cut the price of petrol…
ASSISTANT TREASURER:
No, it's not.
JOURNALIST:
Isn't the quickest way to cut greenhouse gases to make it more expensive?
ASSISTANT TREASURER:
Not at all. We do want to cut greenhouse gas emissions, of course we do. We don't believe the way to do that is to put more pressure on working families through petrol costs.
JOURNALIST:
Mr Samuel how disappointed were you under the previous government that they failed to introduce jail terms for cartel perpetrators?
GRAEME SAMUEL:
Well, look, I don't' think that it's appropriate to comment on either on the previous government or that whole issue of the time it's taken. What I think is appropriate is that since 2004 we have strongly advocated the introduction of jail terms for serious cartel offences and you've already heard me express on many occasions my delight that the Rudd government has determined that he's going to introduce that within the first 12 months.
JOURNALIST:
[Inaudible] go back - you just said before that you don't want to reduce emissions by raising petrol prices for working families, now your government has endorsed the emissions trading scheme, that's going to raise petrol prices for working families, it's going to raise energy prices for working families. Can you just clarify that statement you made?
ASSISTANT TREASURER:
Well emission trading scheme government's committed to but the question put to me was, do you believe that increasing petrol taxes to make petrol more expensive for working families is a way to reduce emissions? Well, it's not a way that the government's interested in, no, not at all.
JOURNALIST:
Were you engaged in the, sort of, shrill exercise to just, you know, knock a few cents of petrol when the reality is you're going to put up the price of - are you going to put up all energy prices for households?
ASSISTANT TREASURER:
Well, I don't believe that working families would believe anything which introduces more competition to put downward pressure on prices is shrill. I think they'd see that as something which is useful to them.
JOURNALIST:
You said at the start of this inquiry that one of your aims was to simply understand the unleaded petrol market. Do you feel at the end of this inquiry that you do indeed understand it more?
GRAEME SAMUEL:
Well certainly I feel we understand it more but what would be more satisfactory is after you've read the report and other stakeholder groups have read it and consumers have read it, that they will then be able to say they now understand much better what is happening with petrol prices in Australia, that's been the fundamental object of the report is to provide transparency, to provide key facts to provide information so that consumers can be better informed about what is happening with petrol prices in this country.
JOURNALIST:
[Inaudible] the average motorist would be better off buying on a Wednesday morning and saving - that would save them more than all the actions in this report if carried through it could save them more.
GRAEME SAMUEL:
Well look there is - there's never been any question of the fact that while we have price cycles, that if motorists can take advantage of those price cycles, that is, to buy generally of a Wednesday morning, which is at the low point perhaps Tuesday evening and then as the prices start to increase through Wednesday, Thursday, well that you get to your high point and then they start to decline.
So providing that they examine where the price cycles are working to their advantage and they can take advantage of them, then that operates to their benefit. Let's understand what the purport of this report is about, what its objective is. It's been two things; one is to provide transparency and information to motorists to their stakeholder groups, to you and the media as to what is happening with petrol pricing. But the second one is the minister has pointed out is to ensure that any anti-competitive elements that might exist, any less than efficient competition that might exist in the market can be addressed so that we can remove those impediments. Because anything that is less than effective competition works to the detriment of Australian consumers so if we can remove those then Australian consumers obtain that benefit.
JOURNALIST:
Mr Bowen [Inaudible] much of the squeeze on family budgets being caused by petrol and supermarket prices during the election campaign. Now that you're in power, essentially all you're offering them is another inquiry into petrol pricing. Do you understand that voters might feel a bit let down?
ASSISTANT TREASURER:
No. The Government - the Labor Party and Opposition promised to introduce formal price monitoring, promised to introduce a petrol commissioner and that's exactly what we're doing. To ensure that the market is working competitively, to ensure that prices aren't one cent higher than they need to be, which is exactly what we said we'd do in opposition. It's exactly what we said - what we're doing in government.
JOURNALIST:
[Inaudible] shopper dockets you've found that they haven't had a - they don't' put upward pressure on prices, but there were some submissions that consumers actually pay for that when they go through the Coles or Woolies isles. Is that - do you subscribe to that view?
GRAEME SAMUEL:
No. In fact our report indicates that on the best calculations we can make, the cost of the shopper docket schemes to the supermarket chains is of the order of a quarter of one cent. That is one cent in every four dollars in terms of, you know, if there was a complete transfer through to groceries. It's a quarter of one cent which is in any terms insignificant.
ASSISTANT TREASURER:
Probably got time for one more question. Sure.
JOURNALIST:
You talked about - the campaign was based for the election, was based on, we were talking about groceries, petrol prices and housing affordability for the Rudd Labor Government. Talking about the pressure on working families, what about people feeling a sense of disappointment that this petrol inquiry hasn't delivered what they might have hoped for and that we might see the same sort of outcome on grocery prices and on housing affordability.
ASSISTANT TREASURER:
Well I think the petrol inquiry has delivered the facts and that is, as is has been outlined by the chairman and I. And it provides a way forward. We always said, during the campaign that there is no overnight solution. And people understand that, people aren't silly about these things. They know that as long as the Government is aware that there's a problem, it's doing everything in its power to ensure that markets are working competitively and that downward pressure is being placed on prices, and as much as any market can, then that is the way that they expect their governments to operate and that's what we're doing.
And this isn't the last that you'll hear about petrol prices. This is an ongoing issue of course for the public, for the ACCC and then for the Government which will need continuing work, now and into the future by the ACCC and governments into the future. Okay, thanks very much.