Victorian Numbered Acts

DELIVERING VICTORIAN INFRASTRUCTURE (PORT OF MELBOURNE LEASE TRANSACTION) ACT 2016 (NO. 10 OF 2016) - SECT 105

For section 48 of the Port Management Act 1995 substitute —

        "     48     Objectives of this Part

    (1)     The objectives of this Part are—

        (a)     to promote efficient use of, and investment in, the provision of prescribed services for the long-term interests of users and Victorian consumers; and

        (b)     to protect the interests of users of prescribed services by ensuring that prescribed prices are fair and reasonable whilst having regard to the level of competition in, and efficiency of, the regulated industry; and

        (c)     to allow a provider of prescribed services a reasonable opportunity to recover the efficient costs of providing prescribed services, including a return commensurate with the risks involved; and

        (d)     to facilitate and promote competition—

              (i)     between ports; and

              (ii)     between shippers; and

              (iii)     between other persons conducting other commercial activities in ports; and

        (e)     to eliminate resource allocation distortions by prohibiting a State sponsored port operator from providing a relevant service at a price lower than the competitively neutral price for that service.

    (2)     In this section, "competitively neutral price", State sponsored port operator and relevant services each have the meaning given to them by section 49R.

        48A     Commission must have regard to objectives of this Part

In addition to the objectives under section 8 of the Essential Services Commission Act 2001 (but subject to section 5(2) of that Act), the Commission must have regard to the objectives set out in section 48 when performing its functions or exercising its powers in relation to the regulated industry.".