On 18 October 2011, the Treasurer made a declaration under section 95X of the Competition and Consumer Act 2010. The effect of this declaration is to remove the requirement for the approval of the Australian Competition and Consumer Commission (ACCC) prior to price rises for certain Australia Post products. Postage rates for ordinary letters weighing no more than 250 grams (currently the basic postage rate of $0.60, and large letter rates of $1.20 and $1.80) will remain subject to ACCC scrutiny and will effectively operate as ceilings for most other reserved letter services, but price rises for other reserved letter services will not require approval by the ACCC. In addition, Australia Post will have the flexibility to introduce new reserved letter services without reference to the ACCC. A Regulation Impact Statement was prepared for this proposal and was assessed as adequate by the Office of Best Practice Regulation.
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