Lighter regulation for GrainCorp’s Newcastle port terminal


The facility has been exempted from the new ACCC code of conduct.

Lighter regulation for GrainCorp’s Newcastle port terminal
ACCC commissioner Cristina Cifuentes.

 

GrainCorp’s Newscastle port terminal has been exempted from the new code of conduct on bulk wheat terminal access.

The Australian Competition and Consumer Commission (ACCC) has ruled that the group’s Carrington Terminal is already subject to competition and thereby does not require a heavier regulatory regime to ensure fair and transparent access for all wheat exporters.

"The ACCC considers that a more competitive market for the export of bulk wheat serves the interests of farmers and reduces the need for regulatory intervention," ACCC commissioner Cristina Cifuentes says.

"Granting the exemption for GrainCorp’s terminal at the Port of Newcastle is appropriate because there is competition at the port and across the supply chain in upstream and downstream markets, limiting GrainCorp’s market power."

The new code came into effect from September 30, with the exemption applying from October 1.

Cifuentes says other exemptions may be on the cards, with the ACCC "keen to reduce regulation where it is not necessary".

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