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From what I can gather, it is the AER that has been instrumental in the price hike.
"In 2006, the jurisdictions voluntarily transferred regulatory authority to the Australian Energy Regulator (AER), which commenced as the regulator of electricity distribution
22networks on 1 January 2006. The AER has suggested that this would promote national consistency, reduce regulatory costs, and more clearly separate regulation from policy. However, Section 3 shows the outcome has been significantly higher prices and lower productivity."
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