Independent Competition and Regulatory Commission Act 1997

Reset principles are principles governing the redetermination of prices or revenue caps in a regulated industry.

Current reset principles governing a price direction for a regulated industry are the reset principles currently in force in the industry (because of a previous price direction).

Future reset principles are reset principles included in a price direction that are to take effect after the end of the current reset principles.

In a price direction, the commission may not—

vary, omit or replace the current reset principles; or

include any future reset principles that will have the effect of varying, omitting or replacing the current reset principles in their application at a future date.

The commission may fix a period of effect for a price regulation provision of a price direction for regulated services that ends before the day when the current reset principles for the regulated services end.

If the current reset principles governing a price direction (the earlier direction) will end on or before the date when any price regulation provisions in the earlier direction (the earlier provision) will end, the earlier direction must include future reset principles governing any price regulation provision (in the next price direction for the industry) that will supersede the earlier provision.