MAJOR reforms to Australia's electricity markets, to improve prices for consumers and business conditions, were on the way, after business leaders discussed the potential changes with the Prime Minister on Thursday.
Energy market reforms were one of the chief agenda items on the Council of Australian Governments business advisory forum in Canberra.
Among the reforms are several initiatives which Prime Minister Julia Gillard announced last week, including numerous changes to way the market operates for consumers, and how much information people can get about power prices.
In a communiqué on the meeting, business leaders agreed reform was needed, confirming a long-awaited need, and that COAG should take responsibility for reforms, to promote a shared approach between the Commonwealth and the states.
The reforms will be discussed at the official COAG leaders' meeting on Friday, despite comments from various state leaders and ministers that not enough detail has been circulated about the reforms.
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