Two of Australia’s biggest regulators have come together for a major summit. 

The 2024 ACCC/AER Regulatory Conference, held over two days, brought together industry leaders, regulators, advisers, and academics to discuss the challenges and opportunities of economic regulation in a period marked by significant disruption. 

The event also served as the final address by Jim Cox, the outgoing Deputy Chair of the Australian Energy Regulator (AER).

In his closing remarks, Cox emphasised the need for regulators to balance consistency with adaptability in the face of market disruptions.

The conference covered a wide array of topics, including the impact of climate change, cyber-attacks, and global supply chain disruptions on critical infrastructure regulation. 

There were also discussions on the developments in digital markets and the use of artificial intelligence in regulatory settings, as well as the challenges posed by new telecommunications technologies. 

The conference further explored the energy transition, particularly its effect on gas market sustainability, and debated the future of water infrastructure under the National Water Reform agenda.

One of the central themes of the conference was the dual role of regulators in times of change. 

Cox said that while regulators must maintain consistency to ensure regulatory certainty - a cornerstone of Australian regulation - they must also be agile and flexible to address technological advancements and shifting community expectations. 

He said these adjustments must always keep consumer interests at the forefront.

Reflecting on his three decades of experience, Cox shared several lessons for future regulators. 

First and foremost, he underscored the importance of regulating in the long-term interests of consumers. 

Cox also highlighted the importance of meaningful consultation and transparency in decision-making. 

He praised the success of consultative approaches, such as those used by the ACCC during its Childcare Inquiry, which included diverse voices, including First Nations peoples. 

Transparency, he argued, is crucial for maintaining public trust, particularly in complex sectors like energy, where the transition to renewable energy will require broad community support.

Lastly, Cox reminded regulators not to overlook the importance of economic efficiency, even as other issues gain prominence. 

He pointed out that economic efficiency remains critical to providing consumers with fair and reasonable prices. 

Cox cited examples from the AER's work, such as its efforts to integrate consumer energy resources efficiently and its approach to funding social licence-related activities for transmission infrastructure.

A transcript of his speech is accessible here.