Extraordinary Circumstances

On 27 May 2003, the Premier and the Treasurer directed the Queensland Competition Authority to identify the general pricing principles which should underpin the treatment of infrastructure investments made in response to extraordinary circumstances across all regulated industries. 

The Authority has defined extraordinary circumstances as a condition, state of affairs, incident, occurrence or event, whether potential or past, which:

• Is so unusual or unlikely that the probability of its occurrence could either not be meaningfully assessed or is assessed as being extremely low; and
• Is or is likely to be severe in its impact on the ability of service providers to deliver agreed services using current infrastructure and practices; and
• Has or is likely to have major social or economic impacts.