52GWhen goods or services may be regulated

1. Goods or services may be regulated under this Part only if—

2. the goods or services are supplied in a market where there is both—
   1. little or no competition; and
   2. little or no likelihood of a substantial increase in competition; and
3. there is scope for the exercise of substantial market power in relation to the goods or services, taking into account the effectiveness of existing regulation or arrangements (including ownership arrangements); and
4. the benefits of regulating the goods or services in meeting the purpose of this Part materially exceed the costs of regulation.

5. In any consideration of this test, the part of the test in subsection (1)(c) need not be considered unless the parts of the test in subsection (1)(a) and (b) are satisfied.