On 1 June 2010, the functions of the Government Prices Oversight Commission were vested with the Tasmanian Economic Regulator under the Economic Regulator Act 2009.

Under the Act, the Tasmanian Economic Regulator may conduct investigations and inquiries into the pricing policies and practices of State Government Businesses, Government Agencies and Local Government Bodies (publicly owned entities). 

The Tasmanian Economic Regulator may also conduct investigations into possible non-compliance with competitive neutrality requirements by publicly owned entitites as, set out in Part 6 of the ER Act.

The Tasmanian Economic Regulator regularly undertakes investigations and inquiries under the Economic Regulator Act. These include competitive neutrality investigations, investigations into monopoly services supplied by monopoly providers, and inquiries into pricing policies. The Tasmanian Economic Regulator has also undertaken a taxi fare methodology inquiry.