15 April 2014
Media Release - #2014021, 2014

Government welcomes Competition Policy Review Issues Paper

The Federal Government has today welcomed the Issues Paper for the Competition Policy Review.

The Issues Paper has been developed in line with the terms of reference to guide submissions and seek feedback on a wide range of issues.

This is the first significant piece of work in stage one of the comprehensive review, which will examine the broader competition framework to ensure it continues to play a role as a significant driver of productivity improvements.

An effective competition framework is a vital element of a strong economy that drives continued growth in productivity and living standards. It promotes a strong and innovative business sector and better outcomes for consumers.

It's been more than 20 years since an analysis of this kind has been undertaken and the economy has transformed significantly.

Consumers have changed their behaviour and the way in which businesses interact within our markets, both domestically and internationally.

The business economy has also changed and the commercial practices used have adapted to this new environment, new technology and consumer preferences.

The Panel will inquire into and advise on appropriate changes to legislation and institutional arrangements so competition is based on merit, not on muscle, to create a more level playing field and to support a competitive environment.

The review will also examine whether the current laws, policies and the structure of regulators are operating effectively and are fit for purpose.

The Panel will also look at the capacity of Australian businesses to compete both domestically and internationally and ensure any policy changes support efficient businesses – both big and small – to compete, invest and innovate.

I urge consumers, business of all sizes and governments at all levels to participate in the submissions process and provide their insights as soon as possible.

Submissions are due by 10 June 2014. Public and private forums will be held around the country, in cities and in the regions in the second half of the year.

We recognise it hasn’t always been easy for consumers and small businesses to provide input to reviews and have developed an online comment facility to ensure all feedback can be easily submitted.

A copy of the Issues Paper and additional information on the review and submissions process can be found on the Competition Policy Review website.