ACCC updates Australian competition policy

The Australian Competition and Consumer Commission has provided a reinvigorated submission of Australia’s competition policy to the Harper Review.

The submission argues that an effective competition policy is about the following three things:

  1. Microeconomic reforms that open up as many sectors as possible to competition. This allows price mechanisms to play their crucial role in signalling to businesses how to meet consumer’ needs at the lowest cost.
  2. Balanced competition laws, to avoid large efficiency and welfare losses from systematically poor conduct.
  3. Governments that establish and promote the processes and institutions that continually foster competition and sustain the commitment to reform.

Read the full article here.

View the submission here.

 

Source: ACCC