News and developments
Australian Treasury’s 2-year Competition Taskforce kicks off to tackle productivity gains
The Taskforce has been established within the Markets Division of Treasury to conduct the review over the next two years. This will involve targeted consultations. It is assumed that, following each consultation, the Taskforce will report to the Government on recommended reforms. The approach to be adopted is to be contrasted with prior independent formal competition reviews such as the 1993 National Competition Policy Review (Hilmer Review), the 2003 Review of the Competition Provisions of the Trade Practices Act (Dawson Review) and the 2015 Competition Policy Review (Harper Review) where, in each case, focused consultation occurred and only one report, listing comprehensive recommendations, was ultimately provided to Government.
The Taskforce is to be supported by an expert panel with members including the CEO of the Grattan Institute, Ms. Danielle Wood and immediate past Chair of the Australian Competition & Consumer Commission (ACCC), Prof. Rod Sims AO. Ms. Wood has also previously worked at the ACCC.
The media release indicated that initial issues to be considered by the Taskforce will include:
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- proposals put forward by the ACCC in relation to merger reform, as well as other competition issues;
- options for coordinated reform with States and Territories, to be progressed through the Council on Federal Financial Relations;
- non-compete and related clauses which restrict workers from shifting to better paying jobs; and
- competition issues raised by new technologies, the net zero transformation and growth in the care economy.