Australian competition law faces 'root and branch' overhaul
The Australian Government is to undertake a comprehensive review of competition laws and policy, the first in more than 20 years.
It is the first review of competition law in 20 years
In a statement announcing the review, the Government said the ‘root and branch’ review was designed to promote investment, growth and job creation.
“The competition review will examine not only the current laws but the broader competition framework, to increase productivity and efficiency in markets, drive benefits to ease cost of living pressures and raise living standards for all Australians,” the statement said.
A review panel is to be constituted and a final report is scheduled to be delivered within 12 months.
“This review is long overdue and will help identify microeconomic reforms and long-term improvements to build strong foundations for a more productive and competitive 21st century Australian economy,” the Government said.