Rod Sims said a post-pandemic economic reform agenda that included laws against unfair trading practices, new rules for dominant digital platforms, infrastructure reform and changes to privacy and merger laws would improve the prosperity of all Australians and restore faith in the market economy.
Mr Sims advocated changes to competition and consumer laws that he believed would strengthen the economy and underpin consumers’ confidence.
He pointed to 10 issues and challenges ahead for the Australian economy in sectors including energy, aviation and financial services saying new rules were needed to cover dominant digital platforms to protect consumers and promote competition.
And he urged governments to ensure that asset sales would not include conditions that restricted future competition.
Of particular concern, he said was Australia’s merger laws that he believed were “not up to the task” and now worked to “the detriment of consumers and productivity”.
“Australia is currently facing supply and logistic challenges. I think these are made worse by our market concentration in so many areas and infrastructure bottlenecks. We need to address this through competition law, to tackle anti-competitive abuses of market power, and through general infrastructure reform,” he said.
There were changes needed to amend the Australian Consumer Law, Mr Sims said, including a general safety provision, penalties for unfair contract terms and a law against unfair practices and stated that any changes to this area were often opposed by large incumbent businesses, to the disadvantage of their own long-term interests.
