What did the national competition policy do?
The National Competition Policy was Australia’s landmark microeconomic reform program. A key principle of the program was that competitive markets will generally best serve the interests of consumers and the wider community.
What is competition policy and what is the aim of competition policy?
The primary objective of competition policy is to enhance consumer welfare by promoting competition and controlling practices that could restrict it. More competitive markets lead to lower prices for consumers, more entry and new investment, enhanced product variety and quality, and more innovation.
What is the government’s policy on competition?
competition policy, public policy aimed at ensuring that competition is not restricted or undermined in ways that are detrimental to the economy and society. It is predicated upon the idea that competitive markets are central to investment, efficiency, innovation, and growth.
What are the main objectives of competition policy?
[Article 1] This Act, by prohibiting private monopolization, unreasonable restraint of trade and unfair trade practices, by preventing excessive concentration of economic power and by eliminating unreasonable restraint on production, sale, price, technology and the like, and all other unjust restriction of business …
What is the ACCC and what do they do?
The Australian Competition and Consumer Commission (ACCC) is an independent Commonwealth statutory authority whose role is to enforce the Competition and Consumer Act 2010 and a range of additional legislation, promoting competition, fair trading and regulating national infrastructure for the benefit of all Australians …
When was National Competition Policy introduced?
11 April 1995
On 11 April 1995, leaders of governments signed the three agreements (Competition Principles Agreement, Conduct Code Agreement, Agreement to implement the National Competition Policy and Related Reforms) in which they committed to a program of economic reforms. This program was known as the National Competition Policy.
Why do governments use competition policies to intervene in markets?
Governments may also intervene in markets to promote general economic fairness. Maximizing social welfare is one of the most common and best understood reasons for government intervention. Governments may sometimes intervene in markets to promote other goals, such as national unity and advancement.
What are the roles of competition policy?
For example, competition policy includes regulatory reform policy which eases market entry barriers and guarantees equal business opportunities to market participants; injecting market principles into the process of privatization of state-run enterprises; playing the role of competition advocate in order to ensure …
How can governments support competition in markets?
Opening specific markets to competition, reducing government interventions that may shelter less efficient firms, protect incumbents or facilitate collusion, including sector-specific regulatory design. Embedding competition principles in broader public policies.
What is the conclusion of competition policy?
Competition law prohibits the abuse of existing dominant positions and anti- competitive agreements, including both agreements between competitors and agreements between suppliers and buyers/procurers.
When should I contact ACCC?
If you have a question or problem you can: Report an issue affecting your small business or franchise. Make an enquiry. Call our Small Business Helpline on 1300 302 021, Monday to Friday from 8.30am to 5.30pm AEST/AEDT.
What Organisations does the ACCC work with?
Australian Communications and Media Authority.