On 23 August 2023, the Treasurer announced a Competition Review.
The Review will last 2 years and will focus on the government’s priorities for modernising the Australian economy.
Treasury has set up a team to coordinate the Review and provide advice to government.
Why competition policy matters
Greater competition is critical for lifting dynamism, productivity and wages growth, putting downward pressure on prices and delivering more choice for Australians dealing with cost-of-living pressures.
Australia’s productivity growth has slowed over the past decade, and reduced competition has contributed to this – with evidence of increased market concentration, a rise in markups and a reduction in dynamism across many parts of the economy.
Competition policy reform is also a global challenge, with economies and governments around the world considering whether competition law and policy settings remain fit for purpose for modern economic needs.
The Competition Review will provide advice to the government on how to improve competition across the economy.
The Review will look at competition laws, policies and institutions to ensure they remain fit‑for‑purpose for the modern economy, with a focus on reforms that would increase productivity, reduce the cost of living and/or lift wages.
The Competition Review team will not issue a single report but undertake rolling policy projects. The Review team will publicly consult and issue papers on specific reform topics over the next 2 years.
You can contact the Review team at firstname.lastname@example.org.
Media and news
- Media release – A more dynamic and competitive economy – 23 August 2023