The Albanese Labor Government has established a Competition Taskforce located in the Commonwealth Treasury, staffed by a team of competition experts and advised by an expert advisory panel, the taskforce’s role is to produce practical policies that will boost competition and help fuel innovation and wage growth.
According to the government, the review will look at competition laws, policies and institutions to ensure they remain fit for purpose, with a focus on reforms that would increase productivity, reduce the cost of living and boost wages. Among the Competition Taskforce’s first priorities is to look at Australia’s merger laws.
Last election, Labor committed to establishing a ‘designated complaints’ function within the Australian Competition and Consumer Commission. The introduction of the Competition and Consumer Amendment (Fair Go for Consumers and Small Business) Bill 2024 will ensure designated complainants are able to raise significant or systemic complaints with the Australian Competition and Consumer Commission from July 2024.
According to the government, the bill provides the framework to empower designated consumers and small-business advocates to bring forward evidence of significant or systemic market issues to the Australian Competition and Consumer Commission for a response in a timely and transparent way.
A range of entities may apply to the minister to be approved as a designated complainant, including a corporation, an individual, or an unincorporated association. This provides an opportunity for entities that represent the interests of consumers or small businesses in Australia to become designated complainants, regardless of the entity type.
Upon receiving a designated complaint, the Australian Competition and Consumer Commission will be required to assess the complaint and notify the designated complainant within 90 days of any action they intend to take. If the Australian Competition and Consumer Commission proposes to act on a designated complaint, they must commence that action as soon as practicable and within six months.
Any response by the Australian Competition and Consumer Commission will be based on their existing powers and functions under the Competition and Consumer Act 2010 and may include education, research, compliance and enforcement functions, or a combination of all of these.
The minister and Australian Competition and Consumer Commission will be required to publish certain information on the Department of the Treasury or Australian Competition and Consumer Commission website.
For more information, please visit https://www.accc.gov.au/media-release/designated-complaints-legislation-welcomed