The House of Representatives Standing Committee on Economics will hold a public hearing for its ongoing reviews of the Australian Competition and Consumer Commission's annual reports 2021–2023.
Chair of the Committee, Dr Daniel Mulino MP, said that 'the ACCC has a crucial role in promoting competition and fair trading, protecting consumer rights, and ensuring competitive and well-regulated markets. The Committee's regular scrutiny of ACCC annual reports is an important mechanism for holding them accountable for their work, as well as hearing from the regulator on important and emerging issues.'
Dr Mulino noted that the Economics Committee released its report into economic dynamism, competition and business formation in March 2024, and that the ACCC was significantly involved throughout that inquiry. Several Committee recommendations for the ACCC on merger laws and regulation of financial services have since progressed. Dr Mulino said the Committee would be interested in hearing from the ACCC on how these reforms will assist the ACCC in their work.
For example, the ACCC will acquire new powers under merger laws passed in November 2024. Once these new laws come into effect in 2026, all mergers above a certain size will need to be notified to the ACCC, and the ACCC will have increased powers to address 'serial acquisitions'. Dr Mulino noted that these changes were recommended by the Committee in its Better Competition, Better Prices report.
He said, 'With an increase in power comes an increase in responsibility. The Committee is interested in hearing from the ACCC how these powers will help them address issues in merger law and continue in their mandate of serving the Australian market and people.'
With the high cost of living a concern for so many Australian households, Dr Mulino said the ACCC's inquiry into supermarket pricing would also be of interest. The ACCC's last inquiry into competition in the supermarket sector was conducted in 2008, making this a long-awaited undertaking.
Dr Mulino also noted the ACCC's wide remit, which includes monitoring gas and petrol supply and prices, electricity affordability, cartel conduct and digital platform services.
He said that the Committee 'will continue to scrutinise the ACCC to ensure they remain vigilant in monitoring all industries for behaviour that is harmful to consumers' interests.'
