Today the Albanese Government and the states and territories are taking the next step to revitalise National Competition Policy (NCP) to make our economy more productive, more dynamic and more competitive.
Increasing competition and dynamism is good for businesses, good for consumers and good for the economy.
A more competitive economy puts downward pressure on prices and delivers more choice and higher quality products and services for Australians dealing with cost‑of‑living pressures.
The Australian and state and territory governments are today releasing a consultation paper to seek feedback on how to modernise NCP in three key areas: The National Competition Principles, proposed competition reforms, and institutional and governance arrangements.
Our existing NCP framework is almost three decades old and while it has served Australia well, we recognise our economy has changed and our NCP needs to be updated.
To ensure the NCP framework remains fit for purpose into the future, Australian, state and territory governments are working together to revitalise NCP.
We are developing a new NCP framework which responds to the new players, new markets, and new disruptions of the modern world.
Feedback from consultation will inform work that will be considered by governments later this year.
This is the next logical step to reform competition policy nationally. It builds on actions governments are already implementing including making Australia's merger control system stronger, simpler, more targeted, faster and transparent; abolishing around 500 nuisance tariffs, and productivity enhancing reforms to planning and zoning around the country.
We have also put in place an ACCC inquiry into supermarket prices, funding for CHOICE to conduct quarterly price monitoring reports, and will strengthen the Food and Grocery Code to get a fair go for families and farmers.
We are excited by taking this next step to revitalise the national competition conversation with all governments, to ensure the defining decade ahead leads to a more prosperous country.
To make a submission for the NCP review, visit https://treasury.gov.au/consultation/c2024-557133
