Australia's competition rules are getting a makeover.

The federal government, alongside state and territory counterparts, has released a consultation paper aimed at modernising the National Competition Policy (NCP).

The government says the proposed changes for a more competitive economy will benefit businesses, consumers, and the broader economy by lowering prices and improving product quality. 

However, the initiative's success hinges on whether it can adapt to the complexities of a rapidly evolving market landscape, marked by new players, emerging markets, and disruptive technologies.

Key areas under review include the foundational National Competition Principles, potential competition reforms, and updates to institutional and governance frameworks. 

The consultation process is expected to inform government decisions later this year. 

The existing NCP framework has been lauded for its role in shaping Australia's economic landscape since its inception nearly thirty years ago. 

Yet, as the government itself acknowledges, the economic environment has changed dramatically since then. 

As Australians face increasing cost-of-living pressures, the true test of the reforms will be whether they can deliver tangible benefits to consumers. 

The government says its additional measures, such as an ACCC inquiry into supermarket prices and funding for CHOICE to conduct quarterly price monitoring, show its awareness of the pressures on everyday people.

Stakeholders and the public are being invited to scrutinise the proposed reforms to ensure they are not just a continuation of outdated policies but rather a robust response to the current economic challenges. 

To make a submission for the NCP review, visit the Treasury’s website. 

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