Australia: Nation to hold first comp law overview in 20 years

Australian Prime Minister Tony Abbott announce his backing for a review of the nation’s competition policy after it came into question by officials arguing major economic changes since the last review of competition law in 1983.

Abbott announced the establishment of the Business Advisory Council, the 12-member panel tasked with reviewing competition law for the first time in two decades since economist Fred Hilmer released his review.

The Australian government has been vocal as of late regarding the digital and technological transformation of the nation since the Hilmer review, noting that major changes have occurred that beg a closer look at competition policy.

Among the government’s concerns, say reports, is the Australian Competition and Consumer Commission, the regulatory agency whose ability to adequately promote competition has been scrutinized as disconnected with the current competitive landscape. According to reports, the council will also look at the division of roles between the ACCC and the Australian Securities and Investments Commission.

Full Content: The Sydney Morning Herald

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