Consumers at forefront of competition reform

The most important enduring legacy of competition reform was the prominent consideration of consumers and the public interest, Australian Competition and consumer Commissioner, Mr Ed Willett, said today *.

"No proponent or proponent of economic reform can now afford to ignore the consideration of consumers and the public interest," he said.

National competition policy and its related reforms had substantially contributed to the most consistent and sustained period of economic growth in Australian history.

The policy reform process had been highly contentious and there would be more debates to come.

"Despite ongoing contention in some areas, the general view of competition policy and the reform process in Australia is positive.

"There appears to be no widespread movement to unwind any of the reforms. Most of the debate these days seems to focus on strengthening competition law and policy rather than weakening it.

"In the past, the first questions asked about economic reform have been: What does it mean for business? What does it mean for employment? More recently, the question has tended to be: What does it mean for investment?

"These days, the focus is more on: What does it mean for consumers? This is, I think, the most important enduring legacy of competition reform: the prominent consideration of consumers and the public interest," he said.

*Mr Willett was addressing the Australian Bankers Association Banking Regulations Forum on the ACCC's role in promoting competition and protecting consumers. The speech will be available on the ACCC website.