The Business Council is pleased to provide this submission to Trade Practices Act Review Committee. The Business Council believes that this Review is both necessary and timely. Competition regulation must create the right balance between: 1 Australia’s interests in becoming more internationally competitive, and the need to protect strong competition in domestic markets; and 2 the power of the Australian Competition and Consumer Commission to achieve the objects of the Trade Practices Act 1974 (Cth) (“TPA”), and the level of governance and accountability applied to the exercise of the ACCC’s extensive and intrusive powers. There are dangers for Australia if this balance is not achieved. Ultimately, the result will be a less competitive Australian economy, resulting in fewer jobs, higher costs to Australian consumers and a potential acceleration of Australian companies preferring to invest overseas. As outlined in this submission, the Business Council believes there is a case for reform (in governance and accountability of the ACCC, mergers and in a number of othe
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