The Business Council of Australia welcomes the release today of the final terms of reference and details of the panel to undertake the federal government’s competition review.

“The government has established an impressive panel with the right mix of skills and experience to undertake this important review,” Business Council Chief Executive Jennifer Westacott said.

“This review now provides the opportunity to reset Australia’s competition reform agenda to drive increased innovation, productivity and economic growth in future decades,” Ms Westacott said.

“If it is to do this, then – as the review’s terms of reference suggest – it will need to focus on removing poor and unnecessary regulation on business and focus on opportunities for more cost-effective administration of the law.

“At a time when Australia’s competitiveness is under threat across a number of fronts, it will be important that the review takes up the opportunity to strip away impediments to competition, whether they are found at the Commonwealth, state or local government level.

“Past reforms which delivered vigorous competition across the economy have been vital to over two decades of strong economic growth by delivering lower prices, more jobs and greater choice for consumers.

“The Business Council looks forward to working with the panel to identify impediments to competition that are not in the long-term interest of consumers or the competitiveness of Australian business,” she said.

Professor Fred Hilmer AO, widely known as the architect of National Competition Policy in Australia, addressed a forum hosted by the Business Council of Australia and Gilbert + Tobin on 13 February 2014. Access his presentation, Competition Policy from 1992 to 2014: Presentation by Professor Fred Hilmer.