Submission to the Revitalising National Competition Policy Consultation Paper
17 October 2024
The Business Council of Australia (BCA) welcomes the opportunity to make a submission to the Revitalising National Competition Policy consultation and contribute to the work of the Council of Federal Financial Relations to revitalise National Competition Policy and develop long-term, pro-competitive reforms.
Australians have benefitted from the hard-fought reforms undertaken by Commonwealth, state and territory governments following the landmark Hilmer Competition Review. As the consultation paper notes, these reforms transformed the way key segments of government services were delivered, influenced the way governments approached the design of legislation and regulation, and liberated competition in various essential services. They benefitted the economy to the tune of around $67 billion in today's dollars, lifted productivity and delivered higher wages and living standards for all Australians.
Achieving reform was anchored in commitment across the federation and accountability to delivering change.
It would be a mistake to conclude that because Australia's National Competition Principles (NCP) are thirty-years old, they have become irrelevant. While elements of the principles may suffer from point-in-time references, general commitments around competitive neutrality, legislation review and access pricing, for example, remain relevant to the modern economy. There are benefits to be gained to rounding these principles out in the face of pressing economic transitions and today's challenges within the federation.