EXTRACT FROM EXECUTIVE SUMMARY OF HARPER COMPETITION POLICY REVIEW 2015 (SHORTER VERSION)

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Australia has enjoyed continuous growth since the early 1990s and weathered the global crisis of the late 2000s without a rn. This performance has led some to question whether there is a ‘burning platform’ for a new round of reform.

Evidence presented to the Panel throughout the Review suggests that reform is not only overdue, given stalled reform effort in the 2000s, but critical to improving Australia’s performance and to sustaining our standards into the future.
With Australia’s of trade receding from their peak and the boom in investment past, we must look to productivity enhancing reforms to underpin rising living standards and to strengthen Australia’s fl outlook.

Reinvigorating Australia’s cn landscape is a central element of a new round of microeconomic reform. To this end, the Panel examines whether Australia’s existing competition policy, laws and institutions remain ‘fit for purpose’, especially in light of the persistent forces for change that will shape the Australian now and into the future.

The rise of Asia and other emerging es provides significant opportunities for Australian and consumers but also poses some challenges. A heightened capacity for agility and in will be needed to match changing tastes and ps in emerging economies with our capacity to deliver commodities, goods, and capital. We need policies, laws and institutions that enable us to take full advantage of the opportunities offered.

Our ageing will give rise to a wider array of needs and preferences among older Australians and their families. Extending choice and contestability in government provision of hn services will help people to meet their individual health and aged care needs.

New ts are ‘digitally disrupting’ the way many m operate, the way business is done and the way cs engage with markets. The challenge for policymakers and regulators is to capture the benefits of digital disruption by ensuring that competition policy, laws and institutions do not unduly obstruct its impact yet still preserve expected safeguards for consumers.