The Australian Competition and Consumer Commission Australia (ACCC) has voiced support of the proposed reforms to section 46 of the Trade Practices Act.
In a statement released this week, ACCC Chairman Graeme Samuel described the new draft of the legislation as “well balanced” and said it provided the tools the commission needed without trampling the rights of those under investigation.
“With these [proposed] changes in place, the ACCC considers that the balance has been adequately struck between ensuring that businesses are exposed to the rigours of competition — with all the associated economic benefits — while being protected from the possible anti-competitive consequences associated with firms gaining power from that competitive process,” Samuel said.
“This will not put an end to ongoing calls for greater action by the ACCC to protect firms that are struggling to compete with more efficient rivals — whether those rivals’ greater efficiency comes from economies of scale or the ability to be nimble and innovate quicker.”
Samuel predicted that the TPA would be a key point of reference as firms struggled to compete in an increasingly tight economic market, particularly those seeking protection from predatory pricing.
“By identifying the real impediments that have prevented the law from functioning properly, the government is promising to clear aside the last remaining major blockages that have prevented more successful cases from flowing,” he said.