The Australian Chamber of Commerce and Industry welcomes the federal government’s announcement of a review of Australia’s competition settings.

“Productivity levels in Australia are at historically low levels, and a thorough examination of Australia’s competition settings is a welcome initiative by Treasurer Jim Chalmers,” ACCI chief executive officer Andrew McKellar said.

“A dynamic economy requires vigorous competition and if there are barriers to the provision of competitive markets then this inquiry could be useful in identifying and making recommendations.

“Australia has long benefited from having an open, competitive business environment, but we cannot rest on our laurels.

“Having open markets is good for businesses in allowing them to compete, it is good for consumers in providing choice and value for money and it is good for the system as a whole in driving better performance.”

The inclusion of esteemed experts like Danielle Wood, CEO of the Grattan Institute, and Rod Sims, former Chair of the ACCC, will equip the Taskforce with the power it needs to boost Australia’s productivity.

“The establishment of the Competition Taskforce is a step towards elevating Australian businesses’ productivity, driving real wage growth, and relieving households from the cost-of-living pressures,” Mr McKellar said.

“ACCI looks forward to engaging with the Competition Taskforce and its review.”