AICD submission to Treasury on its Revitalising National Competition Policy consultation

This submission largely reflects feedback  we made in our previous submission on draft guidance for business on sustainability collaborations and Australian competition law released by the Australian Consumer and Competition Commission (ACCC) in July this year. In particular, we highlight:

• That Treasury consider a data sharing principle:
  • that establishes a presumption in favour of providing access to data in an appropriate way; and
  • that ensures competition law restrictions do not prohibit data sharing across sectors to reach net zero and achieve sustainability goals more rapidly.
• That Reform Theme 2 be expanded to encompass not only the benefits of the net zero transformation but also broader sustainability goals, for example nature positivity.
• That the National Competition Reform Agenda assess the opportunities for the net zero transformation and sustainability goals by addressing the rigidity in Australia’s competition laws. Legislative reform may be needed to accelerate progress towards national sustainability goals.

Our submission highlights the timeliness of reviewing competition policy, especially given sluggish productivity growth in the Australian economy and the gap since the last comprehensive review. While our expertise in competition law is limited, and hence we have limited our comments to sustainability related aspects, we encourage Treasury to engage closely with businesses and advisers to ensure regulatory settings foster innovation, enhance economic efficiency, and reduce costs.