Rod Sims says that capitalism must come with rules to ensure competition

“Whether the logic in the article wins out or pushes the business back, I just don’t know.”

Sims said urgent changes to merger laws, unfair practice laws and ex ante regulation of digital platforms are critical for Australian consumers and the economy.

“All three changes … are essential for the proper functioning of our economy,” he said. “They are not nice to have; I think they’re definitely things that we must have.”

Sims said tougher merger laws are key to helping the Consumer Protection Agency prevent anti-competitive mergers that would lead to more competition in the economy.

“When you have a reduction in competition from mergers, which the ACCC tried unsuccessfully to stop, it hurts the economy and Australians pay more for things than they should,” he said.

If companies had market power, an unfair practices law would give the regulator a mechanism to act if that company mistreated consumers.

“Our current laws are ill-equipped to stop behavior ranging from online tampering to online tampering
Consumers tell processors they will refuse farm goods unless prices are agreed beforehand
Goods shipped are now being lowered,” Sims said in his speech.

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He noted that countries like the United States and the United Kingdom have such laws, but Australia is still lagging behind.

“In turn, it would help not only protect individuals and small businesses – which would be very helpful – but it would also help the economy because you wouldn’t be telling people so much that it hurts their economic performance,” he said.

https://www.smh.com.au/politics/federal/capitalism-must-come-with-rules-to-ensure-competition-sims-20230202-p5chgx.html?ref=rss&utm_medium=rss&utm_source=rss_politics_federal Rod Sims says that capitalism must come with rules to ensure competition

Callan Tansill

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