Abbott names body to guide competition review
The 12-member council, to be headed by former stockbroker Maurice Newman, includes only two women.
Leading business figures on the council include National Australia Bank chairman Michael Chaney, Grocon chief executive Daniel Grollo, BlueScope Steel chairman Graham Kraehe, former retailer Solomon Lew, Telstra chairwoman Catherine Livingstone and BHP chairman Jacques Nasser.
Other members include the former head of the Productivity Commission Gary Banks, John Heart of the Restaurant and Catering Association, Barry Irvin of Bega Cheese, and Jane Wilson, a company director in the health and biotechnology sectors.
Addressing the Business Council of Australia in Canberra on Wednesday night, Mr Abbott said the group would be "more than capable of guiding, encouraging and - where necessary - warning the new government as we put in place the building blocks of the stronger economy that people voted for".
The council will meet for the first time this year and then again at least three times each year.
Mr Abbott has provided the states and territories with draft terms of reference for the competition review, the first in two decades.
"It will examine not only the current laws, but the broader competition framework to increase productivity and efficiency in markets, drive benefits to ease cost of living pressures, and raise living standards for all Australians," he said.
The government argues that much has changed in the Australian economy since academic Fred Hilmer conducted the Hilmer review in 1983.
The economy has since undergone a digital revolution that is transforming the way business is being done in every sector in the country.
The role of the Australian Competition and Consumer Commission has been called into question as its consumer protection function is increasingly been seen as separate to or at odds with its competition responsibilities.
Also at issue is the division of responsibilities between the ACCC and the Australian Securities and Investments Commission.
Frequently Asked Questions about this Article…
The Business Advisory Council is designed to guide, encourage, and, if necessary, warn the government as it implements policies to strengthen the economy. It will also conduct a review of competition policy to enhance productivity and efficiency in markets.
The council is headed by Maurice Newman, a former stockbroker, who will lead the 12-member team in advising the government on economic matters.
The council includes prominent figures such as Michael Chaney from National Australia Bank, Daniel Grollo from Grocon, Graham Kraehe from BlueScope Steel, Solomon Lew, Catherine Livingstone from Telstra, and Jacques Nasser from BHP.
The council is scheduled to meet for the first time this year and will convene at least three times annually to discuss and review economic policies.
The review will examine current laws and the broader competition framework to boost productivity, ease cost of living pressures, and improve living standards for Australians.
The Australian economy has significantly changed since the last review in 1983, particularly with the digital revolution transforming business operations across sectors, necessitating an updated review.
There are concerns about the ACCC's dual role in consumer protection and competition responsibilities, with some seeing these functions as potentially conflicting.
Since the Hilmer review, the Australian economy has experienced a digital revolution, altering how businesses operate across various sectors, highlighting the need for updated competition policies.
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