Competition regulation in Australia: a report card The 2011 Colin Clark lecture Stephen P. King Monash University.

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Presentation transcript:

Competition regulation in Australia: a report card The 2011 Colin Clark lecture Stephen P. King Monash University

Is competition regulation a contradiction in terms? The law and the market place Antitrust laws The scope of my report card: Bread and butter antitrust laws Regulatory innovation

Bread and butter! Cartel laws: Sound OK but …. Issues of judicial interpretation make them among the worlds weakest laws in practice.

Bread and butter! Cartel laws: Sound OK but …. Issues of judicial interpretation make them among the worlds weakest laws in practice. Report Card Rating: D. Young Aussie must try harder in cartels and avoid being misled by political opportunism.

Bread and butter! Abuse of market power laws: Ambiguous – but that is not unexpected. The problem of politicians.

Bread and butter! Abuse of market power laws: Ambiguous – but that is not unexpected. The problem of politicians. Report Card Rating B. Young Aussie has shown balance and foresight in the area of abuse of market power, but must be wary of the political bullies in the playground.

Bread and butter! Merger laws: Unique process by international standards but: Works pretty well May be under threat

Bread and butter! Merger laws: Unique process by international standards but: Works pretty well May be under threat Report Card Rating B+. Young Aussie has done a good job balancing different incentives for mergers. However, this situation is unlikely to last.

Innovations Transparency reforms Substantiation notices Clear pricing rules ATM charging reforms

Innovations Transparency reforms Substantiation notices Clear pricing ATM reforms Report Card Rating A. Aussie is leading the world in simple transparency reforms. More of the same please.

Innovations Reducing switching costs Mobile number portability Bank account portability

Innovations Reducing switching costs Mobile number portability Bank account portability Report Card Rating A. Aussie has careful analysis of costs and benefits driving on going policy. Be nice if someone did a retrospective on mobile number portability – but cant ask for everything.

Conclusion In innovative areas of regulation – we are among the best in the world. In bread and butter competition laws, the political agenda is causing significant problems.