The House of Representatives Standing Committee on Economics will hold a public hearing for its ongoing reviews of the Australian Competition and Consumer Commission’s annual reports 2021–2023.
Chair of the Committee, Dr Daniel Mulino MP, said that 'the ACCC has a crucial role in promoting competition and fair trading, protecting consumer rights, and ensuring competitive and well-regulated markets. The Committee’s regular scrutiny of ACCC annual reports is an important mechanism for holding them accountable for their work, as well as hearing from the regulator on important and emerging issues.'
Dr Mulino noted that the Economics Committee released its report into economic dynamism, competition and business formation in March 2024, and that the ACCC was significantly involved throughout that inquiry. Several Committee recommendations for the ACCC on merger laws and regulation of financial services have since progressed. Dr Mulino said the Committee would be interested in hearing from the ACCC on how these reforms will assist the ACCC in their work.
For example, the ACCC will acquire new powers under merger laws passed in November 2024. Once these new laws come into effect in 2026, all mergers above a certain size will need to be notified to the ACCC, and the ACCC will have increased powers to address ‘serial acquisitions’. Dr Mulino noted that these changes were recommended by the Committee in its Better Competition, Better Prices report.
He said, 'With an increase in power comes an increase in responsibility. The Committee is interested in hearing from the ACCC how these powers will help them address issues in merger law and continue in their mandate of serving the Australian market and people.'
With the high cost of living a concern for so many Australian households, Dr Mulino said the ACCC’s inquiry into supermarket pricing would also be of interest. The ACCC’s last inquiry into competition in the supermarket sector was conducted in 2008, making this a long-awaited undertaking.
Dr Mulino also noted the ACCC’s wide remit, which includes monitoring gas and petrol supply and prices, electricity affordability, cartel conduct and digital platform services.
He said that the Committee 'will continue to scrutinise the ACCC to ensure they remain vigilant in monitoring all industries for behaviour that is harmful to consumers’ interests.'
More information about the reviews and upcoming public hearings are available on the Committee’s website.
Public hearing details
Date: Friday, 14 February 2025
Time: 9.30am to 12.00pm
Location: Videoconference
The hearing will be broadcast live at aph.gov.au/live and www.youtube.com/@AUSParliamentLive.
Media enquiries
Alice Ryan, Media Adviser
Office of Dr Daniel Mulino MP, Chair
alice.ryan@aph.gov.au
Mobile: 0400 263 059
Electorate: (03) 9070 1974
Parliament: (02) 6277 4311
For background information
Committee Secretariat
02 6277 4587
economics.reps@aph.gov.au
For more information about this Committee, you can visit its website: www.aph.gov.au/economics. On the site, you can make a submission to an inquiry, read other submissions, and get details for upcoming public hearings. You can also track the Committee and receive email updates by clicking on the blue ‘Track Committee’ button in the bottom right-hand corner of the page.
