Federal, state and territory treasurers agree to reform competition policy
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The news: Federal Treasurer Jim Chalmers and his state and territory counterparts have signed a national agreement for a 10-year reform of National Competition Policy.
The announcement follows a board of Treasurers meeting, with the group aiming to reduce prices and improve competition and product quality.
The National Competition Policy principles have also been “refreshed”.
The numbers: Modelling cited in the announcement from the Productivity Commission indicates that the policy could improve GDP by as much as $45 billion a year and help reduce prices.
The government says the competition improvements are underpinned by its $900 million National Productivity Fund.
What they said: “The NCP reforms of the 1990s brought a period of sustained economic growth, and this new ambitious decade-long program will deliver significant benefits for consumers and businesses across Australia,” Chalmers and WA Treasurer Rita Saffioti, who is chair of the board of Treasurers, said in a joint statement.
“We know Australians are under pressure. The first tranche of NCP reforms focuses on easing the cost of living and regulatory burdens to benefit Australian consumers, workers and businesses.
“Levelling the regulatory playing field for modern methods of construction and simplifying the certification process will significantly reduce build time and costs to get more Australians in a home quicker and make housing cheaper to build and buy.
“We’ll also fast-track the adoption of international product safety standards, giving consumers and business confidence that products are safe, high-quality and affordable.”
The source: Treasurer media release
