COMPETITION – GOVERNMENT POLICY – AUSTRALIA

Banks use rules to stifle rivals: Morrison

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Original article by James Eyers
The Australian Financial Review – Page: 21 : 1-Sep-17

Federal Treasurer Scott Morrison says changes to the banking sector’s regulatory regime are needed as established banks are using the existing rules to stymie competition and make it hard for new players to enter the market. He has told a Bloomberg forum that the Federal Government’s proposed regulatory changes are aimed at empowering bank customers. Morrison has also ruled out making the Banking Executive Accountability Regime retrospective.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. PRODUCTIVITY COMMISSION, BLOOMBERG LP, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN LABOR PARTY

State threats to Turnbull agenda

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Original article by Phillip Coorey, Joanna Mather
The Australian Financial Review – Page: 1 & 4 : 30-Nov-16

The Federal Government’s competition reform plan will be discussed at a meeting of federal and state treasurers on 2 December 2016. The Victorian Government has warned that it may withdraw from an intergovernmental agreement that would provide the states with financial incentives for implementing reforms that increase competition and productivity. Treasurer Tim Pallas argues that the draft agreement provides limited information on funding arrangements.

CORPORATES
VICTORIA. DEPT OF TREASURY AND FINANCE, AUSTRALIA. DEPT OF THE TREASURY, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, NEW SOUTH WALES. DEPT OF PLANNING AND ENVIRONMENT, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Bad bank behaviour to be revealed

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Original article by Phillip Coorey, Joanna Mather, James Eyers, Jonathan Shapiro
The Australian Financial Review – Page: 1 & 6 : 25-Nov-16

The House of Representatives standing committee on economics has released a report on banks. Treasurer Scott Morrison said on 24 November 2016 that the committee’s recommendations were "very constructive" and "very practical", thus signalling his willingness to accept them. The recommendations include the creation of a new unit to ensure the right level of competition in the banking sector and easier access to customer data collected by banks. Committee chair David Coleman has described Australia’s banking sector as an oligopoly.

CORPORATES
AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, RATESETTER AUSTRALIA PTY LTD, AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

ASX to face fresh competition

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Original article by Andrew White
The Australian – Page: 19 & 23 : 12-Oct-16

Stock exchange operator ASX Limited could potentially lose its monopoly on clearing and settlement services. Competition in the clearing of securities in particular is being scrutinised by the Australian Government as part of its broader competition law reforms. Several international players have already been granted licences to provide clearing services for over-the-counter derivatives, while share trades were opened to competition in 2011.

CORPORATES
ASX LIMITED – ASX ASX, CHI-X AUSTRALIA PTY LTD, COUNCIL OF FINANCIAL REGULATORS, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, DIGITAL ASSET HOLDINGS, CME, LCH.CLEARNET SA

Competition reforms to ‘end decline in growth’

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Original article by David Uren
The Australian – Page: 6 : 25-Nov-15

The Australian Government released its response to the Harper review of competition policy on 24 November 2015. It has endorsed the bulk of the review’s recommendations, although proposed changes to laws on abuse of market power will face additional scrutiny. Meanwhile, Treasurer Scott Morrison is confident that the Government’s competition reforms will result in wide-ranging benefits for consumers and provide a much-needed boost to productivity.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. FAIR WORK COMMISSION, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, BUSINESS COUNCIL OF AUSTRALIA

Turnbull lays path to tax reform

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Original article by Sid Maher
The Australian – Page: 4 : 5-Nov-15

Prime Minister Malcolm Turnbull will use the Rebuilding Foundations for Reform conference on 5 November 2015 to outline the Federal Government’s reform agenda, which will include changes to the tax system. Treasurer Scott Morrison will also address the conference, and he will emphasise the need for changes to an "inefficient and costly" tax regime that will eventually hinder jobs growth and Australia’s attraction as an investment destination. Morrison’s speech will also embrace issues such as competition laws and innovation policy.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH, RESERVE BANK OF AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION

Boycott safeguards ‘inadequate’: Boral

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Original article by Annabel Hepworth
The Australian – Page: 21 : 26-Nov-14

The draft report of Ian Harper from his review of competition law for the Australian Government does not recommend changes to secondary boycott provisions. These had been called for in the submission of building materials group Boral, which also told the Royal Commission into Trade Union Governance & Corruption that the current legislation was insufficient to deal with the Construction, Forestry, Mining & Energy Union. The latter is now the target of Federal Court proceedings launched by the Australian Competition & Consumer Commission

CORPORATES
BORAL LIMITED – ASX BLD, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION

Tackle Telstra or we all pay, says Optus boss

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Original article by Mitchell Bingemann
The Australian – Page: 23 : 22-Oct-14

Dominant Australian telco Telstra will gain some $A90bn by 2045 from its role in the national broadband network. Paul O’Sullivan, CEO of main rival Singtel Optus, is calling on the Federal Government to impose rules on Telstra regarding how the funds can be used. He also wants the telco to be separated into wholesale and retail businesses, and argues that failure to do so will erode competition as well as jeopardise investment by groups such as the Singapore-based parent of Optus. The current infrastructure spending of Optus worth up to $A1.2bn annually will fall if its fixed-line operations suffer a further decline

CORPORATES
TELSTRA CORPORATION LIMITED – ASX TLS, SINGAPORE TELECOMMUNICATIONS LIMITED – ASX SGT, SINGTEL OPTUS PTY LTD, IINET LIMITED – ASX IIN, TPG TELECOM LIMITED – ASX TPM, NBN CO LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FRONTIER ECONOMICS PTY LTD, AUSTRALIA. DEPT OF COMMUNICATIONS, BT PLC

Big win for competition

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Original article by Fleur Anderson, Joanna Heath, Katie Walsh, Julie-Anne Sprague
The Australian Financial Review – Page: 1 &6 : 23-Sep-14

The draft report of the Australian Government’s competition policy review was delivered on 22 September 2014. Professor Ian Harper made 52 recommendations for reform of competition law. They include changes to regulations on trading hours, pharmacies, town planning, taxi licences and cheap imported goods. Harper said that the changes to competition could expand the economy by 2.5 per cent a year in the long-term

CORPORATES
LIBERAL PARTY OF AUSTRALIA, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES, WOOLWORTHS LIMITED – ASX WOW, WESFARMERS BUNNINGS LIMITED, THE PHARMACY GUILD OF AUSTRALIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF INDUSTRY, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

ASX chief pleads for reform gridlock to end

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Original article by Andrew White
The Australian – Page: 17 : 25-Aug-14

Federal Trade and Investment Minister Andrew Robb recently said the Government was already rolling out measures to boost competitiveness, after a report was issued by the Business Council of Australia (BCA). It had argued the Government should foster certain industries that have a natural edge over others. The study, commissioned from McKinsey & Company, sparked claims the BCA was "picking winners". This has now been rejected by new BCA board member Elmer Funke Kupper, CEO of stock exchange operator ASX

CORPORATES
ASX LIMITED – ASX ASX, BUSINESS COUNCIL OF AUSTRALIA, McKINSEY AND COMPANY, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE