Price signalling bill passes through House

Following amendments, brought about by negotiation with the opposition over their proposed amendments, the Competition and Consumer Amendment Bill (No. 1) 2011 has passed through the House (on 7 July 2011). It remains an appalling piece of legislation – Brent Fisse has described it as ‘on the lunatic fringe of international competition laws’.  The retention of broad per se prohibition (accompanied by complex exemptions) and the industry-specific (banking) nature of the legislation is very disappointing; it exempts (at the moment) most of the economy while over-regulating the banking industry and ignoring other forms of anti-competitive collusion altogether.  It is an utter failure as far as good competition policy is concerned. Unfortunately it is unlikely to find much resistance in the Senate when Parliament resumes after the winter break.

For details relating to the bill, including extracts from the numerous second reading speeches, amendments etc (and commentary to follow), visit my Competition and Consumer Amendment Bill (No. 1) 2011 page.