Chris Pearce has welcomed increased funding for the Australian Competition and Consumer Commission (ACCC) in the 2006-07 Federal Budget.
This year's budget includes additional support for the ACCC, enabling it to continue its important role of enforcing the Trade Practices Act (TPA), promoting competition and fair trading and effective consumer protection for Australians.
The Australian Government is committed to properly resourcing the ACCC and setting the right framework through the TPA so all Australian consumers and businesses can enjoy the benefits of fair trading and free competition.
The 2006-07 budget will provide additional funding to the ACCC of $115.3 million over four years. This funding includes:
- $25.4 million over four years for the implementation of criminal cartel enforcement
- $6.1 million over four years for an upgrade of the ACCC's Canberra accommodation to house increased staff numbers arising from Government policy decisions
- $0.9 million over three years for the ACCC to continue to monitor medical indemnity insurance premiums
Increased funding means the ACCC's important work can continue the provision of new office accommodation in Canberra and funding for yet to be legislated powers attacking criminal cartels are just two examples of the Australian Government's commitment to a key national regulator.
CANBERRA
10 May 2006
Media contact: Gillian Harvey 03 9887 3890 or 0411 567 060