STRONGER competition laws introduced to Parliament today through changes to Section 46 of the Competition and Consumer Act 2010 will strengthen Australia’s small business sector while benefiting consumers says Small Business Minister Michael McCormack.
“Australia’s small businesses employ 4.7 million people representing almost half of our workforce and contribute over $380 billion, more than a third of GDP, to our national economy,” Mr McCormack said.
“The Australian Government understands this important role and we continue to deliver for small business.
“The legislation introduced to Parliament today by the Government, amends Section 46 of the Competition and Consumer Act 2010 strengthening the protections for businesses from the effects of misuse of market power.
“This reform is strongly supported by peak small business organisations, such as the Council of Small Business Australia, and will make for more competitive markets.
“The Government believes that small businesses should be free to compete on their merits against businesses with substantial market power and, most importantly, to prosper. This is particularly significant for small businesses in rural and regional Australia.”
The Minister emphasised the importance of these changes not only for Australia’s over two million small businesses but also for consumers.
“As Minister responsible for Consumer Affairs, I am also very happy to note that stronger competition will be have many positive flow-on effects for consumers,” Mr McCormack said.
“Freedom of choice and open markets with more competitors will force all businesses to compete on quality and price of goods and services which is ultimately great news for consumers.”