The Government has agreed to extend the reporting date of the Committee established to review the competition provisions of the Trade Practices Act 1974. The Committees report will now be submitted by 31 January 2003.
The Committee has been working towards a reporting date of 30 November 2002 consistent with its terms of reference which I announced on 9 May this year. It is clear, however, that some extra time will assist the Committee to complete its deliberations and prepare its report.
There has been strong interest shown in the review by business groups, consumer organisations, individual companies and the legal profession. The review Committee has received in excess of 200 formal submissions, including substantial supplementary submissions that have recently been received from the Business Council of Australia and the Law Council of Australia.
In addition to the receipt of formal submissions the Committee has held consultations with a wide range of interested parties to ensure that they have had the opportunity to present their views. These consultations have only been recently completed and the Committee will now be considering its findings on the substantial amount of material that it has received.
The Government has agreed that the Committee should have some additional time in preparing its report.