Coalition secures big win for small business
The Coalition Government has fought hard to back small business by delivering major changes to misuse of market power provisions says Member for Hinkler Keith Pitt.
He said reforms to the Competition and Consumer Act (CCA) were a big win for the thousands of farmers and small and family enterprises across regional Australia.
“The government has fought long and hard to secure these protections for small business against big business and multi-nationals companies,” Mr Pitt said.
“There are an estimated 8,541 small businesses within the Hinkler electorate and across Australia small businesses employ more than four million people.
“Small business and farming enterprises are the engine room of our nation – many are family run by mums and dads, aunts, uncles and siblings – contributing $340 billion to the economy, including to regional economies right across Australia.
“These reforms will address a long standing weakness in the existing competition rules and will ensure that we have a more transparent and competitive marketplace that treats all supply chain participants fairly.
“Importantly, and for the first time in Australia, the Australian Competition and Consumer Commission (ACCC) will have meaningful provisions to protect businesses that have been subject to misuse of market power.
In line with the Harper Review’s recommendations, the substantive changes being proposed to section 46 of the CCA mean that conduct that has the effect of substantially lessening competition will be better regulated.
Mr Pitt said the government consulted widely with stakeholders on the design of these reforms and was confident that they would deliver fairness to businesses and a genuinely competitive marketplace for consumers.