With Malcolm Turnbull's recent appointment as Prime Minister and the subsequent cabinet reshuffle, the IPA has attempted to get discussions back on track.
“Australia is in desperate need for competition reform to ensure we have a healthy and effective competitive market,” said IPA chief executive Andrew Conway.
Mr Conway added that there is a vital need to protect the competitive process to ensure that small and medium-size businesses are able to compete on a more level playing field.
“Reform means more than just tax reform, which of course is also essential for our economy; it is about healthy competition and the Harper Review has provided a framework for Australia to move forward – so let’s get on with it,” he said.
Section 46 of the Competition and Consumer Act and certain questions of unconscionable conduct are just some of the issues in need of addressing, according to Mr Conway.
“Section 46 needs an overhaul to strengthen the prohibition on firms using their market power to substantially lessen competition; including the removal of the ‘take advantage’ element from the existing prohibition,” he said.
“In essence, Section 46 needs to be amended with an appropriate effects test."
The IPA also flagged collective bargaining, competitive neutrality and small business access to remedies as potential areas of reform.