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Accounting body hails ‘huge win’ in new law reforms

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Accounting body hails ‘huge win’ in new law reforms

One accounting body has commended the government’s move to legislate significant amendments to competition laws in a bid to deter anti-competitive conduct, calling it a “huge win” for small businesses in particular.

Tax&Compliance Jotham Lian 21 August 2017
— 1 minute read

Last week, the Competition and Consumer Amendment (Misuse of Market Power) Bill 2017 was passed to implement a key recommendation of the Harper Competition Policy Review to strengthen section 46 of the Competition and Consumer Act 2010.

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The 2015 Harper Review had found that the misuse of market power law was not reliably enforceable and did not effectively target and deter anti-competitive conduct.

The reformed section 46 will prohibit a corporation from engaging in conduct with the purpose, effect or likely effect of substantially lessening competition in a market in which it directly or indirectly participates.

IPA chief executive Andrew Conway welcomed the changes and affirmed the IPA’s long standing advocacy stance on the misuse of market power law.

“We commend the government for introducing the changes we have been fighting for; changes that will better protect small business in a more equitable, competitive market,” Mr Conway said.

“The amendment will help address anti-competitive conduct and protect the competition process rather than the interests of individual players in the market. This is particularly important to small business.

“Considering 97 per cent of all Australian business is made up of small businesses, this is a huge win.”

Accounting body hails ‘huge win’ in new law reforms
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Jotham Lian

Jotham Lian

Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.

With a focus on breaking news and exclusive analysis, Jotham keeps Accountants Daily readers up to date with company moves, tax updates and essential business and client strategy. 

Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.

You can email Jotham at: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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