Patrick Secker (Barker, Liberal Party) Share this | Hansard source

In bringing forward the Trade Practices Amendment (Cartel Conduct and Other Measures) Bill 2008, the government is essentially strengthening free market competition in Australia. This is perhaps surprising given the Prime Minister’s rhetorical attack last week on the ideology of the free market while attempting to convince us to plunge Australia deeply into debt as a means of addressing the economic crisis. I have studied economics sufficiently to know that a free market is not to be demonised; indeed, a free market is the essence of what makes successful economies work. A free market is a market in which the prices of goods and services are arranged completely by the mutual consent of sellers and buyers. That is the basis of all economics that my university degree taught me—unfettered supply and demand are the basis of economics.

A free market does not mean one which is free of government intervention and regulation. Indeed, I wholeheartedly believe the government should play a key role in facilitating market competition—not just the basic functioning of maintaining the legal system and protecting property rights but by ensuring it is also free of private force and fraud. This is the basis of the Trade Practices Act, originally made law by a coalition government and continually amended over the years. It was a coalition government that had to amend sections 45D and E. I could not go on without mentioning that, given the minister presently on duty at the table: the Minister for Resources and Energy. These amendments were to ensure that unions were not allowed to restrict the free market. Labor of course was opposed to this at the time.

See this speech in context