Graham Perrett (Moreton, Australian Labor Party) Share this | Hansard source

You thank the government; that is who you thank. Someone making over $50,000 will effectively have received about an 18 per cent cut from about three years ago, and that obviously helps to make sure that households can manage the cost of living.

It is true that in our global capitalist market there are many pull factors that influence local prices. World commodity prices can impact on things—the terms of trade, local demand et cetera. Most of these factors the government cannot control. There are not a lot of levers we can pull. However, what government can do—and good government does—is to ensure that our regulatory bodies have the power to ensure that real competition exists in our local markets. This bill gives the ACCC the power to reject acquisitions that would substantially lessen competition and ensure that Australian workers and their families get the best deal possible. That is what capitalism is about. You must make sure that the market is real and where the market fails you step in and have some guidance and control. Do not just let it rip. That is a system that brings tears to families.

Finally, I thank the Minister for Competition Policy and Consumer Affairs for introducing this bill and, in doing so, recognise his strong commitment to Australia’s 2.4 million small businesses—and 770,000 companies—and to competition in the marketplace generally. I know he has a PhD in this and he is quite passionate about small businesses and the economy generally. I look forward to hosting the minister in my electorate next week when he will address the South-West Chamber of Commerce at the Pat Rafter tennis centre in Tennyson, a beautiful place to visit. I recommend you come up there next January if you have any time on your hands—

See this speech in context