David Bradbury (Lindsay, Australian Labor Party, Parliamentary Secretary to the Treasurer) Share this | Hansard source

I would like to take this opportunity to thank members who have taken part in the debate on the Competition and Consumer Legislation Amendment Bill 2011. The bill will give effect to two important reforms to strengthen and clarify our competition and consumer laws. Firstly, the bill will enact laws—

A division having been called in the House of Representatives—

Sitting suspended from 10:25 to 10:42

The bill will give effect to two important reforms to strengthen and clarify our competition and consumer laws. Firstly, the bill will enact laws to deal with creeping acquisitions, by amending the mergers and acquisitions provisions in section 50 of the Competition and Consumer Act. This bill will remove the requirement that a market in which the competition effects of a merger are assessed must be a substantial market. The amendments will also ensure that the courts and the Australian Competition and Consumer Commission can consider the totality of the competitive effects resulting from an acquisition, including those where creeping acquisition concerns may be raised in the community.

Secondly, the bill enhances and simplifies the unconscionable conduct provisions of the Australian Consumer Law and the Australian Securities and Investments Commission Act. The bill will assist consumers, businesses, regulators and the courts by inserting interpretive principles to clarify the meaning of 'unconscionable conduct' in those laws and by unifying their business and consumer related provisions. These amendments clarify the parliament's intention as to how the unconscionable conduct law should apply. They will place the ACCC and the Australian Securities and Investments Commission in a better position to take more effective enforcement action.

Finally, the bill makes minor technical amendments to correct a small number of drafting errors in the Trade Practices Amendment (Australian Consumer Law) Act (No. 2) 2010. I thank all of those who have made contributions to the consultation process. I also once again thank my colleagues in the states and territories for their ongoing cooperation in competition and consumer law.

Question agreed to.

Bill read a second time.

Ordered that this bill be reported to the House without amendment.

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