Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

All of us on this side of the chamber are focused on policies that strengthen growth and create more jobs, and of course competition reform is at the heart of our agenda to strengthen growth and create more and better jobs. The Treasurer has this afternoon released the government's response to the Harper review into competition policy. On coming into office the coalition government fulfilled an election commitment by commissioning the first root and branch review of Australia's competition laws in 20 years.

The Harper review was handed down earlier this year. It was a call on Australians to embrace competition and, with it, greater consumer choice, a more productive economy and the higher living standards that come with that. The government has embraced the Harper review recommendations by specifically supporting in whole or in part 44 of the 56 recommendations, and we remain open to the remaining 12 recommendations, depending on the outcome of further review and consultation with the states and territories and with other stakeholders.

To meet the challenges we face and to capitalise on the opportunities we find, we do need to develop a more competitive, a more productive, a more innovative and, indeed, a more agile economy. The competition reforms of the 1990s are credited with raising the level of Australia's GDP by 2½ per cent. They contributed to a productivity surge that drove strong growth in real household incomes, directly reduced the prices of essential goods and services and stimulated business innovation. This will be the next generation of competition reform across Australia which will help us to strengthen economic growth and create more and better jobs into the future. This is a very important part of our agenda.