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

Competition encourages business to pursue efficiencies, rewarding the innovative and dynamic businesses that provide the best services at the lowest cost—those businesses that are the most agile, I guess is how I could best put it. If businesses can become more efficient and if they can lower their operating costs as a result, they are then free to invest further in Australia's economy and be even more successful and employ more Australians.

Reforming competition is one of the best options we have to boost growth and productivity in the years ahead, and this is why it is at the heart of the government's economic plan. Ultimately it is through increased choice, competition and gains in productivity that we will reinvigorate real wage growth for working Australians and grow our economy, and the Treasurer will be discussing these matters with his state and territory counterparts next month. The government is optimistic that we can find a way forward to increase competition in our economy, to the benefit of all Australians.