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Driving prosperity through effective competition

Rod Sims, Chairman of the Australian Competition and Consumer Commission, discusses the role of competition in driving productivity and reducing income inequality. He highlights the need for extending competition to all sectors and strengthening competition regulation. Sims shares lessons learned from the National Competition Policy and the benefits of these reforms in achieving a strong Australian performance.

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Driving prosperity through effective competition

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  1. Driving prosperity through effective competition Rod Sims, Chairman of the Australian Competition and Consumer Commission The Mexico Forum 2013 Wednesday 9 January

  2. Two propositions • Competition essentially drives productivity • Competition best way simultaneously to drive growth and reduce income inequality • Productivity drives national differences in GDP per capita • Especially when pro competition reform reduces entrenched market power

  3. Two pronged approach • Extend competition to all sectors • Strengthen and widen the reach of competition regulation

  4. My discussion will cover • The changes that were made, the role of the National Competition Policy • The benefits from these reforms • Why and how these reforms were achieved • The lessons learnt, some of which I hope will be useful to you

  5. Australia ranked 4th in 1950 Australia ranked 14th in 1983

  6. Australia with poor productivity performance OECD weighted average

  7. My discussion will cover • The changes that were made, the role of the National Competition Policy • The benefits from these reforms • Why and how these reforms were achieved • The lessons learnt, some of which I hope will be useful to you

  8. OECD weighted average Strong Australian performance

  9. The National Competition Policy comes into effect

  10. Australia back to 5th in 2008 Australia ranked 4th in 1950 Australia ranked 14th in 1983

  11. My discussion will cover • The changes that were made, the role of the National Competition Policy • The benefits from these reforms • Why and how these reforms were achieved • The lessons learnt, some of which I hope will be useful to you

  12. Why the NCP reforms occurred • Prior to the NCP reforms Australia had experienced a decades-long debate over tariff reform • The Australian economy was performing poorly; challenges set by Treasurer and Prime Minister • With removal of the tariff wall, Australian industries were exposed to international competition, and had to adapt so demanded lower input cost structure • The public had the gains quantified by the respected Industry Commission • There was strong political leadership

  13. How the reforms were achieved • The formation of the Council of Australian Governments (COAG) brought together Australia’s Prime Minister and all State and Territory leaders to drive reform • While the main work was usually undertaken by industry experts, central agency people were closely involved • COAG created a new institution, the National Competition Council (NCC), as an independent body to assess the progress of all governments on implementing their agreed reforms • To encourage reform, the Federal Government established National Competition Payments • Formation of ACCC

  14. My discussion will cover • The changes that were made, the role of the National Competition Policy • The benefits from these reforms • Why and how these reforms were achieved • The lessons learnt, some of which I hope will be useful to you

  15. President Enrique Peña Nieto: “ In the life of a country, six years is a short period, but 2191 days are enough for laying the foundations for what now must be our goal: to make Mexico a prosperous country, with new opportunities and greater welfare for all ”

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