Review of the Australian Competition and Consumer Commission Annual Report 2023

The inquiry focused on the Australian Competition and Consumer Commission's (ACCC) recent work and its impact on consumers and the economy, with a particular emphasis on preventing anti-competitive mergers and promoting a competitive market. The ACCC testified on various issues, including the impact of new merger laws, airport slot management reforms, and concerns about fuel pricing in regional communities. The inquiry also explored the ACCC's efforts to promote transparency and fairness in the food and grocery sector, as well as its work on payments and surcharging. The ACCC's testimonies highlighted key elements of the reform, with a focus on creating a more competitive economy and protecting small businesses. The committee scrutinised the ACCC's performance and held it accountable for its actions, with a particular interest in the regulator's work on merger laws, insurance contracts, and supermarket inquiries. The ACCC discussed various challenges, including monopoly pricing, digital ecosystems, and potential misleading and deceptive conduct by payment service providers. The ACCC also addressed concerns about fuel pricing in regional communities and supermarket pricing irregularities. The inquiry's key findings and conclusions centred on the need for closer scrutiny of the impact on competition in metropolitan areas and the importance of transparency in preventing anti-competitive transactions. The ACCC's efforts to promote a competitive market and protect consumers were noted, with recommendations for further action to address identified issues. The inquiry's outcomes have significant implications for the economy and consumers, with a focus on creating a more competitive economy and protecting small businesses. The ACCC's work on merger reform, payments and surcharging, and supermarket inquiries will continue to be scrutinised, with a view to promoting transparency and fairness in these sectors.