Standing Committee on Economics Opens Hearing on ACCC Annual Report

The House of Representatives standing committee on economics has kicked off its review of the Australian Competition and Consumer Commission's (ACCC) 2023 annual report. Committee chair Daniel Mulino MP welcomed ACCC representatives, the public, and media, noting the committee's interest in the ACCC's recent work, particularly in addressing cost of living challenges and business pricing practices in concentrated markets. The review is a key procedural event, enabling the committee to scrutinise the regulator's performance and hold it accountable. The committee is keen to examine the ACCC's work on merger laws, insurance contracts, and supermarket inquiries, highlighting the regulator's crucial role in promoting competition and protecting consumer rights. The hearing will focus on the ACCC's implementation of recent committee reports and recommendations, such as new merger laws and standardised insurance contract terms. The committee is also interested in emerging developments, including the ACCC's supermarket inquiry and the National Anti-Scam Centre's work. By conducting the review, the committee can assess the regulator's performance, provide recommendations for improvement, and ensure the ACCC is promoting competition and protecting consumer rights.