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Government finally announces amendments to the Trade Practices Act 1974 (TPA)



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Media Release CHRIS BOWEN MP SHADOW ASSISTANT TREASURER, SHADOW MINISTER FOR REVENUE AND COMPETITION POLICY

GOVERNMENT FINALLY ANNOUNCES AMENDMENTS TO THE TRADE PRACTICES ACT 1974 (TPA). The Government has finally announced that it will introduce long awaited amendments to the TPA into Parliament tomorrow.

The amendments are long overdue. It has been three years since the Senate Economics Committee’s report into the effectiveness of the TPA in protecting small business which recommended that the TPA be significantly strengthened. But it is only now in 2007 that reforms to address deficiencies in the TPA are introduced.

The Government’s proposed reforms do not include the much promised and long awaited criminal sanctions for cartel conduct.

“Finally at five minutes to midnight, in response to the 2004 Senate Committee report, the Government introduces amendments to the TPA”, Labor's Shadow Minister for Competition Policy, Chris Bowen said.

“Labor will closely examine the detail of the amendments to ensure that the amendments go far enough in protecting small business from anti-competitive conduct.

“Labor has been calling on the Government for a number of years to strengthen the TPA to prevent big business from abusing their market power and from engaging in unconscionable conduct.

“It is clear that the Government has not considered reforms to crack down on anti-competitive behaviour as being a priority for this Government”.

Media Enquiries James Sorahan 0402 236 256

[19 June 2007]