Bank and competition inquiries to probe market power

Dr Mulino, who has a PhD in economics from Yale University in the United States, said the banks would also face scrutiny by a parallel inquiry into competition.The inquiry into promoting economic dynamism, competition, and business formation will examine how healthy competition can enhance the wellbeing of Australians.

More broadly, Dr Mulino said the inquiry would examine how encouraging healthy competition, stimulating the creation of more businesses and fostering entrepreneurship could enhance the wellbeing of Australians.“The committee will examine the extent of market concentration, the fall in the establishment of new enterprises, the increase in [price] mark-ups, and reduction in job mobility – and whether these have contributed to a decline in economic dynamism.

He said the committee would scrutinise the extent to which the consolidation of market power had undermined productivity, stifled wages, created more fragile markets and led to higher price mark-ups. He said there had been two significant inquiries into competition over the past few decades – the 1993 Hilmer report and the 2014 Harper review.“The economy has changed significantly over the past decade or so, particularly in digital technology and disruptive new technologies.Dr Mulino said that new digital technologies and approaches could be a very effective way to increase competitive tension, but they could also create regulatory challenges.

is Economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s election. He joined the Financial Review in 2008 from Treasury.

The Government has no idea! Banks rule the world economy - just look at the bail outs the banks receive! The public just get sold out!!!!

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