This speech was given by the Chairman of the Productivity Commission to the Australian Competition Policy Summit 2015'

Introduction

In 2013, the Australian Government announced that there would be the first comprehensive review of competition policy in Australia in a generation.

A policy field more actively used in Australia than in perhaps any other developed nation to improve the structure of the national economy was about to be reinvigorated.

So said the press release, issued by the then Minister Bruce Billson in conjunction with the then Prime Minister, Tony Abbott.

It said:

The Government will undertake a comprehensive review of competition laws and policy, the first in more than 20 years.

The 'root and branch' review delivers on a key election commitment and will help identify ways to build the economy and promote investment, growth and job creation.

Competition policy has contributed significantly to productivity and price changes in key sectors and in 2005 the Productivity Commission found that the changes resulting from the Hilmer Review increased Australia's GDP by 2.5 per cent.

And crucially:

This review is long overdue and will help identify microeconomic reforms and long–term improvements to build strong foundations for a more productive and competitive 21st century Australian economy.

That was in late 2013.

Two years later, the Harper Review has reported.