To be fair dinkum, the competition review should include aviation regulation, labour market regulation and the compliance burdens that limit competition by creating cost barriers to new entrants.
The competition debate has been distorted by the charge from the ACTU and some in Labor that Australia’s inflation outbreak has been driven by big business exploiting its market power.
, have fed the debate. The Greens continue to call for a super profits “tycoon tax” even after their claim of inflationary corporate profiteering has been debunked by both the Reserve Bank and Treasury.The solid profit results are mostly the result of companies operating in an economy at full capacity as the excess COVID-19 stimulus spilled over disrupted global and local supply chains.
Rod Sims, the former Australian Competition and Consumer Commission head appointed to the government’s competition review, learnt that aviation had beenLabor traditionally has been two-sided on Qantas because labour monopolies have sought to share in the rents generated by the anti-competitive aviation regulation. The Transport Workers’ Union turned on Qantas only after CEO Alan Joyce ended the cosy industrial relations deals struck when Qantas was government-owned.
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