ABA CALLS FOR MORE TRANSPARENCY, ACCOUNTABILITY AND CERTAINTY IN COMPETITION LAW AND ITS ADMINISTRATION BY THE AUSTRALIAN COMPETITION AND CONSUMER COMMISSION Sydney, 22 July 2002: The Australian Bankers’ Association wants more transparency, accountability and certainty in the Trade Practices Act and in its administration by the Australian Competition and Consumer Commission. The Australian Bankers’ Association (ABA) is proposing that the Dawson Committee established to review the competition provisions of the Trade Practices Act (TPA) should: 1.       Require the Australian Competition and Consumer Commission (ACCC) to provide substantial reasons for the decisions that it makes and to make this information transparent to consumers, business and the public generally; 2.       Ensure greater accountability of the ACCC in its decision making and media activities in order to address the wide range of concerns expressed by many in the community, including: the Parliamentary Committee that oversees the ACCC, the Federal Court and the business community generally; 3.       Clarify competition law in relation to business joint ventures so that business investment is not threatened by unnecessary legal uncertainty.   The ABA’s submission to the Dawson Review seeks to make a positive contribution to improving competition law in Australia. The banking industry supports the principle of competition and endorses the objectives of the TPA.David Bell, Chief Executive of the ABA, said: “The Dawson Review is a good opportunity to improve the operation of the competition provisions of the Trade Practices Act. Our fundamental view is that competition law, like all regulation, should adhere to the principles of sound regulatory practice. We have identified some shortcomings in current practice and believe the community will benefit if appropriate changes are made.”   “Competition is critical for improving the productivity of Australian firms irrespective of their size, location or ownership and ensuring the best choice and value of goods and services. Banks strongly endorse the principle of competition.”   The ABA’s submission is available on the ABA’s web site at www.bankers.asn.au For further information contact: Heather Wellard ABA PR Phone: 02 8298 0411 Mobile: 0409 830 439        ENDS