The House of Representatives Standing Committee on Economics today tabled its report into the Australian Competition and Consumer Commission (ACCC) Annual Reports 2019 and 2020. The report focuses on matters arising from public hearings held in October 2020 and February 2021.

Media release issue date: Monday, 29 November 2021

The House of Representatives Standing Committee on Economics today tabled its report into the Australian Competition and Consumer Commission (ACCC) Annual Reports 2019 and 2020. The report focuses on matters arising from public hearings held in October 2020 and February 2021. Committee Chair Jason Falinski said that ‘scrutinising our competition regulator is an important function of the committee and has been especially vital at a time when the COVID-19 pandemic has prompted significant changes to the ACCC’s regulatory work and priorities.’ The committee heard from the ACCC on its responses to the pandemic across multiple sectors. Important measures such as temporary market authorisations have enabled market activity to continue to proceed in the best interests of Australians and the broader economy. The committee also heard from the ACCC regarding its work responding to COVID-related scams targeting Australians, and its management of issues arising from widespread travel cancellations. Beyond the COVID-19 pandemic, the committee inquired into issues such as the ACCC’s role in the Digital Platforms Inquiry, the financial technology sector, unconscionable and unfair conduct, common ownership, product safety, and motor vehicle service and repair information. Mr Falinski stated that ‘the ACCC’s work throughout the COVID-19 pandemic has been agile and responsive to emerging issues. While some ACCC priorities were put on hold to address these issues, it has continued to maintain substantial compliance and enforcement responsibilities across the competition and consumer law sector.’ A full copy of the committee’s report is available on the committee’s website. For media comment Mr Jason Falinski MP Electorate: (02) 8484 0300 Parliament: (02) 6277 2324 For background information Please contact the committee secretariat Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au

The Australian Competition and Consumer Commission (ACCC) will appear before the House of Representatives Standing Committee on Economics at a public hearing on Wednesday 24 February 2021 as part of the Committee’s review of the 2019 ACCC Annual Report.

Media release issue date: Tuesday, 23 February 2021

The Australian Competition and Consumer Commission (ACCC) will appear before the House of Representatives Standing Committee on Economics at a public hearing on Wednesday 24 February 2021 as part of the Committee’s review of the 2019 ACCC Annual Report. Chair, Mr Tim Wilson MP said, ‘The Committee is keen to continue scrutinising the ACCC on its pandemic response, enforcement, its review of hardship policies and in maintaining and promoting competition’. ‘Of particular interest, is the ACCC’s approach towards regulating the tech giants. Google, Facebook and Apple are dominant forces that could threaten competition and consumer interests. The Committee is also interested in the ACCC’s role in the preparation and consultation phase of the News Media Bargaining Code currently before Parliament’. Mr Wilson added that, ‘The COVID-19 pandemic is not over. There’s still uncertainty in the accommodation and travel sectors as border closures and lockdowns continue. While mergers of struggling companies also warrant close examination.’ The ACCC last appeared before the committee in October 2020. Public hearing details Date: 24 February 2021 Time: 11.00am to 1.00pm via videoconference The hearing will be broadcast live at aph.gov.au/live. Media inquiries Mr Tim Wilson MP, Committee Chair Electorate: (03) 9957 4644 Parliament: (02) 5277 2392 For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au www.aph.gov.au/economics

With Australia’s economy still experiencing the impacts of COVID-19, this Friday the House Economics Committee will gather key financial regulation bodies to discuss consumer protection, responsible lending, and other issues.

Media release issue date: Wednesday, 21 October 2020

With Australia’s economy still experiencing the impacts of COVID-19, this Friday the House Economics Committee will gather key financial regulation bodies to discuss consumer protection, responsible lending, and other issues. Chair Tim Wilson says witnesses from the Australian Competition & Consumer Commission, Australian Prudential Regulation Authority and Australian Securities & Investments Commission will appear at Friday’s hearing. ‘The COVID-19 pandemic has created unprecedented disruption and uncertainty in the financial sector,’ Mr Wilson said. ‘Now, more than ever, it is essential to maintain strong prudential regulation; promote competition; and ensure fair and transparent dealings to safeguard financial stability and consumer trust in the financial sector’. The hearing brings together separate inquiries from the committee into each body’s annual reports. ‘It has been a year since we saw the ACCC before the committee, and I am looking forward to hearing how the ACCC is protecting the interests of consumers in sectors like tourism and insurance, as well as progress on their media code, Mr Wilson said. ‘Of particular interest to the committee is hearing from ASIC regarding its guidance on the responsible lending obligations in light of the RBA Governor’s recent evidence to the committee, as well as whether they are taking action against super funds acting inappropriately.’ ‘The committee is also interested in hearing how APRA is promoting strong prudential regulation and operational resilience amongst financial institutions, including super funds.’ Mr Wilson added that the committee is keen to scrutinise the ACCC on its response to the pandemic, including enforcement activities, review of hardship policies, its COVID-19 Taskforce, and maintaining and promoting competition. In addition, the committee will also examine the Australian Energy Regulator. In particular, the committee is interested in the AER’s efforts in protecting energy customers and the energy market during the COVID-19 pandemic. Public hearing details Date: Friday, 23 October 2020 Time: 9.30am to 5.00pm Venue: Committee Room 1R3, Parliament House, Canberra, and via videoconference The hearing will be broadcast live (audio only) at aph.gov.au/live. For media comment Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information Please contact the committee secretariat Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au