Monday, 30 March 2020 12:24

Competition a crucial ‘role to play’ in driving economy post COVID-19, says Sims Featured

By
ACCC Chair Rod Sims ACCC Chair Rod Sims

The chief of Australia’s competition watchdog, the ACCC, Rod Sims, says competition has a critical role to play in getting the economy running efficiently again post the COVID-19 pandemic and economic crisis.

The Chair of the Australian Competition and Consumer Commission (ACCC) says the Commission is working with businesses across the economy to authorise cooperation between competitors to enable them to support the community and survive the crisis.

Speaking via the Australian Financial Review’s special edition Banking and Wealth crisis webcast, Sims said the ACCC has allowed the ABA (Australian Banking Association) to coordinate its response to small business debt relief packages, supermarkets to ensure supply chains and logistics are working efficiently to ensure shelves are stocked, and medical suppliers to expand capacity to produce urgently needed equipment.

“At a time of crisis such as in war or with a pandemic, where there is a common enemy to fight for the nation’s survival, and so a sense of national purpose, co-ordination is both efficient and carries little or no downside,” Sims said.  

“But in normal times, without a common enemy, co-ordination leads to complacency, inefficiency and higher prices.

“It is important that these short-term measures do not give rise to long-term structural damage to competition, market concentration or long-term arrangements that make it more difficult for businesses to enter and compete into the future.

Sims also discussed the ACCC’s COVID-19 Taskforce which is monitoring and gathering daily intelligence about emerging issues, and working to ensure consumers understand their rights when dealing with cancelled events, travel or services.

“We have already contacted numerous businesses including gyms, travel companies, and event payment processors, just to name a few, to change their approach in relation to refunds or fees to postpone or delay a service, without fanfare but with great success in getting better outcomes for consumers,” Sims said.   

The Government’s Consumer Data Right, that the ACCC is leading, is a key reform that Sims says will help to stimulate competition for financial services when the Australian economy emerges post COVID-19.  

“We may not know when the gains from Consumer Data Right will kick in, but we can be certain they will be profound. Competition, consumers, and the economy will be benefit considerably,” Sims said.

“But it’s important to recognise that newer entrants and smaller businesses are often hit hardest in a crisis, and they will need support to survive.

“We will work with fintechs and start-ups to understand the challenges they face and take them into account as this crisis unfolds.”

“If ever there was a time to expedite digital innovation, this is it,” Sims said, adding that “post this crisis we will get the competition our financial sector needs.”

WEBINAR event: IT Alerting Best Practices 27 MAY 2PM AEST

LogicMonitor, the cloud-based IT infrastructure monitoring and intelligence platform, is hosting an online event at 2PM on May 27th aimed at educating IT administrators, managers and leaders about IT and network alerts.

This free webinar will share best practices for setting network alerts, negating alert fatigue, optimising an alerting strategy and proactive monitoring.

The event will start at 2pm AEST. Topics will include:

- Setting alert routing and thresholds

- Avoiding alert and email overload

- Learning from missed alerts

- Managing downtime effectively

The webinar will run for approximately one hour. Recordings will be made available to anyone who registers but cannot make the live event.

REGISTER HERE!

LAYER 1 ENCRYPTION A KEY TO CYBER-SECURITY SOLUTION

Security requirements such as confidentiality, integrity and authentication have become mandatory in most industries.

Data encryption methods previously used only by military and intelligence services have become common practice in all data transfer networks across all platforms, in all industries where information is sensitive and vital (financial and government institutions, critical infrastructure, data centres, and service providers).

Get the full details on Layer-1 encryption solutions straight from PacketLight’s optical networks experts.

This white paper titled, “When 1% of the Light Equals 100% of the Information” is a must read for anyone within the fiber optics, cybersecurity or related industry sectors.

To access click Download here.

DOWNLOAD!

Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

VENDOR NEWS & WEBINARS

REVIEWS

Recent Comments