Business and unions often oppose competition, but the economic benefits include lower prices, more innovation and higher real wages, writes John Kehoe.
Treasurer Jim Chalmers admits there is only so much you can fit into a 6000-word essay on the future of capitalism.was competition, Chalmers told the Labor Party faithful at the Chifley Research Centre conference on the weekend.“If I had a little more room, I could have done more on competition because I do believe that competition is a progressive force in our economy,” Chalmers said.
Incumbent businesses don’t like competition eating into their profit margins and poaching their customers. Companies, bankers and lawyers involved in mergers and acquisitions should stay tuned because Chalmers has described Sims’ thinking on competition as “brilliant”.Australia is a large continent with a relatively small population, mainly concentrated on the east coast. Hence, it is not surprising that we have a relatively small number of dominant competitors in key industries – think banking, supermarkets, telecommunications, insurance and media.
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