ACCC

That’s a wrap on the ACCC/Australian Energy Regulator Regulatory Conference!   Today our panellists discussed: 💡 The future of gas in an increasingly electrified world and how regulation can support the network in times of uncertainty. 📜 What challenges our legal frameworks are currently confronting and how our laws are seeking to respond to these challenges.   We ended day two with the famous Great Debate. The topic was ‘In our rapidly changing world, regulators are the ultimate disruptors’ and invited consideration on whether regulators are (or should be) the biggest disruptors.    Thanks to everyone who attended the event, all of the speakers, Richard York for hosting and to our hardworking team behind the scenes making it all happen.

During day two of the Regulatory Conference we heard from Professor Sir Dieter Helm in conversation with Angela Woo.   Dieter reminded us that democracy is precious and that our infrastructures are the critical backbone of our economy. He also posed the idea of how wonderful it would be if we could write a chain letter for the next generation to pass on.

We started the new financial year with some big announcements, read our wrap up 👇

We're looking for an experienced HR professional to join our People and Culture Branch. In this role you'll craft talent selection processes, guide policy refinements and present strategy papers to senior management. You'll be leading a high performing team and supporting a professional and collaborative working environment, Applications close 4 August 2024. Apply here: https://bit.ly/3LQ5R8w

Thanks to all the speakers and guests who attended the first day of the Regulatory Conference.   Our keynote speaker, Professor Tommaso Valletti, set the tone for the day and discussed key lessons for competition regulators; including that regulators should not forget other industries in their focus on digital given increasing concentration across the economy. We had a range of thought-provoking panels who discussed: 🌍 The need for investment in our critical infrastructure to ensure it can withstand the impacts of climate change, natural disasters, cyber-security attacks and supply chain problems. ⚡ Whether green policy measures are striking the right balance between promoting competitive markets and supporting a rapid energy transition. 💻 The issues facing businesses, policymakers, and regulators in ensuring that their use of AI is accountable, explainable, lawful and fair. 📱 Risks and opportunities associated with emerging technologies such as Low Earth Orbit satellites which have the potential to permanently shift the competitive dynamics of telecommunications markets. 🛍 Perspectives on how and why we are getting the consumer experience wrong and what we need to change to address this. 🌧 The current work on renewing the National Water Initiative. 

Our latest report into International Money Transfers (IMTs) found that improved transparency lowered costs for Australian consumers who send money overseas. However, consumers are still missing out on over $200 million in potential savings per year. For example, our report found that consumers who used the most expensive bank in February 2024 to transfer $10,000 Australian dollars’ worth of US dollars, could have saved more than $400 if they chose the cheapest IMT supplier in our sample. “We’re pleased that the industry’s adoption of our Best Practice Guidance has led to improved transparency for consumers, unlocking savings for those choosing competitive offers to send money overseas. Significant savings are available when consumers shop around, use online FX calculators to compare prices, and switch providers accordingly”. - ACCC Chair Gina Cass-Gottlieb. We’ve also updated our voluntary Best Practice Guidance with new measures for IMT suppliers to disclose which will further improve transparency. https://bit.ly/4ddJTYK

Our Chair, Gina Cass-Gottlieb has welcomed the appointment of Dr Philip Williams AM as a Commissioner, proposed by Treasurer Dr Jim Chalmers in April. A distinguished scholar and a former Professor of Law and Economics at the University of Melbourne, Dr Williams is also a former executive chair of Frontier Economics and has previously advised us and the National Competition Council on competition and regulatory issues. “We’re delighted to welcome Dr Williams and look forward to harnessing his immense knowledge in economics and competition law in our application of Australia’s merger laws. We’re eager to draw on Dr Williams’ expertise in our work towards implementing reforms to Australia’s merger laws, as well as enforcing the Competition and Consumer Act more broadly.” - ACCC Chair Gina Cass-Gottlieb. Dr Williams has been appointed for a 5-year term, commencing from 27 June 2024. https://bit.ly/3WEjZI5

Last week our CEO Scott Gregson and other senior staff participated in the inaugural Pacific Island Network of Competition Consumer and Economic Regulators (PINCCER) conference. The event was hosted by the Fijian Competition and Consumer Commission (FCCC) in Nadi, Fiji. We joined representatives from 9 other Pacific Island economies – Cook Islands, Fiji, French Polynesia, Kiribati, New Zealand, Papua New Guinea, Solomon Islands, Tonga, and Vanuatu – to discuss regional competition and consumer issues and addressing the region’s unique challenges through cooperation and collaboration. PINCCER aims to facilitate knowledge sharing and build agency capabilities in Pacific Island economies and serves as a forum for advocating best practice and promoting regional sustainability. Thanks to the FCCC for hosting such a wonderful event, and as the Secretariat we look forward to supporting the growth of the network and our Pacific Island colleagues. You can read more about PINCCER here https://bit.ly/4dmcz1A

We met up with fellow members of the Digital Platform Regulators Forum (DP-REG) the Office of the Australian Information Commissioner, the eSafety Commissioner and the Australian Communications and Media Authority (ACMA) to reflect on our activities over 2023-24 and agree to collective goals and strategic priorities.   “In a year which has seen an unprecedented uptake in the use of artificial intelligence tools, the ACCC has been closely considering interactions between AI services and competition and consumer regulation. This technology has serious implications for our work; from potentially generating misleading advertising, scams, and fake reviews, to enabling the possible use of AI to engage in anti-competitive conduct. The ACCC is clear on the need to ensure healthy competition in markets affected by AI. By working with our partners in DP‑REG, the ACCC is helping to shape how Australia can tackle both the risks and opportunities in a safe and responsible way amid a shifting digital landscape.” - ACCC Chair Gina Cass-Gottlieb.

We have an excellent opportunity available for anyone looking to join us in an entry level position. Our Infocentre is looking for agile team players to join them and be part of the initial response team for contacts to the ACCC on consumer, regulatory and competition issues. In this role you'll handle initial phone and written contacts from consumers and businesses and provide information about their rights and obligations under the laws we enforce. You'll also identify potentially concerning reports against the ACCC's priorities for further consideration. Applications close 4 August 2024. Apply here: https://bit.ly/4bYMW5R