Efficiency, productivity and ... fairness: An analysis of the Harper Review into Australia's competition policy

In December 2013 the recently elected Australian Government commissioned a review into Australia's national competition policy. The review panel, chaired by Professor Ian Harper, published their final report in March 2015. This paper provides an analysis of the Harper Review, which has the overarching objective of ensuring that markets work in the interests of consumers (Harper, Anderson, McCluskey and O'Bryan 2015, p.7). The key assumptions which underpin the Harper Review are that competition is the most effective means of achieving efficiency, while a more efficient and productive economy will deliver a range of outcomes for consumers, such as increased choice. Furthermore, this emphasis on efficiency, while placing less importance on market concentration, does not adequately consider the power that can be exercised by corporations with a high market share. This analysis hinges on the belief that "the disciplines of a competitive market" will be sufficient to ensure that corporations do act in such a way that the assumed benefits of competition filter through society (Harper et al. 2015, p.15). This focus crowds out alternate values, while providing limited conceptions of power, equity, and social welfare, within the framework of competition and efficiency