Malcolm Turnbull has been sworn in as the nation’s 29th prime minister today, after renewing the government’s coalition agreement, pledging a second look at the ‘effects test’ and handing the water portfolio to the National Party.
The change to competition law had previously been advocated by Small Business Minister Bruce Billson.
It has been reported today’s agreement includes a provision to review section 46 of the Competition and Consumer Act, which governs misuse of market power.
As it is, the current law only allows large business to be punished for abusing market power if they had an intent to damage competition.
The potential changes to competition policy come after months of discussion around the laws, which were nixed by cabinet earlier this year, while Business News has previously reported that small business had become increasingly vocal about the need for such a test.
Master Grocers Association chief executive Jos de Bruin said his lobby group would support change to the law.
“Adopting changes to strengthen the laws is good policy and also good politics,” he said.
“It has broad appeal across the community.
“It shows the coalition government is in tune with the needs of all business – not just an elite group of very large businesses.
“This represents real, structural change to our economy, a change which will benefit business of all sizes, not just small business.”
Sea change
A move of the water portfolio would take it out of the hands of the current environment minister, Greg Hunt.
Although Western Australian Julie Bishop will remain deputy Liberal leader and foreign minister, Mr Turnbull has said he would not change cabinet until the end of sitting week.
Mr Turnbull, who had served as communications minister under former prime minister Tony Abbott, also received a boost in a snap sms Roy Morgan poll, leading Bill Shorten as preferred PM by 56 points.
In the poll of 1,204 electors, 70 per cent selected Mr Turnbull as preferred PM compared with 24 per cent for Bill Shorten.
Mr Turnbull led in every demographic and in every state.
Earlier in the day, Mr Abbott promised he would not destabilise or white ant the new leadership team.
“This is not an easy day for many people in this building,” he said, speaking at Parliament House.
“My pledge today is to make this change as easy as I can.
“I’ve never leaked or backgrounded against anyone, and I won’t start now.”
Mr Abbott said he was proud of his record in government, touting the recent commitment to accept 12,000 Syrian refugees as an example of the positive impact of border security.
Other achievements included $50 billion of budget repairs, three free trade agreements, and a large infrastructure roll out.
“It is humbling to lose but that does not compare to the honour of being asked to lead,” he said.
