Today the Australian's Jamie Durie referred to the interview and Sims' speech, noting the 'stupidity' of the price signalling laws. King has responded, arguing that there are 'two parts to the price signalling laws - a really good bit and a useless bit.' The useless bit, he says, is the portion dealing with public price disclosure. On the other hand, he argues that 'laws against private price disclosures are sensible and strong' and should be extended.

In addition, Nick Xenephon wants a federal farming commissioner, apparently influenced by the recent - controversial - decision by the SA to appoint his frequent adviser, Frank Zumbo, the part-time Deputy Small Business Commissioner; see eg Sarah Martin, 'Liberals question adviser's plum job' (The Australian, 1 Feb 2012)). Watch this space!

In relation to national markets for "provision of taxi-specific non-cash payment instruments, non-cash payment processing services for taxis and the supply of taxi equipment to the taxi industry, the ACCC considered that the proposed acquisition was unlikely to substantially raise barriers to entry and therefore was unlikely to substantially lessen competition in these markets. Within the context of the Adelaide metropolitan area, the ACCC considered that there would remain two independent taxi networks, with a substantial share of affiliated taxis, that could be approached by new entrants." View merger register.

John Durie has a related item in the Australian ('Sims in Drivers Seat on Taxi Ruling', The Australian, 26 January 2012) - he discusses the different path being taken by Sims compared with Samuel and also briefly discussses the recent changes to the Act and the issue of creeping acquisitions - worth a quick read if you can get past the Australian's paywall.

In part, the Report recommends that an independent review of the Competition and Consumer Act be initiated (recommendation 5). This recommendation is not supported by the Government (see Senator Bishop's comments and 'Government Senators' Additional Comments' in the final report).

Additional comments to the report are also made by Senators Xenophon, Williams, Heffernan, Madigan and Milne, recommending - amongst other things - a re-introduction of price signalling laws and general divestiture powers (apparently influenced, in part, by the misconception that we are out of touch with international prctice in this respect).

"the ACCC's concern is about competition. Once we get into public interest, we get into social and potentially political debates which is outside the remit of the ACCC, as is diversity, I might say.

We're dealing with competition, and competition in itself more often than not, in almost every occasion, serves the public interest very well. You don't need public interest tests necessarily if you've got a truly competitive market because a truly competitive market is one where consumers are empowered to set their demands in place, and suppliers have to meet those demands.".

Samuel also responded to questiosn about the NBN, the prosecution of Richard Pratt, DFO and the NAB-AXA deal and the relationship of business with government. View Transcript.

"The Government also wants to see consumers get a better deal on their home loans by prohibiting anti-competitive price signalling. While information disclosure plays a vital role in any economy, in some cases, it can impede competition.

The Government has a Bill currently before Parliament to amend the Competition and Consumer Act to provide new prohibitions to address anti-competitive price signalling and information disclosures. The Bill is not directed towards ordinary commercial communications. Banks will be able to continue communicating with their customers, shareholders, market analysts, employees and other stakeholders in the ordinary course of business. The Bill provides that banks will still be able to fully comply with any continuous disclosure obligations, such as discussing their funding costs, as well as any other legal or regulatory obligations.

The Government has worked closely with the Australian Competition and Consumer Commission (ACCC) to design these amendments, consulting extensively on the draft legislation with the banking industry, legal experts and other stakeholders. This extensive consultation has produced laws which will effectively address the issue of anti-competitive price signalling and information disclosures, while allowing banks to get on with business." (emphasis added)

Extensive consulations. Yes, that is what he said. It's hard to imagine what a consultation which was not extensive would look like. Alternatively the extensive consultation has been very secret indeed, so that nobody actually knows about it. I'm still checking the HOR Inquiry website each day - but still no published submissions on the bill or a report (now overdue by well over a week).

"I have hunted high and low to understand the burning issue of price signalling in banking.

I hear what politicians on both sides claim, but it is interesting to note that there was very little suggestion that price signalling was a problem in the banking sector, until the Coalition announced that it was going to introduce new regulation to fix the problem we weren’t aware that we had."

See Scott Murdoch, 'ABA chief Steven Munchenberg slams Labor for policy on the run' (The Australian, 8 June 2011). See also John Durie, 'Finance sector in bid to block ban on exit fees on mortgages' (The Australian, 7 June 2011) discussing the issue of price signalling and the proposed ban on exit fees (claiming both are examples of 'poor public policy in the name of short-term political point-scoring').

That this House: (1) notes with concern the impact on the Dairy Industry of the Coles milk pricing strategy and that: (a) dairy farmers around the country are today seriously questioning their future having suffered through one of the worst decades in memory including droughts, floods, price cuts and rising cost of inputs such as energy and feed; (b) unsustainable retail milk prices will, over time, compel processors to renegotiate contracts with dairy farmers and the prospect that these contracts will be below the cost of production may force many to leave the industry; (c) the fact that supermarkets are now selling milk cheaper than many varieties of bottled water will be the straw that finally breaks the camel's back for many dairy farmers; and (d) the risk of other potential impacts includes: (i) decreased competition as name brands are forced from the shelves; and (ii) the possible loss of fresh milk supplies to some parts of the country as local fresh milk industries become unviable; and (2) calls on the Government to: (a) ask the ACCC to immediately examine the big supermarkets and milk wholesalers after recent price cuts to ensure they do not have too much market power and are not anti-competitive in their behaviour; and (b) support the new Senate inquiry into the ongoing milk price war between the country's major supermarket chains'.

For more details see my inquiry page. For related news see, for example, AAP, 'Senate announces inquiry into supermarket milk wars' (Herald Sun, 10 February); Sid Maher and Pia Akerman, 'Farmers urge milk price revolt against Coles' (The Australian, 11 February 2011); Michael Harvey, 'Senate announces inquiry into supermarket milk wars' (Herald Sun, 11 February) and 'Labor rejects probe into milk price war' (ABC, 10 February)

"On 23 November 2010 the Senate referred to this committee for investigation the decision of the Australian Competition and Consumer Commission (ACCC) to oppose the proposed acquisition of the Franklins supermarket business by Metcash Trading Limited, with particular reference to: (a) the basis of the ACCC decision to oppose the proposed purchase; (b) the competition impacts of the decision at the retail and wholesale levels; (c) whether the Franklins’ distribution warehouses, supplying eight franchised stores, could be regarded as an independently sustainable wholesale business; and (d) any other related matters."

Submissions are invited and are due by 29 November 2010 (presumably anyone who already submitted to the ACCC's more appropriate competition inquiry into the proposed merger could re-submit here if they so desired). The report date is 17 December. Clearly a group of non-competition/economics expert Senators can come up with a well considered report on complex economic/competition issues in much less time than it took the experts at the ACCC. Let's not all hold our breath.

'I haven't seen this bill as yet, but when it comes to pricing signalling I've been working with our regulator, the ACCC, on this issue for over six months. It's a complex area and it's a difficult area, and what it requires is detailed assessment, drafting of legislation and accuracy. So, you can't just have a thought bubble and read the paper and see that Government has been talking to the ACCC about price signalling and produce a bill. Any bill in this area has to be based on the very firm and accurate advice of a regulator. I've not seen it, but what I do know is that there would have to be a thorough assessment of the drafting of this bill before I could even consider what we might do with it because the Government, in this area, is developing a new wave of competition reforms of which price signalling is part, and you can only do this in a methodical, well considered way, and that hasn't been happening with what the Opposition's been doing. Crass populism doesn't work in this area.'

References were also made to the Government's proposed reforms, but they were light on detail. View transcript.

See, eg, Tim Dick, 'ACCC to probe Packer's Ten raid' (The Age, 22/10/2010), 'ACCC to investigate Ten share raid' (Finance News Network, 22/10/2010) and Christine Jared-Perrin, 'ACCC Investigates Packer's investment in Ten' (International Business Times, 21/10/2010)

There is plenty of media on this - for example, see Clancy Yeates, Labor launches fresh broadband bill push (The Age 21/10/2010), Lucy Battersby, 'ACCC weighs regulating broadband' (The Age, 21/10/2010) and 'Telsta calls for a quick break-up' (SMH, 21/10/2010)