Cost-of-living crisis: Albanese government launches taskforce to review competition in bid to ease pressures

Crowds in Sydney’s Pitt Street Mall. Federal Labor says the economy has arguably become less competitive over time and that disproportionately affects those less well off. Photograph: Dean Lewins/AAP

The Albanese government will appoint a taskforce to provide a rolling competition review in a bid to lower cost-of-living pressures by creating a more productive and dynamic economy.

The taskforce, set up in Treasury, will include an expert panel including Danielle Wood, chief executive of the Grattan Institute, and Rod Sims, former chair of the Australian Competition and Consumer Commission (ACCC). It will engage in “targeted public consultation” and provide continuous advice over the coming two years.