Large firms are consolidating power like Scott Morrison consolidates jobs – and it’s hurting productivity

‘In a speech at the ANU, Andrew Leigh will address the impacts of a lack of competition on Australia’s economy.’ Photograph: Bianca de Marchi/AAP

Most Australians became acutely aware of market power in 2011 due to, of all things, the price of milk.

Prior to 2011, milk prices rose largely in line with inflation. From 1998 to the end of 2010, inflation rose 43% and the price of milk rose 44%.