GREAT NEWS FOR SMALL BUSINESS
In Australia there are approximateily 2.1 million small businesses (known as SMEs). These are made up of sole traders, partnerships and companies. The current definition of small business varies across the states but generally it is accepted the a micro business has 0-3 employees, small business 4-19 employees and medium businesses 20 +.
Section 46 left the ACCC with limited power when it comes to issues of anti-competitive activities and the misuse of market power. This in particular had a huge adverse affect on small businesses in Australia.
On 16 March, 2016, the Prime Minister announced that the government would amend Section 46 and introduce an Effects Test. Consumers, small business and economic productivity more generally will all benefit from this strenghthening of competition laws.
Please email me on firstname.lastname@example.org for the full text of this amended law where big business lobbied hard against any changes. Anne Nalder