The federal government will undertake a review of competition policy settings to help build a more dynamic and productive economy.
The review will look at competition laws, policies and institutions, with a focus on reforms that would increase productivity, reduce the cost of living and boost wages. It will also consider non-compete and related clauses that restrict workers from shifting jobs.
"Australia’s productivity growth has slowed over the past decade, and reduced competition has contributed to this – with evidence of increased market concentration, a rise in markups and a reduction in dynamism across many parts of the economy," Treasurer Jim Chalmers said.
"We need to ensure our competition policy settings are fit for purpose in the face of the big shifts underway in our economy, so we can make the most of digitalisation, the growth in services, the net zero transformation, while supporting our nation’s most vulnerable."