Richard Harman from Politik reports that big business is feeling a bit hurty over proposed changes to the Commerce Commission by Paul Goldsmith.
Though Commerce and Consumer Affairs Minister Paul Goldsmith is playing it down, a Government review of competition law that he announced yesterday has the potential to make radical changes that could affect some of New Zealand’s largest companies.
Mr Goldsmith describes the review as a “health check” on the current law.
But accompanying documentation from the Ministry of Business, Innovation and Employment says the current law, administered by the Commerce Commission.
The Ministry argues that it has not been working satisfactorily because it is:
- failing to punish anti-competitive conduct by powerful firms and
- too complex to allow for cost-effective and timely application,
Commenting on the announcement, the law firm Chapman Tripp, says the prospect of amendments to the Commerce Act will have implications for the commercial and compliance strategies of New Zealand’s most strategically important companies.