There is Medibank and Bupa in private health insurance with a market share of 26.3% and 25.5% respectively;16 Qantas Group and Virgin in Aviation with a market share of 60.8% and 37.7% respectively;17 and in banking the ANZ, CBA, Westpac and NAB dominate, controlling 72% of retail banking between them.18 This level of concentration is made easier due to the small size of the Australian market and. [...] Lack of competition and inequality Australians live in a rich country - one of the richest in the world.46 In 2023 Australia ranked 10th highest GDP per capita in the world and third highest among the world’s 20 largest economies.47 But in our rich country, more than 90% of the gains from economic growth go to the top 10 % of income earners.48 Company profits are soaring, while real wages are fall. [...] This was the conclusion of researchers from the Centre for Competition Law and Policy at the University of Oxford who analysed decisions made under European and UK Competition law over a 15-year period to 2020. [...] The FWO alleges that Woolworths underpaid 70 employees a total of $1,172,282 between March 2018 and March 2019.65 IR reform There are a number of loopholes in our existing Industrial relations law which the government is seeking to address in proposed legislation that is currently before the Parliament.66 It is our strong position that in light of the challenges faced by Australian workers, many w. [...] One way to combat this, although by no means the only way, is to reform provisions in existing laws, the ACL and the Fair Work Act 2009 (Cth), which are no longer functioning in the best interests of the Australian public.
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