This was effected by signing an Intergovernmental Agreement (IGA) and Federation Funding Agreement (FFA) with all Australian Treasurers at a meeting of the Council on Federal Financial Relations.
The IGA and FFA modernise and strengthen the achievements of NCP derived originally from the 1993 Hilmer report.
These agreements outline a program of productivity-enhancing and pro-competitive reforms and commit jurisdictions to the revitalised National Competition Principles. They are supported by the $900 million National Productivity Fund.
The revised Principles support effective public governance and policy making. The Principles underpin how signatories can promote and eliminate barriers to competition.
The 7 Principles, listed as Schedules 1-7 in the IGA, include:
- Principle 1 – Governments should harness the benefits of competition
- Principle 2 – Governments should support consumers to benefit from competition
- Principle 3 – Reform of public monopolies, including privatisation, should not harm consumers
- Principle 4 – Government and private businesses should compete on a level playing field
- Principle 5 – Governments should promote a single national market
- Principle 6 – Government pricing practices should be efficient and transparent
- Principle 7 – Access to significant infrastructure facilities should be on reasonable terms and prices
National Competition Principles implementation timetable
All parties to the IGA are required to develop a timetable outlining actions that parties have or will undertake to implement the revitalised Principles. For example, these actions may include reviews, consultations or policies.
Under Clause 16 of the IGA, Victoria agreed to publish this timetable by the end of 2025. Victoria’s National Competition Principles implementation timetable can be found below.
For further information, visit the Revitalising National Competition Policy page on the Australian Government’s website.
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