Lack of competition driving decline in Australian living standards, productivity: report

STORY: Lack of competition driving decline in Australian living standards, productivity: report SHOOTING TIME: March 29, 2024 DATELINE: March 30, 2024 LENGTH: 0:01:40 LOCATION: Canberra CATEGORY: SOCIETY SHOTLIST: 1. various of Australian Parliament House 2. various of flights (Virgin, Rex, Qantas) 3. various of Australian Banks (ANZ, Westpac, Commonwealth Bank) 4. various of Australian telecommunications companies (Telstra, Optus, Vodafone) STORYLINE: The living standards of Australians are under threat from a lack of competition in the private sector, a parliamentary inquiry has warned. In a report published on Wednesday, the federal parliament's bipartisan Standing Committee on Economics found that there has been a decline or stagnation in competition in Australia and a rise in market concentration across a range of sectors. It attributed the slowdown in Australia's productivity over the past decade to reduced competition, increased market concentration, slower private investment in new technology and

AUSTRALIA-CANBERRA-THICK FOG

AUSTRALIA-CANBERRA-THICK FOG

(220617) -- CANBERRA, June 17, 2022 (Xinhua) -- Photo taken on June 17, 2022 shows the Telstra Tower above Black Mountain in the thick fog in Canberra, Australia. (Photo by Chu Chen/Xinhua)

AUSTRALIA-CANBERRA-THICK FOG

AUSTRALIA-CANBERRA-THICK FOG

(220617) -- CANBERRA, June 17, 2022 (Xinhua) -- Photo taken on June 17, 2022 shows the Telstra Tower above Black Mountain in the thick fog in Canberra, Australia. (Photo by Chu Chen/Xinhua)

AUSTRALIA-CANBERRA-FOG-SCENERY

AUSTRALIA-CANBERRA-FOG-SCENERY

(220514) -- CANBERRA, May 14, 2022 (Xinhua) -- Photo taken on May 14, 2022 shows the iconic Telstra Tower in thick fog in Canberra, Australia. (Photo by Liu Changchang/Xinhua)