Australian Treasurer, Joe Hockey, and Minister for Small Business, Bruce Billson, have announced that the Productivity Commission will begin an inquiry into Australia’s Intellectual Property system. The inquiry will review Australia’s balance between the protection of IP rights and the promotion of competition, and will assess whether the current system encourages innovation. International trade obligations will also be considered.
Any changes that are recommended following this review will impact the future of Australia’s investment, competition, trade, innovation, and consumer welfare, making the inquiry critical to the future productivity and growth of the Australian economy.
For further information, please see the Productivity Commission website here.