On 11 April 2018, the House of Representative's Standing Committee on Industry, Innovation, Science and Resources released its report for the Inquiry into impacts on local businesses in Australia from global internet-based competition (Internet Competition Inquiry).
With the rapid growth of internet commerce, Australian businesses are facing increasing competition from overseas retailers using the internet to market directly to the Australian public. The rise of internet-based retail also provides opportunity for export of Australian products to overseas consumers.
The Internet Competition Inquiry assessed the response of Australian businesses to growing competition from global online competitors and support for businesses to adopt digital technologies and take advantage of the opportunities presented by the digital economy. The Committee's report recommends:
- Establishing a digital grants program to assist small business to take advantage of digital economy opportunities.
- Establishing a digital retraining fund to assist Australian workers to enhance their digital skills to find and maintain employment.
- Investing in Australia's forecasting capability for future digital skills needs.
- Future reform of competition law in light of the potential impact of digital retail platforms.
- Developing educational material aimed at encouraging small business to participate in the digital economy.
- Legislating in a manner that is mindful of monopolistic practices, legal loopholes and data accessibility rules that may advantage internet-based companies over Australian businesses.
The finalised report for the Internet Competition Inquiry can be accessed here.
