REFORMING competition laws is the best chance to reboot the ailing economy in the wake of the mining boom's demise, according to Treasurer Scott Morrison. 
Mr Morrison yesterday said the government would adopt 44 of the 56 revolutionary recommendations in the Harper Review into competition policy, with the remaining 12 under consideration.
The government will tell the states to abolish regulated trading hours, restrictions on "the sharing economy" such as Uber and lower fuel taxes and registration charges for road use.
Mr Morrison said the adopted recommendations would rejuvenate the econom. "Post the peak in the commodity prices and the mining investments we cannot rely on those factors moving forward to support the incomes and living standards that Australians seek," Mr Morrison said.
"Increasing choice and delivering better services for consumers is central to the Turnbull government's plan for driving growth and jobs in our economy, and it is also central to our response to the Harper Review. Reforming competition is one of the best options we have to boost growth and productivity and jobs in the years ahead." The most contentious recommendation is an "effects test" in the Competition and Consumer Act which would help small businesses prove larger competitors have misused their market power, is still being considered.
Business Council of Australia chief executive Jennifer Westacott said the announcement was a "defining moment" in Australia's history: "The national competition reforms of the 1990s left Australia a more competitive and stronger economy, delivering robust real wages growth and a sustained lift in productivity.
"This has the right focus on tackling archaic impediments to competition to reinvigorate competitiveness, stimulate innovation and modernise the economy."BUSINESS PAGE 52