The ACCC has also urged Prime Minister Tony Abbott to push for the privatisation of state-owned energy companies.
Chairman Rod Sims has told The Australian Financial Review a root-and-branch review of competition laws should recommend the government relinquish control of long-held assets to ensure productivity and the greatest benefit to the public.
“I think it would be the most important driver of how Australia improves its productivity,” Sims told the Fairfax paper.
“Of all the reviews going on, this will be the most important because it will be removing impediments to competition right across the country.”
On the matter of energy assets, Sims said consumers would be paying less for electricity, particularly in Queensland and NSW, if the assets had been in private hands.
The ACCC boss said his priorities this year would include pursuing large penalties against major companies who breached consumer laws as well as closely monitoring petrol prices.