Cheaper books, longer shopping hours, and medicines available at supermarkets could be on the cards in the wake of a new report.

The Federal Government has released a 548 page report by economist Ian Harper on Australia’s competition rules.

Professor Harper, whose review is the first of its kind in two decades, said if State and Federal Governments acted on his 56 recommendations it would boost productivity, help balance the budget, and bolster the economy and jobs.

One of the key recommendations is to immediately remove regulations governing retail trading hours and parallel imports, which shield local businesses from overseas competition.

While the ACT, Northern Territory, Victoria, Tasmania, and NSW have almost completely deregulated trading hours, the report said Western Australia, South Australia and Queensland still had significant restrictions.

“Deregulation of retail trading hours is overdue, and remaining restrictions should be removed as soon as possible,” it says.

The report also recommends long standing restrictions on pharmacy location and ownership should be scrapped, opening the sector to more competition under a simpler set of rules guaranteeing access to medicines and quality of advice.

The Australian Retailers Association (ARA) says retailers will have concerns around the final recommendations of the Harper Review and how valuable an effects test would be under the proposed section 46 changes.

ARA executive director, Russell Zimmerman, said the proposed changes to section 46 provide little confidence that the proposal will work.

“The Harper Review recommended deregulation of community pharmacies which is another concern for us. The small to medium retail sector is reliant on pharmacies in supporting activity centres and the ARA strongly recommends that the government commits to supporting community pharmacy,” said Zimmerman.

“There are other areas in this report which can only be addressed by state governments. We have seen issues such as petrol pricing being corrected at both a Federal and state level and believe this process will continue.

“We are pleased the report recognises the impact that inflexible penalty rates has on operating hours within the globally competitive market,” he said.

Anna McPhee, CEO of The Australian National Retailers Association (ANRA), said the report  opens the door for a new wave of microeconomic reform in Australia.

“Consultation in the weeks ahead will be important in setting the right balance for a healthy competitive environment that may be fierce at times, but should always be fair,” McPhee said.

“It will be up to the Government to importantly address the unfinished business of previous reviews, take up the expansion of competition policy into new areas like services and ensure the pace of reform boosts the economy.”

ANRA commends the panel for incorporating a road map, however, says it will urge the Government to work faster on the long overdue areas of unfinished business.

“Extended periods of transition are unnecessary in the highly competitive and fast moving global consumer goods market,” said McPhee.

“In light of the Government’s firm commitment to reduce the regulatory burden, cost and dampening effect of red tape on business and the community, the Government’s response to the Final Report should focus on removing regulation and complexity that adds to the cost of doing business and not on adding to the regulatory burden.

The report also calls for rules governing planning and zoning, taxis and ride-sharing and mandatory product standards be reviewed as a priority.

The review calls for new laws to prevent big companies from misusing their market power.

The change should address concerns of small independent grocers that Coles and Woolworths’ dominance is seriously affecting their ability to compete.

The Australian Competition and Consumer Commission (ACCC) said it welcomed the release of the Competition Policy Review Panel’s final report.

“This is a very important report. It sets out many pro-competitive reforms which, if adopted, could significantly enhance economic productivity over the years ahead,” ACCC chairman, Rod Sims, said.

The Government will respond to the recommendations in eight to 10 weeks and after the May 12 Budget.