Our approach to economic policy rejects both the anti-competitive culture of big business and the anti-enterprise culture of many of our trade unions. It supports family and small businesses, and measures to encourage greater ownership of capital by a greater proportion of Australians. It seeks smaller government and corporate sectors in the economy, and a bigger sector of self-employment, micro, family and small business, and a bigger mutual and social enterprise sector.

Australia's highly concentrated retail sector is dominated by two companies (Coles and Woolworths) who have 70% of market share in retailing. By contrast, the two biggest retailers in the UK and USA command  48% and 20% of market share respectively. Australia's extreme levels of concentration have an adverse impact on both consumers and suppliers, particularly in farming and rural communities. The Coles-Woolies supermarket duopoly holds farmers to wafer-thin margins. Prices paid to growers fall and prices paid by consumers rise. Both Left and Right are ideologically blind to these adverse consequences of concentrations of ownership.

We seek a more inclusive society and economy, with favourable taxation and other incentives for businesses which engage people with disabilities, mental illnesses and other disadvantages, and provide supportive arrangements for their families.

Our Principles

We will

• Support the self-employment, family and small business sector by:
  
     1. giving small business owners protection from unfair contracts and unscrupulous behaviour by big business and government;
  
     2. permitting small businesses to collectively negotiate with suppliers, acquirers and franchisors;
  
     3. establishing a Small Business Ombudsman at the federal level to fix disputes with government;
  
     4. making no change to the current personal services income laws.
   

• Exempt businesses which employ less that 12 people from:
  
     1. the requirement to collect superannuation contributions by transferring this function to the tax system; and
  
     2. unfair dismissals legislation.
   

• Cut the company tax rate to 20% for firms which:
  
     1. employ people with disabilities, mental illnesses and other disadvantages, and carers, as 20% or more of their workforce, and
  
     2. have employee share ownership arrangements where 50% or more of employees own shares in that firm.

• Establish a Capital Account for eligible citizens between the ages of 18 and 55 for the purpose of building personal stocks of capital. The Capital Account would be  administered by authorized fund managers, into which an annual contribution of $5,000 would be made from the Commonwealth, supplemented by individual, employer and philanthropic contributions. Withdrawals from the Capital Account may only be made for business, property or share portfolio acquisition or development.
  
  Citizens eligible for the Capital Account will include:
  
     1. People with disabilities, mental and chronic illnesses, who are unable to hold a regular place in the paid workforce;
  
     2. Carers with caring responsibilities which prevent them from holding a regular place in the paid workforce;
  
     3. Individuals whose net assets do not exceed $200,000, or whose parents' net assets do not exceed $200,000.
    

• Allow individuals to choose to place their employer superannuation contribution in their Capital Account and/or in a super fund of their choice without qualification.
    

• Allocate to every person with a disability or mental illness over the age of 18 years not in paid employment a Small / Micro-Business Development Grant to assist in setting themselves up in small or micro-business activity. The Grant would be for $5,000 per year for a maximum of 5 years, payable to the nominated agent of the person with a disability or illness.
   

• Encourage competition and an export culture by requiring a forced divestiture of assets in any firm controlling more than 40% of national market share in any domestic market.
   

• Strengthen the Trade Practices Act provisions dealing with anti-competitive behaviour, predatory pricing, price fixing and collusive behaviour.
    

• Require downwards movement in bank fees and charges as a condition for continued licencing of banks and financial institutions, remove barriers to more effective competition to the Big Four, and require a divestiture of assets penalty where banks have a debt/equity conflict of interest.
    

• Unbundle Telstra by separating its retail operations from its network and media operations.
    

• Ease the restrictions on new entrants in banking, insurance, utilities, airlines and the media to encourage more players, more competition, and more options for consumers. Licensing fees for suppliers and providers should be set at cost-recovery rates for supervision and regulation and not used as money-making instruments for government.
    

• Bring in 'lemon' laws in all jurisdictions to protect consumers who purchase a dud product or service.
    

• Encourage the development of consumer agents or brokers in industries such as utilities, telecommunications, financial services, trade services, health and aged care.
     

• Encourage the development of regional mutual institutions to harness regional savings and investment, and aggregate regional purchasing power.
   

• Overhaul the culture of the Australian Prudential Regulatory Authority to remove its ideological bias against mutual, not-for-profit and social enterprise institutions.
   

• Scrap all forms of corporate welfare including subsidies, development assistance, relocation incentives, research grants, tariffs and industry adjustment schemes for private sector businesses.