Equity effects of microeconomic reforms: competition policy in Australia

States that assessment of competition policy in Australia shows that the policy is focused on competition regardless of any imbalances of market power or of its effects on income distribution. Describes briefly the policy and its background and argues that it: ignores established economic theory; that there is inadequate recognition of constraints; and that there is unsupported aversion to expert, industry‐specific regulators. Shows that acceptance of crudely defined economic efficiency as the dominant objective is likely to result in significant and frequently inequitable effects on income distribution.