(Australian Associated Press)
The competition watchdog has appointed one of its specialist advisers to the newly created role of chief economist in an effort to strengthen the reasoning behind its rulings.
The Australian Competition and Consumer Commission says the appointment of Dr Graeme Woodbridge, who taught economics and econometrics at the University of Melbourne and has had two spells advising the ACCC, brings it into line with many international competition authorities.
“The complexity of the issues we deal with on a daily basis requires input from the best minds to understand what really underlies the conduct we are assessing and its impact, so we can make sound decisions in the interests of all Australians,” ACCC chairman Rod Sims said.
As well as continuing to advise the ACCC, Dr Woodbridge will inform markets and consumers about the economic reasons underpinning the watchdog’s decisions.