The Chairman of the Australian Competition and Consumer Commission, Professor Allan Fels, today welcomed Cabinet's decision to repeal the import monopoly laws regarding CDs.
The multi-national record companies have had seven years' warning that they need to get their prices down and they have done nothing, he said.
There remains a $7 gap in the price of new CDs in Australia (after allowing for tax). This gap has remained for many years and the only way in which it can be overcome is by repealing the import restrictions which were always totally unjustified.
I am very pleased with the Government's decision, which was made in the face of enormous pressure from powerful multi-national record companies and a very strong local campaign.
However the interests of consumers and competition must come first. The public interest is paramount.
The decision will welcomed by all Australians young, old and middle-aged!
For further information on this media release Ms Lin Enright, Director, Public Relations, (02) 6264 2808
The multi-national record companies have had seven years' warning that they need to get their prices down and they have done nothing, he said.
There remains a $7 gap in the price of new CDs in Australia (after allowing for tax). This gap has remained for many years and the only way in which it can be overcome is by repealing the import restrictions which were always totally unjustified.
I am very pleased with the Government's decision, which was made in the face of enormous pressure from powerful multi-national record companies and a very strong local campaign.
However the interests of consumers and competition must come first. The public interest is paramount.
The decision will welcomed by all Australians young, old and middle-aged!
For further information on this media release Ms Lin Enright, Director, Public Relations, (02) 6264 2808