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Australian competition watchdog to receive A$340 million in new government budget

( October 6, 2020, 09:41 GMT | Official Statement) -- MLex Summary: Australia’s competition watchdog will see A$340 million ($243.6 million) in funding from the Australian government over the coming year, following a budget announcement today. In figures accompanying the annual budget announcement, funding for the Australian Competition & Consumer Commission is expected to increase more than 20 percent from estimated actual funding for last year of around A$276 million, in funding set to support the watchdog’s increased efforts to regulate digital platforms.  The government has also plowed an additional A$28.5 million to support the introduction of new data-portability rights for consumers to increase competition in the banking and energy industries. Additionally, the introduction of a “YourSuper” online comparison tool is expected to make the industry more competitive.  A speech from Australian Treasurer Josh Frydenberg follows; agency resourcing tables and an overview of the Australian government's economic recovery plan are attached below....

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