Australian Government Keen to Adopt Biden Policy on Big Business

Experts sceptical of how effective more regulation will be

President Joe Biden passes a signing pen to Chairperson of the Federal Trade Commission Lina Khan (2nd L) as (L-R) Secretary of Transportation Pete Buttigieg, Secretary of Health and Human Services Xavier Becerra, and Secretary of Commerce Gina Raimondo look on during an event at the State Dining Room of the White House in Washington on July 9, 2021. Alex Wong/Getty Images

Australia’s assistant minister for competition, Andrew Leigh, says the country should follow in the footsteps of the Biden administration and adopt a more cynical view of big business, including more government intervention in the market.

The Labor minister has blamed increasing market concentration in the hands of a few big companies for creating higher prices for consumers (including inflation), and less opportunity for workers to switch to higher paying jobs—a principle known as “dynamism.”