What does the Competition Act 1998 aim to prevent?

The Competition Act 1998 is specifically designed to promote fair competition in the marketplace and aims to prevent agreements and practices that may harm competition. This includes anti-competitive agreements, abuse of dominant market positions, and practices that could significantly limit competition or distort market operations. By doing so, the Act seeks to ensure that businesses operate on a level playing field, which ultimately benefits consumers through greater choice, lower prices, and innovation.

The focus of the Act is distinctly on competition law rather than regulatory concerns such as labor laws, financial fraud, or environmental issues, which fall under entirely different areas of legislation. This specificity allows the Act to foster a competitive market environment that is crucial for economic growth and efficiency. Thus, the primary objective of the Competition Act 1998 is to safeguard and promote competitive practices within the economy.