ACCC Chair Gina Cass-Gottlieb explores how the decisions regulators make today shape the markets, infrastructure and institutions that Australians will rely on for decades to come in the opening address for this year's ACCC/AER Regulatory Conference.
 
    Transcript
              

Good morning, and thank you.



It is a pleasure to open the 2026 ACCC/AER Regulatory Conference.



I would like to begin by acknowledging the Traditional Custodians of the lands, waterways and skies across Australia.



I pay my respects to the Jagera and Turrbal peoples, on whose Country we meet, and to their Elders past and present. I also extend my respect to Aboriginal and Torres Strait Islander peoples joining us today.



And thank you to Songwoman Baringa for welcoming us to Country today. Thank you for reminding us that the Jagera and Turrbal peoples' culture continues to be a living, breathing presence here, and that as we gather here, we are guided by wisdom that has flowed through this Country for countless generations.



I would also like to warmly welcome our international guests and colleagues from government, industry, academia, the legal profession and regulatory agencies.



Thank you for joining us.



I would also like to acknowledge and thank the ACCC and AER working group and all those involved in planning this important event.



The theme of this year's conference is Delivering the Generational Bargain.



It is a theme that invites us to think beyond today's challenges and consider what we will leave for those who come after us.



For regulators, that question has particular resonance.



The decisions we make today shape the markets, infrastructure and institutions that Australians will rely on for decades to come.



We are often called upon to respond to immediate issues and emerging challenges. We also have a responsibility to ensure that the systems we oversee remain strong, adaptable and fit for the future.



This idea sits comfortably alongside another challenge confronting regulators and business today: how we build resilience in an increasingly uncertain world.



We are living through a period of profound change. Geopolitical tensions, technological disruption, climate-related risks and changing consumer expectations are reshaping the environment in which governments, businesses and regulators operate.



In this context, resilience matters.



Resilience is the ability of our markets, institutions and infrastructure systems to withstand shocks, adapt to changing circumstances and continue delivering for consumers and communities.



For regulators, resilience is not simply about responding to crises. It is about creating the conditions that allow markets to evolve while maintaining the conditions that support competition, investment to continue and consumers to remain confident, even during periods of uncertainty.



Achieving that outcome depends on what I would describe as the regulatory bargain.



The regulatory bargain reflects a shared understanding between consumers, governments, businesses and investors. Consumers expect affordable, reliable and high-quality services. Businesses and investors seek confidence that efficient investments will be recognised and rewarded. Governments look to markets and infrastructure to support broader economic and social objectives.



Good regulation helps balance these interests.



At its best, regulation protects consumers and promotes competition while providing the certainty needed to support efficient investment, innovation and long-term service delivery.



In a world of increasing uncertainty, maintaining that balance has become both more difficult and more important.

Building on Australia's reform legacy



Australia has a strong history of reform in this space.



The reforms that followed the Hilmer Review in the 1990s were transformative. They embedded competition principles across the economy, opened up key infrastructure sectors and established a national access regime under Part IIIA of the Competition and Consumer Act. The Productivity Commission at the end of that period estimated those reforms to have led to a permanent uplift in Australia’s GDP of 2.5%.[1]



Two decades later, the Harper Review reaffirmed those principles in a changing economic environment. It recognised that competition policy must evolve as markets evolve and that strong institutions are critical to delivering good outcomes over the long term.



Together, these reforms highlight an important lesson.



Well-designed regulatory frameworks, grounded in competition principles and supported by capable institutions, can deliver enduring benefits for consumers, investors and the broader community.



The benefits of these reforms extended far beyond the specific issues they were designed to address.



By strengthening the competitive foundations of Australia's economy, they created benefits that continued to accrue long after the reforms themselves were implemented.



Australia's reform history reminds us that institutions matter.



It also reminds us that resilience is cumulative.



Each generation builds upon the work of those who came before it, strengthening the foundations that will support those who follow.



But these reforms also remind us that reform is not a one-off event.



It is an ongoing process of learning, adapting and refining.

Infrastructure in a changing world



That lesson is particularly relevant today as the very definition of infrastructure continues to evolve.



For much of the past century, infrastructure was relatively easy to define. We thought of roads, railways, ports, energy networks and telecommunications systems — the physical assets that underpinned economic participation.



Increasingly, that definition is becoming less clear.



One of the most interesting themes explored at last year's conference was the changing nature of infrastructure and what that means for regulators. Infrastructure is no longer confined to physical networks. Increasingly, participation in modern society depends on digital platforms, cloud computing, data centres, payment systems, digital communications and emerging forms of artificial intelligence.



The boundaries between physical and digital infrastructure are becoming increasingly blurred.



Energy networks are becoming software enabled.



Transport systems rely on sophisticated digital technologies.



Communications networks now support entire digital ecosystems.



Data itself has become a critical economic asset.



As infrastructure evolves, regulators are confronting new questions about access, interoperability, market power and accountability. At the same time, many of the underlying regulatory challenges remain familiar. How do we promote competition? How do we encourage efficient investment? How do we ensure consumers benefit from innovation? And how do we maintain confidence in markets and institutions?



The challenge is not deciding whether infrastructure has changed.



It clearly has.



The challenge is ensuring that our regulatory frameworks continue to deliver good outcomes in a world where the assets, technologies and markets we regulate are changing rapidly.

The role of modern regulation



This is where the regulatory bargain becomes especially important.



While the nature of infrastructure may be evolving, the fundamental objectives of regulation remain remarkably consistent.



We need markets that work in the long-term interests of consumers.



We need investors who have confidence to commit capital to long-lived assets.



We need businesses that are incentivised to innovate and improve services.



And we need institutions capable of adapting to changing technologies and changing market structures.



Different jurisdictions have taken different approaches to achieving these outcomes.



In the United Kingdom, regulators have increasingly focused on market-wide interventions and systemic remedies where competition is not delivering effective outcomes.



Across Europe, there has been greater use of proactive regulatory approaches in infrastructure and digital markets.



In the United States, strong competition law enforcement continues to play an important role alongside sector-specific regulation.



Closer to home, New Zealand continues to refine its toolkit through market studies and targeted interventions aimed at addressing persistent competition concerns.



What these examples illustrate is that there is no single model for effective regulation.



There are however common themes.



One is the importance of having a flexible and adaptable toolkit.



Markets evolve, technologies change and new risks emerge. Regulatory frameworks must be capable of responding.



Another is the importance of looking at markets holistically.



Competition issues do not always arise from individual conduct. They can reflect structural features, coordination challenges, asymmetry of information or barriers to entry.



A third is proportionality.



Across jurisdictions there is a growing recognition that regulation should be right-sized: evidence based, proportionate and targeted to the problem it seeks to address.



The goal is not more regulation.



It is better regulation.



These lessons are particularly important in infrastructure sectors.



Whether we are discussing energy, transport, telecommunications, water networks or digital platforms, infrastructure remains fundamental to economic and social participation.



Infrastructure businesses often make investment decisions with consequences that last for decades.



Consumers depend on these services every day.



Governments rely on them to support broader economic and social objectives.



Regulators sit at the intersection of these interests.



Our role is not to favour one objective over another but to create frameworks that recognise the trade-offs inherent in regulatory decision making and reach the right balance over time.



That means protecting consumers from the exercise of market power while providing investors with confidence that efficient and prudent investments will be recognised and rewarded.



It means supporting affordability today while ensuring resilience, reliability and sustainability for future generations.



When this balance is achieved, the result is stronger investment signals, greater trust and more resilient markets.



In a period of geopolitical uncertainty, those outcomes take on even greater significance.



Resilient infrastructure, competitive markets and effective institutions help economies adapt to shocks, embrace innovation and respond to emerging challenges.



One of the lessons from recent years is that strong institutions matter.



Whether responding to global disruptions, technological change or shifting economic conditions, regulators have an important role in providing stability and confidence.



While the environment around us changes, our purpose remains constant: protecting and promoting the long-term interests of consumers, supporting competitive markets and ensuring that our regulatory frameworks remain fit for purpose.



In many ways, effective regulation is about being adaptable without losing sight of first principles.



It is about responding to change while remaining anchored to enduring objectives.



Strong and predictable regulatory frameworks provide the confidence needed for long-term investment and long-term planning.



This is why international dialogue matters.



No single country has all the answers.



By sharing experiences, challenging assumptions and learning from one another, we can improve the quality of our own frameworks and strengthen the institutions that underpin them.

Conclusion



Conferences like this play an important role in strengthening the regulatory community.



They bring together diverse perspectives and create space for informed and constructive discussion.



Over the next two days, we will explore the future of energy, digital markets, essential infrastructure and emerging technologies. We will challenge assumptions, share experiences and learn from one another.



The issues before us are complex, and the solutions will not always be straightforward.



And Australia's reform history gives us confidence.



It reminds us that strong institutions, well-designed regulatory frameworks and a commitment to competition can deliver benefits that endure long after individual decisions have been made.



At the same time our reform history reminds us of our dual responsibility to maintain critical thinking about regulation itself; and to constantly learn, listen, adapt and consider how we can do it better.



Ultimately, the challenge before us is not simply how to respond to today's pressures.



It is how to ensure that the markets, infrastructure and institutions we leave behind are capable of meeting the challenges of tomorrow.



And that is the generational bargain.



To leave future generations with an economy that is more resilient, more competitive and more capable than the one we inherited ourselves.



Thank you, and I look forward to the discussions ahead.

 




[1] Productivity Commission, Review of National Competition Policy Reforms, Inquiry Report No. 33(link is external), Productivity Commission, 2005, accessed 3 August 2025.

ACCC Chair Discusses Future Regulatory Challenges at 2026 Conference

In her opening address at the 2026 ACCC/AER Regulatory Conference, ACCC Chair Gina Cass-Gottlieb highlighted the theme 'Delivering the Generational Bargain,' urging regulators to consider the long-term impacts of their decisions on future markets and infrastructure.

 Cass-Gottlieb acknowledged the challenges faced by regulators today, including geopolitical tensions, technological disruptions, and changing consumer expectations, emphasizing the need for resilience in regulatory frameworks.

 The concept of the regulatory bargain was introduced, which reflects the shared expectations between consumers, businesses, and governments. Effective regulation should balance these interests while promoting competition and ensuring consumer protection.

 Australia's history of regulatory reforms, particularly following the Hilmer and Harper Reviews, was discussed as a foundation for current practices. These reforms have led to significant economic benefits and highlight the importance of adaptable regulatory frameworks.

 The evolving definition of infrastructure was also addressed, noting the increasing significance of digital platforms and technologies. Regulators must adapt to these changes while maintaining their core objectives of promoting competition and protecting consumers.

 Cass-Gottlieb concluded by stressing the importance of international dialogue and collaboration among regulators to improve regulatory frameworks and ensure they remain effective in a rapidly changing environment.



ACCC Chair Discusses Future Regulatory Challenges at 2026 Conference

Gina Cass-Gottlieb, Chair of the Australian Competition and Consumer Commission, emphasizes the importance of regulatory decisions in shaping future markets and infrastructure during the opening address of the 2026 ACCC/AER Regulatory Conference.