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Prepare for sweeping changes to Australia's retail trading hours, taxi services and road transport regulations.
The Turnbull government has agreed to the vast majority of recommendations from Professor Ian Harper's review of Australia's competition laws, the first of its kind over two decades.
Treasurer Scott Morrison says the reforms will unleash a wave of competition, boost economic growth and jobs and improve consumer incomes.
"Previous national competition policy reforms in response to the Hilmer review in the 1990s and early 2000s delivered efficiency improvements that boosted Australia's GDP by 2.5 per cent," Mr Morrison said.
He said in the aftermath of the commodities boom, Australia's economy would depend critically on increasing productivity, and competition policy was one of the surest ways to lift long-term productivity growth.
The government will now work with state and territory governments to sweep away the most enduring market restrictions faced by Australians in their everyday lives, granting new access to goods and services from taxis and books, to 24/7 shopping on all but a few public holidays.
It will also pursue dramatic changes to road transport regulations, rules governing shipping, and online shopping, with restrictions on the so-called parallel import of goods such as books, instant coffee and software also vanishing.
Big business groups, major retailers, motoring groups and consumers welcomed the government's response to the review.
"These reforms are the most significant of their kind in over 20 years and once implemented should boost economic growth significantly," said Rod Sims, the chairman of the Australian Competition and Consumer Commission.
Business Council chief executive Jennifer Westacott said if implemented well, Tuesday's announcement would be a "defining moment in Australia's economic journey".
"The national competition reforms of the 1990s left Australia a more competitive and stronger economy, delivering robust real wages growth and a sustained lift in productivity. The comprehensive reform agenda announced by the Treasurer today has the potential to do the same," Ms Westacott said.
The government will adopt 44 of the review's 56 recommendations in part or in whole, hoping to boost competition and help Australia adapt to dramatic changes in the global economy.
It said it remained open to the 12 remaining recommendations, depending on further consultation with state governments and industry.
The government has not adopted the review's recommendation regarding section 46, which refers to the legal definition of harmful competition.
Instead, it will release a discussion paper specifically on this issue, with comments due by February 12, which will then be considered by cabinet by the end of March, at which time the government will announce its final position.
It has "noted" the recommendation to remove restrictions on pharmacy ownership and location rules.
The government said it had agreed, with the Pharmacy Guild, to an independent public review of pharmacy remuneration and regulation, with a final report due by March 1, 2017.
"So we've rejected not one recommendation in this report," Mr Morrison said on Tuesday.
Professor Harper told Fairfax Media he was very happy with the government's response, including its decision to seek further consultation on some recommendations.
"Section 46 was the most controversial of all the recommendations, as you're aware, so it makes perfect sense for the government to attempt to see if it can't broker some greater agreement between parties who are very strongly divided on the issue," he said.
But small business groups, the National Farmers' Federation, and Senator Nick Xenophon have all criticised the government's decision to delay, yet again, any decision on the controversial recommendation regarding section 46.
Infrastructure Partnerships Australia said it was the first public commitment by a national government to fix road and rail transport.
The Retail Council said it was very happy the government would pursue retail trading hour reform, planning and zoning reform, and will remove parallel import restrictions.
The Business Council of Australia and the Retail Council welcomed the government's decision to consult further on Section 46, saying they looked forward to participating in the consultation process in the coming months.
