Member

The Government support an innovative and competitive market, but these amendments are not needed to achieve this once the scale measures commence. We are already creating space in the market for innovation through the new entrant pathway, and schemes in the market will still need to be competitive to retain and grow their market share, leading to innovation. I said on Report and say again: we will look at innovation and competition as part of the scale measures and the review of non-scale default arrangements. The outcomes of that review must be taken into account when making regulations about consolidation of non-scale default arrangements.