The first thing to say is that if a power exists there will be an expectation it will be used. The CBA and I thought about what the outcomes of an inquiry can be. We cannot come up with an outcome that puts the Commissioner of Competition in a better position to do something than having properly thought about a market, obtained information from market participants, and, if the circumstances warranted it, proceeding with an inquiry on a targeted basis.
The costs need to be measured relative to the benefits of undertaking an inquiry, and certainly the costs would be very significant. Resources would be redirected. There are limited resources at the bureau--I think they'll be the first ones to tell you that--and to redirect resources to a massive market-wide inquiry that would have to be comprehensive in order to be fair, in order to reach an outcome that really can have no positive effect, is a cost that is not outweighed by the benefits.
On the other hand, allowing the commissioner to focus on its role as an enforcer, to take action where it's warranted in the market, where the protections in the act have been well contemplated, where market participants will know in advance they are the target of an inquiry and will take appropriate action to protect themselves, that's worth it. To go down this road only sets us up for the bureau being pressured to undertake a market study at tremendous costs to numerous market participants--and all market participants would have to be included--who then fear the consequences of not fully complying with a court order, which is the only way to compel production of information.
I can tell you if you go into a company and speak to employees who don't deal with lawyers every day and you say you need every document that uses the word X or Y, they're afraid of the consequences of not fully complying. It's a huge imposition on business, in terms of retaining lawyers but also lost productivity of people searching their files. And for what? What will be the outcome? Will there really be the benefit that is hoped for? Our concern is that there won't be, and that the costs will definitely outweigh the benefits.