Better competition will lead to cheaper goods and a higher standard of living, Small Business Minister Bruce Billson says.
Speculation that petrol will be taxed higher, along with other actions by the federal government in its first budget next Tuesday, have raised renewed concerns about the cost of living.
But Mr Billson, promoting the federal government's competition policy review at a conference in Melbourne, believes the path to sustained economic success is best supported by sensible policymaking.
"Sound competition policy will ease cost-of-living pressures and raise living standards for all Australians," he told a Committee for Economic Development of Australia lunch.
Mr Billion announced the competition review in March, led by Professor Ian Harper.
He said ensuring an open, competitive economy was the best way to make sure all Australian businesses had the chance to succeed and grow.
The review was more than just "kicking the tyres" and was an opportunity to boost productivity growth.
"Wealth isn't a gift; it should be earned from hard work, innovation and risk-taking," he said.
"Our living standards are not a birthright. We need to work for them as a nation."
Professor Harper and his review panel will publish a draft report later in 2014.
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