Concept Of Monopolies In Australia As Guidance For Consumer
A monopoly can be defined as a scenario when a particular company and its production significantly dominate either a specific sector or the full industry. Total control over the entire market or business segment can be an example of Monopolies Market. The competitive and monopolistic market in Australia tends to mark the greatest in terms of various elements of market structure. In this monopolistic environment a company or an organization, like Bank, supermarket etc. never faces any significant business competition in Australia, because it has been the only seller and producer of the particular product or business. In a monopolistic market, a great range of factors, such as government license, copyright and patents, ownership of resources and high starting cost tends to create a singular entity as the single seller of production and goods.
The Stance Of Monopoly In Australia:
As discussed above, there are different industrial zones, which have a significant point of monopoly in their respective fields. Some industries have grown considerably greater economic scale and opportunity which can possess great power and control over the minor organizations. There are a different number of Australian monopoly companies that have emerged as monopolistic in their respective fields. When several organizations combined power their respective market field, it can be defined as multi-monopoly.
Monopoly in Airport (Aviation) Industry:
The airport is one of the most monopolistic of all of the private businesses in Australia. On its lengthy going passage and its vast architectural chambers, you are a mini upbraid, but your contribution to the company is enormous.
The airport is a part of the natural monopoly. More than one airport is very rare in any of the cities. The customer employment and Australian monopolies company have a minimal role in managing airports. Mostly in observing and announcing price rather than balancing them. There is an option to avoid the expensive fees at an airport instead of flying to another city. But we, the passengers, are stuck with a single Airport. However, we know that makes hundreds of millions of dollars on retail, parking cost, car rental and many other costs that all are passed onto us, still, we contribute to them instead of the availing of high-speed rail.
Monopoly In The Banking Sector:
ANZ, Westpac, Commonwealth and NAB are the major organizations in the Australian banking sector, which are appreciably profound in the whole industry. With a prolonged time, overall competition in the banking sector has been continually increasing, but these four organizations have gained significant control over the market place. These four banks can generate millions of dollars in terms of assets and mutual funds with their considerable coordination. Each of the organizations has been settled and aims to develop profit levels as in the monopoly market in Australia. It is challenging for new entrants to get a chance to start up a new organization in the banking sector. Hence, all customers automatically invest their assets and millions of dollars in one of the mentioned banks; those have obtained significant control of the entire banking sector.
Conclusion:
80% of the market segment has been controlled by Wesfarmers, Coles and Woolworth monopolistic firms. The rest 20% combines a large number of the other firms of the same components, like IGA, ALDI, distributors etc. Hence, the monopolistic law should be changed to keep pace with the current trend of marketing help to avoid companies with monopolies in Australia.