<\/p>\n\n\n\n
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\uff08\u6587\uff1a\u6b27\u67cf\uff09<\/p>\n\n\n\n
<\/p>\n\n\n\n
Opinion<\/p>\n\n\n\n
Property Rights Are Not a Shield for Monopoly<\/p>\n\n\n\n
New Zealand\u2019s supermarket duopoly is hiding behind a familiar mantra.<\/p>\n\n\n\n
This week, 51 New Zealand business leaders signed an open letter urging political parties to \u201crespect private property and freedom of contract.\u201d David Seymour, the leader of the ACT Party, quickly picked up the baton, declaring that \u201chistorical data show supermarket mergers have not led to price increases\u201d and flatly opposing forced divestiture of supermarkets. It sounds high-minded. But look closely, and the letter and its argument are using the language of the free market to shelter an oligopoly.<\/p>\n\n\n\n
First, property rights and freedom of contract are not absolute. Competition law is itself a legitimate limit on freedom of contract.<\/p>\n\n\n\n
Banning cartels, prohibiting the abuse of market dominance, reviewing mergers, requiring wholesale access\u2014which of these is not an intervention in \u201cfreedom of contract\u201d? If lawful operation exempted a company from competition oversight, the Commerce Act could be tossed in the bin and the Commerce Commission shut down. Divestiture carried out under law and with compensation is not \u201cconfiscation.\u201d It is not an \u201cattack on lawful businesses.\u201d It is a routine tool by which a market economy corrects itself. Standard Oil was broken up. AT&T was broken up. The real question has never been whether intervention is possible, but whether it has a legal basis, independent assessment, compensation and a transition period.<\/p>\n\n\n\n
Second, Seymour uses international food-price synchronization to prove that mergers are harmless. That is a classic bait and switch.<\/p>\n\n\n\n
He says that since the early 1990s, New Zealand food prices have broadly tracked Australia and the OECD average, so supermarket mergers did not cause price increases. But food prices are driven by exchange rates, energy, climate, shipping and global commodities. Cross-country synchronization is normal. More important, Australian supermarkets are also dominated by a Coles-Woolworths duopoly. If New Zealand and Australia move together, that may show both markets are insufficiently competitive, not that competition is healthy.<\/p>\n\n\n\n
To prove mergers are harmless, you need to look at market share, gross margins, EBIT margins, supplier payment terms, regional competition and barriers to entry\u2014not a single aggregate CPI line. Overall food inflation is a crude measure. It masks category prices, promotional tactics, supplier squeeze and regional price gaps. Using one international curve to exonerate a duopoly is not empirical research. It is political advocacy.<\/p>\n\n\n\n
Third, the Commerce Commission\u2019s 2022 grocery market study already gave the answer: competition is not working well for consumers.<\/p>\n\n\n\n
New Zealand\u2019s grocery market has long been dominated by Foodstuffs and Woolworths NZ, which together hold roughly 80 percent. The Commerce Commission is not a radical left-wing body. It is an independent statutory regulator. It found competition inadequate and recommended a code of conduct, wholesale access, planning reform and a ban on restrictive land covenants. It did not recommend forced divestiture, but it demolished the myth of robust competition. ACT says the case for divestiture is \u201cextremely thin.\u201d What is actually thin is its willingness to engage with the official market study.<\/p>\n\n\n\n
Fourth, \u201creduce regulation and attract new investors\u201d cannot replace competition enforcement.<\/p>\n\n\n\n
ACT says the solution is to reduce regulatory barriers and let new competitors enter. The problem is that new entrants face more than permits: wholesale supply lock-in, logistics networks, brand recognition, exclusive land covenants, economies of scale and supplier rebates. Reducing regulation alone may not break a duopoly. A more effective mix is to require major supermarkets to supply new entrants at wholesale, impose a code of conduct and a Grocery Commissioner, ban restrictive land covenants, reform planning to make opening stores easier, increase transparency in prices and supplier terms, and consider structural divestiture only when necessary. Setting \u201cless regulation\u201d against \u201cforced divestiture\u201d is a false binary.<\/p>\n\n\n\n
Fifth, the signatures of 51 CEOs and directors are interest-group advocacy, not neutral evidence.<\/p>\n\n\n\n
These 51 people come from various industries, but many are big-business leaders who may themselves benefit from the existing market structure. Their open letter is political lobbying, not empirical research. The number of signatures cannot substitute for data. Investor confidence matters, but it does not follow that monopoly rents are its precondition. What really damages investor confidence is arbitrary, retrospective and unpredictable policy\u2014not competition reform carried out under law, transparently and with transition periods.<\/p>\n\n\n\n
Seymour says divestiture savings would be small and inflation would wipe them out. That confuses nominal and real prices. If inflation is 5 percent, prices rise 5 percent without divestiture and 4 percent with it; consumers still gain in real terms. A real price improvement of 1 to 2 percent a year compounds and is not trivial. More important, antitrust intervention is not only about short-term price cuts. It is about restoring competition, constraining market power, improving fairness for suppliers and driving innovation and productivity. Short-term inflation cannot be used to veto long-term structural reform.<\/p>\n\n\n\n
New Zealanders are paying the bill for a duopoly. If political parties genuinely care about the cost of living, they should find the courage to support lawful, transparent, compensated and phased structural divestiture, alongside wholesale access, a code of conduct, planning reform and a ban on restrictive land covenants. Do not be intimidated by 51 signatures. Do not be held hostage by the phrase \u201cproperty rights.\u201d<\/p>\n\n\n\n
Lawful operation does not mean exemption from competition oversight. International price synchronization does not mean robust competition. CEO signatures do not mean neutral research. ACT has conflated these three things. It is not defending the market economy. It is defending monopoly rents.<\/p>\n\n\n\n
New Zealand does not need a more docile regulator. It needs a more competitive market. Those who fear competition have no business lecturing the country about the cost of living.<\/p>\n\n\n\n
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