The Government has given its support to the Competition Policy Review recommendation that the price signalling provisions of the Competition and Consumer Act should be repealed. In a response to the Harper Review released yesterday, Treasurer Scott Morrison said the Government would develop exposure draft legislation to repeal the price signalling provisions of the CCA and introduce a broader "concerted practices" provision.Price signalling law was introduced in 2012 and applies only to banks. It prohibits them from disclosing prices to competitors in private, where doing so is not in the ordinary course of business. It also prohibits public or private disclosure that is for the purpose of "substantially lessening competition".The final report of the Harper Review said: "In their current form, the prohibitions against price signalling in the CCA do not strike the right balance in distinguishing between anti-competitive behavior and pro-competitive conduct."Being confined to a single industry, the current provisions are also inconsistent with the principle that the CCA should apply to all business generally."In a submission to Treasury in response to the review, the Australian Competition and Consumer Commission said it welcomed the recommendation and agreed that a wider prohibition on concerted practices "should lead to a more competitive marketplace by raising the standard of business dealings."There are concerted practices provisions prohibiting anti-competitive disclosure of information in United States, Canadian, UK and EU law. What it means is that conduct that is "jointly arranged or carried out or co-ordinated" would be prohibited if it could be shown that the concerted practice had the purpose, effect or likely effect of substantially lessening competition.