Qantas
When I first heard of the sale of Qantas, I thought it would be good for competition and economic efficiency. Until I realised it was being bought by such companies as Macquarie Bank, which owns the Australia's largest airport, and Texas Pacific, which has stakes in other airlines. While free markets lead to the most efficient outcomes in theory, this only occurs in reality when markets are truly free and not distorted by large, dominant operators and anti-competitive government regulations.
This sale of Qantas will neither enhance competition in the airline market nor reduce market concentration. Although it may appear political convenient, the federal government should block the sale of Qantas on these grounds. If it does proceed, it should at least remove its lucrative oligopoly over the Australia-US route, shared with United Airlines, and let other carriers compete for customers by lowering fares and improving services. In an ideal world, however, the government would do both.