Andrew Leigh, assistant minister for charities, competition and treasury, will make the argument in a speech on Monday at the Sydney Ideas talk series.
He will argue a fresh round of competition reform is needed with stamp duty, privatisation and occupational licensing amongst the top priorities.
Dr Leigh will draw inspiration from the 1993 Hilmer National Competition Policy Review, which gave birth to certain microeconomic reforms.
"The focus of competition reform in our era should be on the private sector, where there are real concerns about Australia's economic dynamism," he will say.
"Emerging trends, such as a fall in job-switching and business start-up rates, just as market concentration and mark-ups increase, suggest our economy has become less competitive."
Dr Leigh will also say privatising public monopolies can be dangerous and must not simply be viewed by how much they can be sold for.
He will argue all levels of government need to better scrutinise privatisation from a competition standpoint.
"Everyone agrees that it's not much good for taxpayers to get a hefty price from a privatisation, only to be price-gouged by the newly formed private sector monopoly," Dr Leigh will say.
"If a privatisation closes off competition or fails to regulate the prices that can be charged to users, then a deal that seems savvy in the short term can look foolish in the long term, amounting to a multi-decade tax on consumers and exporters."
But, Dr Leigh says, times have changed in 30 years and economic efficiency can't be the only factor at play.
"Energy markets are an obvious example ... as we transition to net-zero carbon emissions, we will need to adapt our buildings, transport networks, manufacturing facilities and more," he will argue.
"Competition policy should encourage this transition, and the many new jobs that will accompany it."
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