The Business Council of Australia took the high road in its two-page submission to the Senate banking inquiry.The letter, from BCA chief executive Katie Lahey, invites the committee to reflect on the "fundamental underpinnings of competitive markets and best-practice competition regulation."Lahey lists 10 principles. Included among them are: "a market-based system promotes growth and raises living standards"; "competition laws should protect the competitive process rather than particular competitors", and "competition laws should not be used to deliver broader social objectives, such as preserving domestic firms or employment."