Report Exposes Exploitative Pricing in Australia, Calls for Policy Reform

A comprehensive inquiry led by former ACCC chair Allan Fels reveals widespread corporate greed and a lack of competition across key sectors, urging immediate legislative action.

• Former ACCC chair Allan Fels reveals exploitative pricing practices in various Australian sectors, attributing them to corporate greed and a lack of competition.
• The report, commissioned by the ACTU, highlights how dominant businesses have fueled inflation and increased living costs by leveraging market power.
• Key sectors affected include supermarkets, banks, airlines, and electricity, with recommendations for policy changes to enhance competition and consumer rights.
• The inquiry found that excessive profits contributed to inflation, with businesses exploiting their market power over consumers and supply chains.
• Recommendations include making the ACCC investigate pricing behavior, making account numbers as portable as mobile numbers, and banning non-compete clauses in employment contracts.

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