In times where every cent matters, keeping a close watch on our regular spending has become par for the course.

A pressing concern for many Australians lately has been the noticeable uptick in supermarket prices. Beyond our grocery bills, even airfare costs have seen a sharp increase. So, what's behind these shifts?

The union-backed investigation is seeking answers to address ‘skyrocketing supermarket prices and surging airfares.’

The Australian Council of Trade Unions (ACTU) is spearheading this investigation with Professor Allan Fels in charge.

During the inquiry, Rebecca Thistleton, the Executive Director of McKell Institute, stated that price gouging was now a harsh reality, particularly for those in rural and remote regions.

Ms Thistleton explained, ‘When you already have decreased competition, the increased costs of getting fruit and vegetables transported to these areas mean the prices become unmanageable for anyone.’

Thistleton referenced research from the National Indigenous Australians Agency, showing that remote communities pay up to 40 per cent more for groceries than those in capital cities.

She underscored cases where consumers shelled out ‘$12 for a box of Cornflakes’ or ‘$13 for a small jar of Vegemite.’

Have you ever seen Vegemite priced at $13 a jar? What's the most you've ever paid for it? Image source: Pixabay.

But this isn't just about groceries.

Mike McNess, the National President of the Transport Workers Union, informed the inquiry that Qantas airfares had increased by 32 per cent compared to pre-pandemic levels.

He said: ‘While airfares have gone through the roof, service standards have gone through the floor’ and further added: ‘Paying a third more for a ticket wouldn't be justified even if standards had improved.’

However, in Qantas' annual report, the airline states that, compared to the days before the pandemic, its domestic fares have risen by only 4 per cent from pre-Covid levels, and its international fares have increased by 10 per cent, adjusted for inflation.

The Transport Workers Union alleges that Qantas airfares have risen by 32 per cent compared to before the pandemic. Image source: Pixabay.

The inquiry marks the most recent phase in the continuing debate between employer groups and unions about the factors fuelling inflationary pressures in the economy.

At the inquiry's start, Professor Fels openly stated that price setting is the ‘missing piece’ to understanding Australia's inflation patterns.

Inflation has dropped from its 7.8 per cent peak in the December quarter to a recent 4.9 per cent. However, Professor Fels stresses the importance of understanding the impact of higher prices on households and identifying the reasons for the price increase.

‘I want to focus on the immediate prices. What's driving them? How are they set? Are they fair or unfair? Would they survive if there is true competition?’ he said.

The ACTU often referenced a recent analysis by the Organisation for Economic Co-operation and Development (OECD) from June.

This analysis revealed that in Australia, as inflation sped up early last year, higher prices were primarily driven by profits, especially from mining and energy companies.

Furthermore, the OECD found that when inflation hit its peak at 7.8 per cent in the December quarter, both profits and labour costs equally drove the price hikes.

Andrew McKellar, Chief Executive of the Australian Chamber of Commerce and Industry, described the inquiry as a ‘pantomime’. Image source: NCA NewsWire / Gary Ramage.

After the inquiry's initial hearing, Andrew McKellar, Chief Executive of the Australian Chamber of Commerce and Industry (ACCI)—Australia's top business lobby group—described the inquiry as a ‘pantomime.’

‘It is a farcical inquiry. It is limited, superficial and has no power,’ McKellar said.

‘We already have bodies like the Australian Competition and Consumer Commission (ACCC) that are tasked to examine poor behaviour in the economy. Why the unions now feel they have a mandate to examine this issue is unusual.’

The inquiry will present findings and recommend policy solutions to the ACTU to curb future price gouging in an interim report by the end of this year.

Key Takeaways

• A union-backed inquiry is investigating allegations of price gouging in supermarket prices and airfares.
• The Australian Council of Trade Unions, led by Professor Allan Fels, is conducting a probe into competition.
• Rebecca Thistleton of the McKell Institute highlighted price gouging issues in rural areas due to decreased competition and rising costs.
• The inquiry will provide the ACTU with findings on price gouging in an interim report by year-end.

Members, we want to hear from you! Have you personally felt the impact of price gouging on your day-to-day expenses? Share your experiences and thoughts with us below. How has it affected your household or business?

 

[Littleboy8]

Just bought a 380gm jar woollies for under $8.00 will last me for months I eat it every day so I think that’s cheap

 

[DrivingGirl]

Don’t particularly trust the unions but not a bad idea to have another body scrutinise the analysis of the ACCC - it has been found wanting on a few occasions!

 

[lynstacker]

In times where every cent matters, keeping a close watch on our regular spending has become par for the course.

A pressing concern for many Australians lately has been the noticeable uptick in supermarket prices. Beyond our grocery bills, even airfare costs have seen a sharp increase. So, what's behind these shifts?

The union-backed investigation is seeking answers to address ‘skyrocketing supermarket prices and surging airfares.’

The Australian Council of Trade Unions (ACTU) is spearheading this investigation with Professor Allan Fels in charge.

During the inquiry, Rebecca Thistleton, the Executive Director of McKell Institute, stated that price gouging was now a harsh reality, particularly for those in rural and remote regions.

Ms Thistleton explained, ‘When you already have decreased competition, the increased costs of getting fruit and vegetables transported to these areas mean the prices become unmanageable for anyone.’

Thistleton referenced research from the National Indigenous Australians Agency, showing that remote communities pay up to 40 per cent more for groceries than those in capital cities.

She underscored cases where consumers shelled out ‘$12 for a box of Cornflakes’ or ‘$13 for a small jar of Vegemite.’

View attachment 30555

Have you ever seen Vegemite priced at $13 a jar? What's the most you've ever paid for it? Image source: Pixabay.

But this isn't just about groceries.

Mike McNess, the National President of the Transport Workers Union, informed the inquiry that Qantas airfares had increased by 32 per cent compared to pre-pandemic levels.

He said: ‘While airfares have gone through the roof, service standards have gone through the floor’ and further added: ‘Paying a third more for a ticket wouldn't be justified even if standards had improved.’

However, in Qantas' annual report, the airline states that, compared to the days before the pandemic, its domestic fares have risen by only 4 per cent from pre-Covid levels, and its international fares have increased by 10 per cent, adjusted for inflation.

View attachment 30556

The Transport Workers Union alleges that Qantas airfares have risen by 32 per cent compared to before the pandemic. Image source: Pixabay.

The inquiry marks the most recent phase in the continuing debate between employer groups and unions about the factors fuelling inflationary pressures in the economy.

At the inquiry's start, Professor Fels openly stated that price setting is the ‘missing piece’ to understanding Australia's inflation patterns.

Inflation has dropped from its 7.8 per cent peak in the December quarter to a recent 4.9 per cent. However, Professor Fels stresses the importance of understanding the impact of higher prices on households and identifying the reasons for the price increase.

‘I want to focus on the immediate prices. What's driving them? How are they set? Are they fair or unfair? Would they survive if there is true competition?’ he said.

The ACTU often referenced a recent analysis by the Organisation for Economic Co-operation and Development (OECD) from June.

This analysis revealed that in Australia, as inflation sped up early last year, higher prices were primarily driven by profits, especially from mining and energy companies.

Furthermore, the OECD found that when inflation hit its peak at 7.8 per cent in the December quarter, both profits and labour costs equally drove the price hikes.

View attachment 30557

Andrew McKellar, Chief Executive of the Australian Chamber of Commerce and Industry, described the inquiry as a ‘pantomime’. Image source: NCA NewsWire / Gary Ramage.

After the inquiry's initial hearing, Andrew McKellar, Chief Executive of the Australian Chamber of Commerce and Industry (ACCI)—Australia's top business lobby group—described the inquiry as a ‘pantomime.’

‘It is a farcical inquiry. It is limited, superficial and has no power,’ McKellar said.

‘We already have bodies like the Australian Competition and Consumer Commission (ACCC) that are tasked to examine poor behaviour in the economy. Why the unions now feel they have a mandate to examine this issue is unusual.’

The inquiry will present findings and recommend policy solutions to the ACTU to curb future price gouging in an interim report by the end of this year.

Key Takeaways

• A union-backed inquiry is investigating allegations of price gouging in supermarket prices and airfares.
• The Australian Council of Trade Unions, led by Professor Allan Fels, is conducting a probe into competition.
• Rebecca Thistleton of the McKell Institute highlighted price gouging issues in rural areas due to decreased competition and rising costs.
• The inquiry will provide the ACTU with findings on price gouging in an interim report by year-end.

Members, we want to hear from you! Have you personally felt the impact of price gouging on your day-to-day expenses? Share your experiences and thoughts with us below. How has it affected your household or business?

Driven by corporate greed. There is no point having an investigation unless the investigating body has the power to force change.

 

[LeahI]

Everyone knows they are gouging us!
And they think we are stupid and don't notice.
They always trot out the same rhetoric about fuel, supply issues etc., but I went to an IGA in a regional town recently and got a whole rib fillet for $13.99kg.
And all their prices are fairer. Where are their 'issues'?

 

[kevinwoodtufftyke52@gmail]

In times where every cent matters, keeping a close watch on our regular spending has become par for the course.

A pressing concern for many Australians lately has been the noticeable uptick in supermarket prices. Beyond our grocery bills, even airfare costs have seen a sharp increase. So, what's behind these shifts?

The union-backed investigation is seeking answers to address ‘skyrocketing supermarket prices and surging airfares.’

The Australian Council of Trade Unions (ACTU) is spearheading this investigation with Professor Allan Fels in charge.

During the inquiry, Rebecca Thistleton, the Executive Director of McKell Institute, stated that price gouging was now a harsh reality, particularly for those in rural and remote regions.

Ms Thistleton explained, ‘When you already have decreased competition, the increased costs of getting fruit and vegetables transported to these areas mean the prices become unmanageable for anyone.’

Thistleton referenced research from the National Indigenous Australians Agency, showing that remote communities pay up to 40 per cent more for groceries than those in capital cities.

She underscored cases where consumers shelled out ‘$12 for a box of Cornflakes’ or ‘$13 for a small jar of Vegemite.’

View attachment 30555

Have you ever seen Vegemite priced at $13 a jar? What's the most you've ever paid for it? Image source: Pixabay.

But this isn't just about groceries.

Mike McNess, the National President of the Transport Workers Union, informed the inquiry that Qantas airfares had increased by 32 per cent compared to pre-pandemic levels.

He said: ‘While airfares have gone through the roof, service standards have gone through the floor’ and further added: ‘Paying a third more for a ticket wouldn't be justified even if standards had improved.’

However, in Qantas' annual report, the airline states that, compared to the days before the pandemic, its domestic fares have risen by only 4 per cent from pre-Covid levels, and its international fares have increased by 10 per cent, adjusted for inflation.

View attachment 30556

The Transport Workers Union alleges that Qantas airfares have risen by 32 per cent compared to before the pandemic. Image source: Pixabay.

The inquiry marks the most recent phase in the continuing debate between employer groups and unions about the factors fuelling inflationary pressures in the economy.

At the inquiry's start, Professor Fels openly stated that price setting is the ‘missing piece’ to understanding Australia's inflation patterns.

Inflation has dropped from its 7.8 per cent peak in the December quarter to a recent 4.9 per cent. However, Professor Fels stresses the importance of understanding the impact of higher prices on households and identifying the reasons for the price increase.

‘I want to focus on the immediate prices. What's driving them? How are they set? Are they fair or unfair? Would they survive if there is true competition?’ he said.

The ACTU often referenced a recent analysis by the Organisation for Economic Co-operation and Development (OECD) from June.

This analysis revealed that in Australia, as inflation sped up early last year, higher prices were primarily driven by profits, especially from mining and energy companies.

Furthermore, the OECD found that when inflation hit its peak at 7.8 per cent in the December quarter, both profits and labour costs equally drove the price hikes.

View attachment 30557

Andrew McKellar, Chief Executive of the Australian Chamber of Commerce and Industry, described the inquiry as a ‘pantomime’. Image source: NCA NewsWire / Gary Ramage.

After the inquiry's initial hearing, Andrew McKellar, Chief Executive of the Australian Chamber of Commerce and Industry (ACCI)—Australia's top business lobby group—described the inquiry as a ‘pantomime.’

‘It is a farcical inquiry. It is limited, superficial and has no power,’ McKellar said.

‘We already have bodies like the Australian Competition and Consumer Commission (ACCC) that are tasked to examine poor behaviour in the economy. Why the unions now feel they have a mandate to examine this issue is unusual.’

The inquiry will present findings and recommend policy solutions to the ACTU to curb future price gouging in an interim report by the end of this year.

Key Takeaways

• A union-backed inquiry is investigating allegations of price gouging in supermarket prices and airfares.
• The Australian Council of Trade Unions, led by Professor Allan Fels, is conducting a probe into competition.
• Rebecca Thistleton of the McKell Institute highlighted price gouging issues in rural areas due to decreased competition and rising costs.
• The inquiry will provide the ACTU with findings on price gouging in an interim report by year-end.

Members, we want to hear from you! Have you personally felt the impact of price gouging on your day-to-day expenses? Share your experiences and thoughts with us below. How has it affected your household or business?

There is across the board price gouging starting with essential services for a start , groceries and transport and taxes. Why do businesses need to increase profits every year? A 5 to 10% profit is a reasonable target which also reduces inflation. Also paying CEO'S ridiculous salaries and bonuses and stopping ordinary workers from asking for a reasonable pay rise is just not right.

 

[Veggiepatch]

I thought there would be a mention of honey. Having not buying it for years and thinking it was going to be a few dollars was a mistake. Little change from $10 for an average squeeze bottle. I was ready to call for the in store defibrillator!

 

[Suzanne rose]

Buy when they are on sale . I just bought 4 x 380g jar of vegemite at Coles on sale for $5.80 cheaper than the largest jar. This will last us maybe 9 months

 

[Petra]

I do most of my shopping at the NUMBER ONE SUPERMARKET for the 3rd year in a row, ALDI !!! I still get a 500 grams tub of butter for $4.75. Their fresh fruit and veggies are cheaper than anywhere else and I LOVE LOVE their spreadable cream cheese in a jar. PLUS they have a delicious LOWER CARB white bread (in the green bag) ... I will never ever buy anything from IGA, they are crazy expensive. I can buy 2 weeks of groceries for me and my daughter costing me $120.00 including meat ! And I also love their coffees in the little jar. I re-use the jars for other things. No I don't work for Aldi, or know someone who does, I just love their prices. I can't buy the same items at the other supermarkets for what I pay at Aldi.

 

[mylittletibbies]

The wages of CEOs is a disgrace. I don't care what they do, nobody is worth millions of dollars.
They should be ashamed of themselves even accepting this sort of money, while workers go without pay rises for years, jobs are out sourced, etc.
They are basically ripping off everyday people, being paid these astronomical amounts to dream up more and more ways to cut the throats of the general public.
Don't know how they can look at themselves in the mirror.
Maybe they should think about the French Revolution, when the people had finally had enough of the hoi poloi.

 

[Catherines]

The wages of CEOs is a disgrace. I don't care what they do, nobody is worth millions of dollars.
They should be ashamed of themselves even accepting this sort of money, while workers go without pay rises for years, jobs are out sourced, etc.
They are basically ripping off everyday people, being paid these astronomical amounts to dream up more and more ways to cut the throats of the general public.
Don't know how they can look at themselves in the mirror.
Maybe they should think about the French Revolution, when the people had finally had enough of the hoi poloi.

Agree with every word you’ve said although we do have to re-consider how much it costs a grower to produce some stuff we consume; but the profits by supermarkets & especially pay to CEOs and their final payout is criminal.

 

[Suzanne rose]

I do most of my shopping at the NUMBER ONE SUPERMARKET for the 3rd year in a row, ALDI !!! I still get a 500 grams tub of butter for $4.75. Their fresh fruit and veggies are cheaper than anywhere else and I LOVE LOVE their spreadable cream cheese in a jar. PLUS they have a delicious LOWER CARB white bread (in the green bag) ... I will never ever buy anything from IGA, they are crazy expensive. I can buy 2 weeks of groceries for me and my daughter costing me $120.00 including meat ! And I also love their coffees in the little jar. I re-use the jars for other things. No I don't work for Aldi, or know someone who does, I just love their prices. I can't buy the same items at the other supermarkets for what I pay at Aldi.

Some great tips there

 

[GillyH]

I have gone back to the green grocer around the corner for my fruit and veg. Yesterday I purchased some bananas and tomatoes for $1.99 a kilo. I do look for bargains especially with items we use alot of, both the tomatoes & bananas can be frozen when they go a little soft for cooking down the track. Even cheap avocados can be frozen into small amounts in ice cube trays. I have tried all brands of tomato sauce now & buy Fountain brand,. 30cents for 2lt. Masterfoods is .54cents for 920ml or Rosella .66cents for 500ml.

 

[Suzanne rose]

I thought there would be a mention of honey. Having not buying it for years and thinking it was going to be a few dollars was a mistake. Little change from $10 for an average squeeze bottle. I was ready to call for the in store defibrillator!

I now call honey . Gold

 

[Littleboy8]

I now call honey . Gold

I love honey but now have gone back to golden syrup my second favourite. My dad had golden syrup on his weetbix everyday before work for donkeys years. God bless him.and it tastes yummy also.

 

[Beverly Veale]

In times where every cent matters, keeping a close watch on our regular spending has become par for the course.

A pressing concern for many Australians lately has been the noticeable uptick in supermarket prices. Beyond our grocery bills, even airfare costs have seen a sharp increase. So, what's behind these shifts?

The union-backed investigation is seeking answers to address ‘skyrocketing supermarket prices and surging airfares.’

The Australian Council of Trade Unions (ACTU) is spearheading this investigation with Professor Allan Fels in charge.

During the inquiry, Rebecca Thistleton, the Executive Director of McKell Institute, stated that price gouging was now a harsh reality, particularly for those in rural and remote regions.

Ms Thistleton explained, ‘When you already have decreased competition, the increased costs of getting fruit and vegetables transported to these areas mean the prices become unmanageable for anyone.’

Thistleton referenced research from the National Indigenous Australians Agency, showing that remote communities pay up to 40 per cent more for groceries than those in capital cities.

She underscored cases where consumers shelled out ‘$12 for a box of Cornflakes’ or ‘$13 for a small jar of Vegemite.’

View attachment 30555

Have you ever seen Vegemite priced at $13 a jar? What's the most you've ever paid for it? Image source: Pixabay.

But this isn't just about groceries.

Mike McNess, the National President of the Transport Workers Union, informed the inquiry that Qantas airfares had increased by 32 per cent compared to pre-pandemic levels.

He said: ‘While airfares have gone through the roof, service standards have gone through the floor’ and further added: ‘Paying a third more for a ticket wouldn't be justified even if standards had improved.’

However, in Qantas' annual report, the airline states that, compared to the days before the pandemic, its domestic fares have risen by only 4 per cent from pre-Covid levels, and its international fares have increased by 10 per cent, adjusted for inflation.

View attachment 30556

The Transport Workers Union alleges that Qantas airfares have risen by 32 per cent compared to before the pandemic. Image source: Pixabay.

The inquiry marks the most recent phase in the continuing debate between employer groups and unions about the factors fuelling inflationary pressures in the economy.

At the inquiry's start, Professor Fels openly stated that price setting is the ‘missing piece’ to understanding Australia's inflation patterns.

Inflation has dropped from its 7.8 per cent peak in the December quarter to a recent 4.9 per cent. However, Professor Fels stresses the importance of understanding the impact of higher prices on households and identifying the reasons for the price increase.

‘I want to focus on the immediate prices. What's driving them? How are they set? Are they fair or unfair? Would they survive if there is true competition?’ he said.

The ACTU often referenced a recent analysis by the Organisation for Economic Co-operation and Development (OECD) from June.

This analysis revealed that in Australia, as inflation sped up early last year, higher prices were primarily driven by profits, especially from mining and energy companies.

Furthermore, the OECD found that when inflation hit its peak at 7.8 per cent in the December quarter, both profits and labour costs equally drove the price hikes.

View attachment 30557

Andrew McKellar, Chief Executive of the Australian Chamber of Commerce and Industry, described the inquiry as a ‘pantomime’. Image source: NCA NewsWire / Gary Ramage.

After the inquiry's initial hearing, Andrew McKellar, Chief Executive of the Australian Chamber of Commerce and Industry (ACCI)—Australia's top business lobby group—described the inquiry as a ‘pantomime.’

‘It is a farcical inquiry. It is limited, superficial and has no power,’ McKellar said.

‘We already have bodies like the Australian Competition and Consumer Commission (ACCC) that are tasked to examine poor behaviour in the economy. Why the unions now feel they have a mandate to examine this issue is unusual.’

The inquiry will present findings and recommend policy solutions to the ACTU to curb future price gouging in an interim report by the end of this year.

Key Takeaways

• A union-backed inquiry is investigating allegations of price gouging in supermarket prices and airfares.
• The Australian Council of Trade Unions, led by Professor Allan Fels, is conducting a probe into competition.
• Rebecca Thistleton of the McKell Institute highlighted price gouging issues in rural areas due to decreased competition and rising costs.
• The inquiry will provide the ACTU with findings on price gouging in an interim report by year-end.

Members, we want to hear from you! Have you personally felt the impact of price gouging on your day-to-day expenses? Share your experiences and thoughts with us below. How has it affected your household or business?

 

[Beverly Veale]

We only buy Bega Vegemite - Kraft is an American Company, and they should have been banned from selling their Vegemite into Australia. Why support an American Company when Bega is Australian owned.

 

[maggiej]

I have gone back to the green grocer around the corner for my fruit and veg. Yesterday I purchased some bananas and tomatoes for $1.99 a kilo. I do look for bargains especially with items we use alot of, both the tomatoes & bananas can be frozen when they go a little soft for cooking down the track. Even cheap avocados can be frozen into small amounts in ice cube trays. I have tried all brands of tomato sauce now & buy Fountain brand,. 30cents for 2lt. Masterfoods is .54cents for 920ml or Rosella .66cents for 500ml.

Never heard of such low prices for the above. I do buy the Fountain brand and it is more like $2.85+ for 500 ml bottle

 

[wendell]

Yes of course we all notice the price increases at the supermarkets . Specials are certainly not as good then they have the cheek to say buy 2 of the same item to get the reduction . Supermarkets are their to keep making bigger profits , Governments are the same it’s all about greed

 

[IAN3005]

In times where every cent matters, keeping a close watch on our regular spending has become par for the course.

A pressing concern for many Australians lately has been the noticeable uptick in supermarket prices. Beyond our grocery bills, even airfare costs have seen a sharp increase. So, what's behind these shifts?

The union-backed investigation is seeking answers to address ‘skyrocketing supermarket prices and surging airfares.’

The Australian Council of Trade Unions (ACTU) is spearheading this investigation with Professor Allan Fels in charge.

During the inquiry, Rebecca Thistleton, the Executive Director of McKell Institute, stated that price gouging was now a harsh reality, particularly for those in rural and remote regions.

Ms Thistleton explained, ‘When you already have decreased competition, the increased costs of getting fruit and vegetables transported to these areas mean the prices become unmanageable for anyone.’

Thistleton referenced research from the National Indigenous Australians Agency, showing that remote communities pay up to 40 per cent more for groceries than those in capital cities.

She underscored cases where consumers shelled out ‘$12 for a box of Cornflakes’ or ‘$13 for a small jar of Vegemite.’

View attachment 30555

Have you ever seen Vegemite priced at $13 a jar? What's the most you've ever paid for it? Image source: Pixabay.

But this isn't just about groceries.

Mike McNess, the National President of the Transport Workers Union, informed the inquiry that Qantas airfares had increased by 32 per cent compared to pre-pandemic levels.

He said: ‘While airfares have gone through the roof, service standards have gone through the floor’ and further added: ‘Paying a third more for a ticket wouldn't be justified even if standards had improved.’

However, in Qantas' annual report, the airline states that, compared to the days before the pandemic, its domestic fares have risen by only 4 per cent from pre-Covid levels, and its international fares have increased by 10 per cent, adjusted for inflation.

View attachment 30556

The Transport Workers Union alleges that Qantas airfares have risen by 32 per cent compared to before the pandemic. Image source: Pixabay.

The inquiry marks the most recent phase in the continuing debate between employer groups and unions about the factors fuelling inflationary pressures in the economy.

At the inquiry's start, Professor Fels openly stated that price setting is the ‘missing piece’ to understanding Australia's inflation patterns.

Inflation has dropped from its 7.8 per cent peak in the December quarter to a recent 4.9 per cent. However, Professor Fels stresses the importance of understanding the impact of higher prices on households and identifying the reasons for the price increase.

‘I want to focus on the immediate prices. What's driving them? How are they set? Are they fair or unfair? Would they survive if there is true competition?’ he said.

The ACTU often referenced a recent analysis by the Organisation for Economic Co-operation and Development (OECD) from June.

This analysis revealed that in Australia, as inflation sped up early last year, higher prices were primarily driven by profits, especially from mining and energy companies.

Furthermore, the OECD found that when inflation hit its peak at 7.8 per cent in the December quarter, both profits and labour costs equally drove the price hikes.

View attachment 30557

Andrew McKellar, Chief Executive of the Australian Chamber of Commerce and Industry, described the inquiry as a ‘pantomime’. Image source: NCA NewsWire / Gary Ramage.

After the inquiry's initial hearing, Andrew McKellar, Chief Executive of the Australian Chamber of Commerce and Industry (ACCI)—Australia's top business lobby group—described the inquiry as a ‘pantomime.’

‘It is a farcical inquiry. It is limited, superficial and has no power,’ McKellar said.

‘We already have bodies like the Australian Competition and Consumer Commission (ACCC) that are tasked to examine poor behaviour in the economy. Why the unions now feel they have a mandate to examine this issue is unusual.’

The inquiry will present findings and recommend policy solutions to the ACTU to curb future price gouging in an interim report by the end of this year.

Key Takeaways

• A union-backed inquiry is investigating allegations of price gouging in supermarket prices and airfares.
• The Australian Council of Trade Unions, led by Professor Allan Fels, is conducting a probe into competition.
• Rebecca Thistleton of the McKell Institute highlighted price gouging issues in rural areas due to decreased competition and rising costs.
• The inquiry will provide the ACTU with findings on price gouging in an interim report by year-end.

Members, we want to hear from you! Have you personally felt the impact of price gouging on your day-to-day expenses? Share your experiences and thoughts with us below. How has it affected your household or business?

The Halal certification board may have been feeling the pinch as his wife couldn't afford her luxuries. Gave Vegemite a miss when I found out it was certified.