Australians are being overcharged by banks, energy companies, airlines and supermarkets who have exploited a lack of competition in crucial markets to push for bigger profits, according to a new report that has called on the federal government to step in and address price gouging.
"Australians are paying prices that are too high, too often," Fels said in a speech at the National Press Club this afternoon.Customers shop for essentials during the first Coles Community Hour at Coles Southland on March 18, 2020 in Melbourne, Australia. "First, the Australian government needs to act on high prices, to investigate their nature and causes and, where possible, their remedies. The remedies do not include price controls but there is much that governments could do.
Fels' review examined a range of industries including supermarkets, banks, energy, childcare and car sales, and received over 700 submissions since being announced last year.The report looked at a range of industries, including airfares, car sasles, supermarkets and energy providers.