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NSW to name and shame pandemic profiteers

By Grace Ormsby · April 16 2020
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egg

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NSW to name and shame pandemic profiteers

By Grace Ormsby
April 16 2020
Reading:
egg
grocery pandemic profiteers

NSW to name and shame pandemic profiteers

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By Grace Ormsby · April 16 2020
Reading:
egg
grocery pandemic profiteers

A new initiative could see businesses “inexplicably” hiking prices for essential items named and shamed across NSW.

The state’s minister for better regulation, Kevin Anderson, has said the COVID-19 situation is being made more difficult for everyone when people take advantage of the community’s heightened feeling of anxiety – especially around items such as food and toilet paper. 

It’s already a challenging time, he conceded.

“So far, NSW businesses are largely doing the right thing, and to date, we’ve seen very few examples of businesses trying to profit from the crisis.”

But he advised that “it’s best to shop with retailers and brands you know and trust to avoid being taken for a ride”.

“If you believe something has had an inexplicable price hike, then discuss it with the trader, and if you are still dissatisfied, contact Fair Trading,” he encouraged.

According to the minister, any reports made to NSW Fair Trading will be investigated, with traders asked to justify any significant price increases on essential items.

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“This ensures businesses have the right to respond to claims made against them rather than face trial by social media, especially if there is a legitimate reason for the price increase,” Mr Anderson said.

It was reported that where there is no known legitimate business reason for the increased price, a public warning can be issued under section 86A of the Fair Trading Act.

This allows the minister to warn the public about the conduct of a business, with Mr Anderson stating it would help consumers make informed decisions when shopping, as well as deter traders tempted to do the wrong thing.

Legitimate business reasons for price hikes include increased transportation costs, increased staff costs, shortage of a particular good due to extenuating circumstances such as drought or price increases from the manufacturer or supplier.

“This is a time to look after each other and ensure people can access the goods and services they need to stay safe and healthy,” Mr Anderson concluded.

NSW to name and shame pandemic profiteers
grocery pandemic profiteers
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About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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