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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Wednesday, 03 June 2020

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Price gouging and public concern

By Grace Ormsby · March 30 2020

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Save

Price gouging and public concern

By Grace Ormsby
March 30 2020

Reading:

Price gouging and public concern

By Grace Ormsby · March 30 2020

Reading:

Panic buying has seen a number of anecdotal reports around the practice of price gouging, leading to a response from Australia’s consumer watchdog.

The Australian Competition and Consumer Commission (ACCC) has noted that price gouging for essential products is a “significant public concern at this time”.

According to the watchdog, it will be prioritising its activities in relation to this conduct, even though the practice is “generally not illegal”.

However, if a business makes misleading claims about the reason for price increases, it could be in breach of Australian Consumer Law.

In addition, it’s also possible that extreme price gouging for essential products may amount to unconscionable conduct, the ACCC flagged.

The statement from the watchdog outlined that it will “continue to focus on affordability issues in sectors such as energy, communications and petrol”.

To do this, it will draw attention to the sectors where it considers excessive pricing to be in effect, “and where necessary will identify businesses engaging in conduct of this kind”.

“The ACCC recognises that affordability of essential services is particularly critical at a time of growing unemployment,” it said.

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About the author

Grace Ormsby

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.