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Price gouging and public concern

By Grace Ormsby · March 30 2020
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egg

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Price gouging and public concern

By Grace Ormsby
March 30 2020
Reading:
egg
Price gouging and public concern

Price gouging and public concern

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By Grace Ormsby · March 30 2020
Reading:
egg
Price gouging and public concern

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. 

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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.

Price gouging and public concern
Price gouging and public concern
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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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