Regulator news and government inquiries Archives - Page 9 of 73

5 October , 2023

AER Highlights Better Outcomes but Continue Challenges

The Australian Energy Regulator’s (AER) latest State of the energy market report highlights that the energy system in 2023 experienced fewer shocks and better outcomes than in the preceding year, however many of the vulnerabilities observed in 2022 remain.

The report reveals some improved outcomes in wholesale energy markets with average wholesale electricity prices significantly lower than the record highs seen in 2022. Wholesale gas prices also declined significantly from 2022 but remain high by historical standards.

5 October , 2023

ACCC Report on Lithium-Ion and Consumer Product Safety Urges a ‘Multi-Faceted Approach’

The Australian Competition and Consumer Commission today published its latest report on consumer product safety and lithium-ion or Li-ion batteries – the type of batteries used in personal electronic devices, renewable energy storage, and e-vehicles. The report, available here in pdf and audio form, is part of the ACCC’s 2022-23 and 2023-234 priority on product…

3 October , 2023

Market Forces Fail to Deliver Accessible and Affordable Childcare

The Australian Competition and Consumer Commission (ACCC) yesterday released the second interim report for their 2022-23 inquiry into childcare. Included in the report are draft findings and recommendations on the costs, profitability and viability, policy, and effectiveness of market regulations specific to the Australian childcare sector – with reference to other OECD countries which largely…

29 September , 2023

Major Improvements Highlighted in BCCC Annual Report

Despite some continued questions from the Banking Code Compliance Committee (BCCC) and consumer groups about the lack of reported breaches, an article on the matter can be found here, the latest BCCC Annual Report does showcase some major improvements that BCCC has made over the last financial year.

28 September , 2023

Mandatory Better Bills Guideline to Simplify Energy Bills for Consumers

From 30 September, energy bills will be easier for consumers to understand as energy retailers comply with the new billing obligations in the Australian Energy Regulator’s (AER) Better Bills Guideline.

Retailers must now include a ‘better offer’ statement on the front page of their bill. This statement must tell the customer if the retailer can offer a better deal, which could include the retailer’s standing offer, and include details of how to switch plans.

27 September , 2023

Scam Ads ‘Rife’ on Digital Platforms as Social Media Platforms Fail to Act

“Digital platforms have vast resources and technical capabilities to detect and prevent scams, but without mandatory rules backed by strong civil penalties, companies will continue to have little incentive to protect people.”

27 September , 2023

40% of Bassinets in Australia Fail Safety Test

“Unfortunately, there is currently no mandatory Australian safety standard for bassinets. This means that year after year we continue to see unsafe bassinets make it onto the shelves,” says Kim Gilmour, CHOICE baby product expert.

26 September , 2023

NAB’s Conduct Ruled Unconscionable – Maximum $2.1 Million Penalty Applied

“If systems have let customers down, we expect all financial institutions, especially our banks, to act quickly to reduce consumer harm,”

22 September , 2023

Single Parents Unfairly Priced Out of Health Insurance

Single parents who want to cover their children on their policy will be slugged with an increase of up to 60–70% in many cases. Sometimes they’ll even pay twice as much.

22 September , 2023

Improvements for Consumers But Concerns Linger Over Reporting Practices

The Customer Owned Banking Code Compliance Committee (COBCCC) has recently released its Annual Report for 2022-23 (available here). There was positive news in terms of the preparedness of customer-owned banks to adopt the new 2022 Customer Owned Banking Code of Practice (the Code) which has been characterised as clearer and stronger in its commitments, especially…

22 September , 2023

EnergyAustralia in Court over Alleged Misleading Information

“With electricity prices increasing, and many Australians looking for a better deal, it’s crucial that the information people receive from their energy company is correct and can be relied upon,” ACCC Chair Gina Cass-Gottlieb said.

22 September , 2023

Preparing for a Bushfire Insurance Claim

“Natural disasters can be one of the most complex issues to navigate when it comes to insurance,” says CHOICE insurance expert Jodi Bird.

“There are some simple things you can do right now to make things easier should you become affected by a bushfire and need to make a claim.”