Regulator news - Consumers' Federation of Australia

1 July , 2020

Consumer Data Right goes live for data sharing

Consumers can now choose to share their banking data to access more personalised financial products and services following the launch of the Consumer Data Right today. All four major banks are capable of sharing their customers’ data, when requested by the customer. Other authorised deposit-taking institutions will join the Consumer Data Right over the coming…

1 July , 2020

New protections for energy customers take effect

Victorian energy consumers can now sign up to a new energy deal with the assurance that prices won’t increase more than once every 12 months, with new rules taking effect today. The change is one of many energy reforms to begin on 1 July and mean retailers can no longer engage in ‘bait and switch’…

29 June , 2020

New research shines light on how consumers understand electricity offers

The Australian Energy Regulator (AER) and Australian Competition and Consumer Commission (ACCC) on Friday published Testing Comprehension of the Reference Price, research jointly commissioned from the Behavioural Insights Team (BIT). This research provides new insights about the ways consumers understand electricity offers and the AER and the ACCC will use these insights to consider how…

25 June , 2020

Consumers urged to look out for unexpected international transaction fees

Consumers should look out for unexpected international transaction fees when buying online from major brands, the ACCC has warned. Even websites with a .com.au domain name or that appear to be Australian based may process transactions overseas, meaning consumers can get charged an international transaction fee even for a purchase made in Australian dollars. The…

24 June , 2020

Rise in investment scams during COVID-19 pandemic

ASIC has seen a rise in the number of investment scam reports from Australian consumers and investors during the COVID-19 (coronavirus) pandemic. Reports of misconduct received by ASIC from March to May 2020 are up 20% compared to the same period last year. ASIC Executive Director for Assessment and Intelligence Warren Day said economic uncertainty…

24 June , 2020

Coronavirus price gouging – what went wrong?

A CHOICE analysis has found over 1 in 3 Australians faced more expensive essentials at the height of coronavirus. The consumer advocate has also found freezers were a key item to face steep price rises as lockdowns came into effect. CHOICE’s Consumer Pulse survey** asked respondents if “the prices for essential goods were generally higher…

17 June , 2020

Easier comparisons now available for foreign currency conversions

People who use foreign currency conversion (FX) services now have greater access to accurate online calculators to help compare prices, but the ACCC says greater transparency is still needed at a time when many Australians are sending money to family and friends overseas. The ACCC’s Foreign currency exchange services inquiry report, released in September last…

11 June , 2020

CHOICE calls for urgent price gouging legislation to protect Victorians in future crises

Consumer advocate CHOICE has written to the Victorian Consumer Affairs Minister Marlene Kairouz with proposed legislation to stop price gouging on essentials during a crisis. “The past few months have shown us that in a crisis, consumer protections for Australians are the first thing to go.” says Amy Pereira, CHOICE Campaigner. “We need strong protections…

21 May , 2020

NBN speeds recover after COVID-19 demand

NBN speeds and performance declined as Australians followed social distancing instructions to stay home due to COVID-19, but picked up following measures by NBN Co and streaming providers. The ACCC today released its first new monthly Measuring Broadband Australia report which tracks NBN network performance from February to April 2020. The report shows a recovery in network…

11 May , 2020

AER seeks people to join its consumer reference group for the review of inflation and the rate of return instrument

The Australian Energy Regulator (AER) is seeking expressions of interest from individuals to establish a highly skilled Consumer Reference Group (CRG) for the Inflation Review 2020 and the Rate of Return Instrument 2022. The AER is reviewing the treatment of inflation in its regulatory framework, including the method likely to result in the best estimates…

8 May , 2020

ASIC warns consumers: Investment advertising is not always ‘true to label’

ASIC warns consumers about investment advertising that compares fixed-term investment products to bank term deposits. A surge in such marketing of fixed-term investment products in recent months has prompted ASIC to caution consumers to take care making investment decisions based on such advertising. ASIC is monitoring such advertising and the entities involved because of reports…

22 April , 2020

Petrol retailers should reduce their prices in line with falls in international petrol prices: ACCC

Petrol retailers should not use the current pandemic to further increase profits, which the latest ACCC petrol industry report shows have risen in recent years, and should pass on the full benefit of falling oil prices to motorists, the ACCC has said. Weekly average international crude oil prices have decreased by around US$ 50 per barrel since…