Consumers' Federation of Australia

11 August , 2023

Older People Must be Consulted on New Aged Care Act and New Principles for Aged Care Funding

Older Australians will be asked to share their knowledge, insights and perspectives on our aged care system over the coming weeks as part of a consultation process looking at strengthening and improving the laws governing aged care.
The consultations follow the release of the Australian Government’s Consultation Paper on the new Aged Care Act – a key recommendation of the Royal Commission into Aged Care Quality and Safety – as well as the release of principles guiding aged care funding.

10 August , 2023

Governments Called to ‘Step Up’ to Ensure a Consumer-Focused Energy Future

Energy Consumers Australia (ECA) newly released report, Stepping Up: A Smoother Pathway to Decarbonising Homes (available here), has called on local, state/territory, and federal governments to collectively ‘step up’ and ensure everyone in Australia is supported and enabled to go all-electric. The policy report is based on research by CSIRO and Dynamic Analysis which has increased our understanding on the shared and individual costs of electrification for consumers.

10 August , 2023

New Zealand Starts to Implement Mandatory Grocery Unit Pricing

New Zealand has passed Regulations that require many instore and online grocery retailers to provide the unit price (price per standard unit of measure) for most products sold.

However, for instore retailers the Regulations will only come fully into force in August 2024 and for online retailers in August 2025.

9 August , 2023

Data Breaches Seen as Number One Privacy Concern

There has been a sharp increase in the number of Australians who feel data breaches are the biggest privacy risk they face today, according to a major survey released today by the Office of the Australian Information Commissioner (OAIC).

9 August , 2023

Consumer Representative – Banking Code Compliance Committee

About the opportunity The Banking Code Compliance Committee (BCCC) is an independent body that monitors banks compliance with the Banking Code of Practice, helping banks create a better banking experience for customers. The BCCC’s work is supported by a dedicated team of staff at the Australian Financial Complaints Authority (AFCA) that provide Code monitoring and…

9 August , 2023

Consumer Struggles and Insurance Market Failures Highlighted in New Report

A joint research project report, ‘Weathering the Storm: Insurance in a changing climate’, released this Tuesday has highlighted the critical state of insurance as premiums once more rise for 87% of Australians. Released by CHOICE in partnership with the Climate Council, Financial Counselling Australia (FCA), Financial Rights Legal Centre, and the NSW Tenants’ Union the…

8 August , 2023

UK’s New Consumer Duty – How Does it Compare with Australia?

In 2021, CFA published this post about the development of a new “consumer duty” for financial services. It’s now 2023, and the new duty is now incorporated into the Financial Conduct Authority’s regulatory handbook. So what is it, and how does it compare with Australia’s consumer protections? What is the new Consumer Duty? The duty…

7 August , 2023

ANZ’s Proposed Suncorp Acquisition Denied by ACCC

The Australian Competition and Consumer Commission (ACCC) has decided not to grant merger authorisation for ANZ Banking Group (ASX:ANZ) to acquire Suncorp Group’s (ASX:SUN) banking arm.
“We are not satisfied that the acquisition is not likely to substantially lessen competition in the supply of home loans nationally, small to medium enterprise banking in Queensland, and agribusiness banking in Queensland,” ACCC Deputy Chair Mick Keogh said.

4 August , 2023

Win for Consumers: Anti-Avoidance Provision Bill Commended to the House

After many years of campaigning against the damaging practices of Buy Now Pay Later (BNPL) schemes, the Assistant Treasurer and Minister for Competition, Charities, and Treasury Hon. Andrew Leigh MP has commended the Treasury Laws Amendment (2023 Measures No. 3) Bill 2023, partly designed to close loopholes utilised by BNPLs, to the House of Representatives.

4 August , 2023

Presentation Date, Terms of Reference Announced for Flood Insurance Inquiry

Last week the Australian Government announced its intention to form a Senate Inquiry into insurer response to the 2022 floods. This week, according to a media release from Minister for Financial Services and Assistant Treasurer the Hon. Stephen Jones MP, will be presenting the motion for its consumer-focused Inquiry to the house this Monday, August 7th.

3 August , 2023

ASIC Sues eToro in its First Design and Distribution Action to Protect Consumers from High-Risk CFD Products

ASIC alleges eToro’s target market for the CFD product was far too broad for such a high-risk and volatile trading product where most clients lose money, and that the screening test was wholly inadequate to assess whether a retail client was likely to be within the target market.

ASIC considers that eToro’s conduct is likely to have resulted in a significant number of retail clients being exposed to the CFD product that was unlikely to be consistent with their investment objectives, financial situation and needs, resulting in a significant risk of consumer harm.

3 August , 2023

Free Access to Australian Standards for Consumers

Nearly everything we touch has a Standard connected to it, in our everyday lives and in every Australian industry, and they make everything work. As a consumer, access to standards can help you become more informed about what to expect from product and service providers. Standards Australia has launched a new program for improving access to Australian Standards.