The NASC launched in July as part of an $86.5 million package to crackdown on scams. It represents the most cohesive partnership between government and industry to date to protect against these criminals.
While scam losses are still significant, the report shows a 16% decrease in losses compared to the same quarter last year. It also reveals that losses from investment scams have declined by 6%, and romance scam losses have declined by 28%.
The quarter ended with reported scam losses of $29.8 million in September 2023, the lowest losses reported in a single month since October 2021.
Read More A Promising Start as National Anti-Scam Centre Releases its First Report
In the past year, according to figures released by the National Anti Scam Centre (NASC), over 81,000 reports of scams have been made and $92 million stolen. Of those scams, 3 in 4 were impersonation scams where criminals pretended to be someone known and trusted such as a family member, government institution, road toll company or bank. Out of these, bank imitation scams caused the highest monetary losses.
Read More Scams Awareness Week 2023
“It is important that we remain focused on progressing reforms to the Australian Consumer Law to strengthen protections for consumers and small business and improve consumer confidence.”
“The agreed priorities for 2024 build on the important enhancements to consumer protections that have been delivered in 2023, such as strengthening Unfair Contract Term Protections, increasing penalties for breaches of the competition and consumer laws, and establishing the National Anti-Scam Centre.”
Read More Consumer Affairs Ministers Agree on 2024 Priorities
Digital platforms with significant market power can use practices like bundling or tying of products, pre-installation and default settings to limit customer choice or deter innovation from competitors.
Read More Expansion of Digital Platforms Demonstrates “critical need for regulatory reform”
“Australians increasingly use digital platforms for work, study and play and can benefit from their wide range of interconnected products and services. While the size and scale of digital platforms alone does not raise concern, there is a risk that this expansion may be driven by a desire from digital platforms to entrench or extend their market power,” Ms Cass-Gottlieb said.
A few days ago, on November 20th 2023 the Albanese Government’s Competition Taskforce released a Consultation Review on Australia’s laws and practices surrounding mergers. Below is information from the Treasury website on the consultation paper as well as how to make a submission and what to include. The Treasurer has also issued a media release on the consultation which is available here. Submissions for the merger consultation paper close on January 19th 2024.
Read More Submissions Open for Consultation Paper on Merger Reform
Original media release by the ACCC (20/11/2023). Consumers are being warned to watch out for scam websites impersonating high-profile Australian retailers when shopping online this Black Friday, Cyber Monday sale weekend (24-27 November 2023). The National Anti-Scam Centre has detected a concerning increase in the number of reports of fake websites that look like genuine…
Read More Be Alert – ACCC Warns Consumers og Online Retail Impersonnation for the Black Friday Sales
Original media release by the ACCC (20/11/2023). Following a recommendation by the ACCC, the Assistant Treasurer, the Hon. Stephen Jones, has today issued a national safety warning notice to warn consumers of fire risks associated with recalled LG solar lithium-ion batteries which are installed in solar energy systems across the country. The safety warning notice was issued…
Read More National Safety Notice Issued for Recalled LG Solar Batteries
The proposed acquisition will combine the entities’ retail fuel, wholesale fuel and retail convenience and grocery offerings.
The ACCC invites submissions on the divestiture proposal by 27 November 2023.
Read More ACCC Welcomes Consults on Viva Energy’s Divestiture Proposal for OTR Acquisition
[R]egulators from across the Pacific will share information, investigative techniques, and authority best practice, in a newly formed initiative to be called the Pacific Island Network of Competition Consumer and Economic Regulators or PINCCER.
Read More New Pacific Network Formed to Promote Competitive Markets
“We are concerned where we see advertising by NBN retailers that suggests households need to be on 50 Mbps or even 100 Mbps plans to stream multiple shows at once, when a less expensive plan may be sufficient. Of course, some households may have a preference for the higher speed tiers, but we want to make sure that customers have clear and accurate information to guide their decisions.”
Read More ACCC Urges Consumers to Shop Around for NBN Deals, Retailers on Notice
As a result of these changes, the maximum wholesale prices for some NBN speed tiers will initially reduce, including prices for the most affordable services, while some others will increase. For instance, the wholesale prices for the 100 Mbps and 25 Mbps speed tiers will initially decrease, while the wholesale price for the 50 Mbps speed tier will increase.
From 1 July 2022 to 30 June 2023, AFCA received 96,987 complaints from consumers and small businesses – 34% more than the year before, and the most ever received by AFCA.
Read More AFCA Publishes 2022-2023 Annual Review, Updates AFCA Datacube
The report outlines consistent concerns about patchy coverage, difficulties interpreting and comparing coverage maps, as well as concerns that already congested networks will get worse as demand for data continues to grow.
Read More ACCC: Regulatory Regime for Mobile Tower Access “no longer fit for purpose”