Fraud Alert
New data has revealed nearly 3,500 investment scam websites have been knocked out by ASIC’s scam website takedown capability since it was launched in July 2023, as ASIC sharpens its efforts to protect Australians from digitally enabled misconduct.
Read More ASIC Steps Up Surveillance and Website Takedowns to Shut Down Scams
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“We will be using our legal powers to compulsorily obtain data and documents from the supermarkets themselves, but consultation with consumers and grocery sector participants is an important first step in our inquiry.”
Read More ACCC Supermarkets Inquiry Opens Survey and Consultation
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New research released by ASIC’s Moneysmart has shed light on the financial concerns of Australian Gen Z women, revealing that they are more likely than Gen Z men to feel stressed and overwhelmed by finances and money.
“These findings demonstrate the importance of empowering young women to move past girl math and take control of their finances. Countless studies have shown financially literate people are better at budgeting and saving, managing mortgages and debt, planning for retirement, and growing their wealth. These behaviours aren’t inherent – they can be learnt at any age. That’s why we need to change the equation on girl math in 2024,”
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A lack of transparent pricing information caused a poor understanding by consumers of how prices were set. This was significantly worsened by a lack of competition. While market concentration was a major issue, the inquiry found prices in Australia are way higher than in many other less competitive markets.
Large price increases occurred across many sectors.
Read More Supermarkets, airlines and power companies are charging ‘exploitative’ prices despite reaping record profits
TIME for CHANGE
[T]he research commissioned by the Competition Review Taskforce now provides clear evidence in support of merger reform, strengthening the ACCC’s confidence in its recommendations.
The research demonstrates that an estimated 1000-1500 mergers occur in Australia each year. Only about 330 are notified to the ACCC under the existing voluntary merger regime.
About half of the 1000-1500 mergers are made by the largest one per cent of businesses.
Read More ACCC: Urgent Need for Merger Law Reform
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Consumer advocates call on insurers to act now at flood insurance inquiry
Urgent changes needed to improve claims handling process
A number of consumer advocacy groups – including CHOICE, Financial Rights Legal Centre, Consumer Action Law Centre, and Financial Counselling Australia – will be the first to appear today and tomorrow at a public hearing for the parliamentary inquiry into insurers’ responses to 2022 major floods claims.
Read More Consumer Advocates Call on Insurers to Act Now at Flood Insurance Inquiry
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The Albanese Government has announced its intent to have the Australian Consumer and Competition Commission (ACCC) conduct a year-long inquiry into supermarket prices as allegations of price gouging, a lack of competition in the sector and the cost of living crisis continue. According to a joint press release by the Prime Minister, Anthony Albanese MP,…
Read More Government Announces ACCC Inquiry into Supermarket Prices
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Jobs and employment scams were the fastest growing scam type last year, with Australians reporting over 4,800 job scams to Scamwatch in 2023 leading to losses of $24.7 million, compared to $8.7 million in 2022.
Reports to Scamwatch show that these scams are disproportionally affecting younger Australians aged 18-44 years old, including students looking for part-time work. People from culturally and linguistically diverse backgrounds including non-resident visa holders are also particularly at risk.
Read More Employment and Side Hustle Scams on the Rise
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“The volume of complaints escalated to AFCA has been increasing at an unsustainable rate,” David Locke, the Chief Ombudsman and Chief Executive Officer of the Australian Financial Complaints Authority (AFCA), said.
“Scam-related complaints to AFCA have nearly doubled between 2022 and 2023. They continue to be of great concern to us. We are also seeing the impact of increased interest rates and cost of living pressures, with complaints involving financial hardship also significantly higher,” Mr Locke said.
Read More Ombudsman Warns of “Unsustainable” Increase as AFCA sees a Record 100,000 Complaints
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“We shouldn’t have a process that is prey to legal brinkmanship, with all the uncertainty and expense that entails,” Ms Cass-Gottlieb said.
“Consumers, small businesses and farmers will benefit from the ACCC reforms, which will include high levels of transparency and provide certainty. But we also believe that companies and other businesses concerned about their suppliers, customers or rivals merging will also benefit.”
Read More Merger Reform Key to Competition and Quality
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The Senate has established a Select Committee on Supermarket Prices, to inquire into and report on the price setting practices and market power of major supermarkets.
The committee is seeking submissions that address the terms of reference by Friday, 2 February 2024 and the committee’s final report is due by 7 May 2024.
Read More Submissions Open for Senate Inquiry into Supermarket Prices
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As a result the UK government included possible unit pricing reforms in a consultation document “Smarter Regulation: Consultation on Improving Price Transparency and Product Information for Consumers” released in September (available here) and is now considering stakeholder responses.
Read More UK Government Considering Reforms to Improve Unit Pricing
