cost of living Archives - Page 6 of 8 - Consumers' Federation of Australia

18 December , 2023

Increase in Banks’ Breaches of Financial Difficulty Obligations

Despite a decline in breaches overall, the latest report from the Banking Code Compliance Committee (BCCC) shows a concerning increase in breaches of bank obligations to support customers facing financial difficulty.

The report, Compliance with the Banking Code of Practice for January to June 2023, notes that breaches of obligations for dealing with customers facing financial difficulty have increased by nearly 40%.

This comes amidst a 9% decline in overall breaches, signalling a welcome success in efforts to improve practices.

11 December , 2023

Insurance Monitoring Report 2023 Released

The Australian Competition and Consumer Commission (ACCC) has released its Insurance Monitoring Report for 2023, the reports second annual release. The reports key focus was on insurance for homes, strata and small business in the Northern Territory and the effect, reception and role of the government’s new cyclone reinsurance pool. Due to the differences in…

11 December , 2023

Building a Resilient Future – Day 3 of Consumers International Global Congress

A report from our Consumers International Global Congress representative, Deputy Chair Chandni Gupta Final day of the 2023 Global Congress and the pace remained fast and fascinating with enlightening presentations with a key focus on sustainability to close off the conference. Below are some highlights from Day 3. Sustainable appliances for a green transition An…

7 December , 2023

Telstra to Pay $24 million in Penalties and Refunds for Inaccurate Billing

Telstra has paid a $3,010,320 penalty and refunded over $17.7 million to thousands of customers after charging them for inactive internet services over an 11-year period. A further $3.4 million is to be refunded by the end of the year.

An Australian Communications and Media Authority (ACMA) investigation found that 6,532 customers, the majority of whom were small businesses, were wrongly billed by Telstra an average of around $2,600 between April 2012 and August 2023.

ACMA Chair Nerida O’Loughlin said the ACMA has lost patience with Telstra after this series of significant billing errors.

7 December , 2023

Fair, Safe and Sustainable – Day 1 of Consumers International Global Congress

The Consumers International Congress 2023, held in beautiful Nairobi, Kenya, kicked off its first day with a stellar consumer protection agenda. Officially opened by the Deputy President of Kenya, His Excellency Rigathi Gachagua, E.G.H, the theme of building a resilient future for consumers was well and truly alive through the panel discussions and the conversations throughout the day. Below are some of the highlights from an action-packed Day 1!

1 December , 2023

Single, Trusted Source for Australian Energy Consumers Needed

A national survey of 2,500 household energy consumers found that 48% of households did not recall seeing anything in the media or online in the last 12 months about how to reduce their energy costs or usage. Those who did recall seeing information often found it complex and irrelevant.

The results show that while households are interested in learning about saving on their energy use and bills, their trust is low in the energy market to provide them with good advice.

1 December , 2023

Energy Cost, the Environment and the Importance of Keeping Consumers Informed

Consumers are often overwhelmed by the amount of energy information available to them. They are unsure who to turn to, or where to start. This means most consumers are on ‘first base’ in their energy journey.

24 November , 2023

Energy Consumers Australia Welcomes Announcement of Capacity Investment Scheme, Calls for More Work for Consumers

Original media release from ECA (23/11/2023). Energy Consumers Australia (ECA) CEO Brendan French, quoted in response to the Capacity Investment Scheme: quote Energy Consumers Australia CEO Brendan French: “Energy Consumers Australia welcomes this morning’s announcement which is both an important step in providing reliable supply to consumers and also a continued firm commitment by Federal…

23 November , 2023

Submissions Open for Consultation Paper on Merger Reform

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.

20 November , 2023

ACCC Welcomes Consults on Viva Energy’s Divestiture Proposal for OTR Acquisition

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.

14 November , 2023

Gen Z and Finance – Stress, Debt, BNPL, and the Desire for Better Money Skills

New research shows Gen Zs are feeling financially stressed, with high levels of debt including Buy Now Pay Later use.

27 October , 2023

AFCA Publishes 2022-2023 Annual Review, Updates AFCA Datacube

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.