Report Archives - Page 5 of 20 - Consumers' Federation of Australia

19 December , 2023

Consumer Thoughts: 2023 Australian Consumer Survey Released

The 2023 Australian Consumer Survey has just been released and the figures are interesting, with a little over half of all purchases in Australia are now made online compared to 23% in 2016. The concerns of consumers also reflects this online trend as consumers making online international purchases are often unsure about the application of Australian Consumer Law (ACL), and as more and more people are targeted by, and are concerned about, scams.

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.

13 December , 2023

2023 Rank the Banks (and Other Lenders) Released

Financial Counselling Australia, in conjunction with the state and territory financial counselling associations, released its bi-annual Rank the Banks (and Other Lenders) survey which found the big four banks performing well, but all other lenders failing their customers in financial hardship.

The survey collates the views of financial counsellors on how the banking industry and other lenders respond to customers in financial hardship. Undertaken in late September and October 2023, 431 financial counsellors responded from every Australian state and territory for a response rate of 42 per cent.

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…

8 December , 2023

Scrutiny of Influencers and Businesses Over Online Reviews and Misleading Advertising Continues

“The next steps in our continuing scrutiny of these important parts of the online economy include developing strong guidelines for online operators so they clearly know what we expect, before a renewed focus on enforcement,” ACCC Acting Chair Catriona Lowe said.

“Influencers and businesses need to review their practices and improve compliance with the Australian Consumer Law to ensure consumers can trust the information they find online.”

Of the 118 social media influencers reviewed in the ACCC’s influencer sweep, 81 per cent were found to be making posts that raised concerns under the Australian Consumer Law for potentially misleading advertising.

7 December , 2023

65% of People Don’t Trust Business to Use Their Data Responsibly: CHOICE

New research from CHOICE has revealed 65% of people don’t trust businesses to use their data responsibly and in their best interest – an increase of 25% from 2022.

“It’s no surprise more people don’t trust companies to use their data responsibly. Over the past year we’ve seen the terrible consequences data breaches can have for those affected by them, including at Medibank and Latitude,” says Senior Campaigns and Policy Advisor Rafi Alam.

5 December , 2023

CPRC and ADM+S Release Latest Green Consumer Report

Below is the introduction for the Consumer Policy Research Centre’s latest report ‘Seeing Green – prevalence of environmental claims on social media‘. The report itself can be found as a free PDF here and CPRC’s brief summary of the report can be found on their website here. “Striving towards improved environmental outcomes is a worthy…

29 November , 2023

Make Unfair Illegal – Consumer Groups Call for Strong New Laws to Close Gaps as New Research on Consumer Knowledge Emerges

“There are a number of gaps in the consumer law when it comes to protecting people from unfair business practices. These gaps leave consumers in Australia vulnerable to all kinds of unfair treatment,” says CHOICE senior policy and campaigns adviser Alex Söderlund.

CPRC CEO Erin Turner says Australian consumers deserve better.

“Australians are missing out on protections that consumers in other countries have benefited from for decades. We need laws to effectively call out and restrict unfair practices. These laws will mean businesses have to treat you with respect and care.”

29 November , 2023

A Promising Start as National Anti-Scam Centre Releases its First Report

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.

27 November , 2023

Expansion of Digital Platforms Demonstrates “critical need for regulatory reform”

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.
“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.

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.

2 November , 2023

Concern Remains Over Under-Reporting of Insurance Code Breaches and Complaints

The report, based on data sourced from Code subscribers’ Annual Compliance Statements (ACS) reveals that a notable 175 brokers reported no breaches, and 152 reported no complaints in the reporting period.

Chair of the IBCCC, Oscar Shub, expressed concern over these findings.