The Australia Institute welcomes the report of the Inquiry Into Price Gouging and Unfair Pricing Practices, chaired by Prof Allan Fels, and delivered today to the Australian Council of Trade Unions.
“Prof Fels’ careful review confirms that price-setting strategies by corporations, including many obviously unfair and exploitative practices, have contributed significantly to the cost-of-living crisis afflicting Australian households,” said Greg Jericho, Chief Economist for the Australia Institute.
“Since the current inflationary cycle began after COVID lockdowns, there has been too much attention on wages, labour costs, and consumer spending as the supposed drivers of higher prices. The RBA and other policy-makers have been too slow to acknowledge the role of profit and greed in pushing up prices.”