The competition watchdog has shied away from regulating so-called “access” fees charged by port stevedores, arguing it needs more time to analyse the cost increases as industry profits surge to record levels.

The combined profits of Australia’s stevedores, which include incumbents such as Patrick and DP World as well as new entrants Hutchison Port Holdings and Victoria International Container Terminal, jumped to $481.6 million in 2022-23, up 24 per cent on two years earlier, according to the competition watchdog.