ACTU call: Name and shame price gougers

Unions will press the Albanese government to legislate to allow the ACCC to ‘name and shame’ businesses that overcharge customers.

Former ACCC chair Allan Fels and ACTU secretary Sally McManus.

Unions will press the Albanese government to legislate to allow the competition watchdog to “name and shame” businesses that overcharge customers, make price gouging unlawful, and set up a new body to scrutinise high prices.

Former ACCC chair Allan Fels presented his report into price gouging and unfair pricing practices to union leaders attending a meeting of the ACTU executive on Wednesday.

After the executive considered the report and its 35 recommendations, ACTU secretary Sally McManus said the union movement would prioritise six policy changes, including the establishment of a permanent competition and prices commission.

The commission, separate from the Australian Competition & Consumer Commission, would have the power to unilaterally examine high prices and pricing practices.

Unions also want the Australian Competition and Consumer Act to be amended to make it an offence to charge excessive prices.

The ACCC should also be permitted to name and shame businesses that overcharge, and have power to initiate price and market studies to stamp out unlawful and unconscionable behaviour.

In a bid to “stop mega corporations consolidating”, the onus should be on applicants to satisfy the ACCC, and on appeal to the Australian Competition Tribunal, that a merger was not anti-competitive, was in the public interest, and would provide good jobs for workers.

Ms McManus said Australians had had enough of price gouging by big business whose post-pandemic behaviour of inflating their profits and keeping prices higher than they needed was appalling.

“They have not acted in the public interest; they have acted in their own interests,” she said.

“Instead of assisting the country and their customers with the cost of living, they have made it worse. They have shown they will not act without stronger laws.”

She said workers should not have their pay increases eaten up by excessive prices and profit-­taking.

“The parade of huge profit announcements at a time when everyday Australians’ budgets are under so much pressure can no longer be shrugged off by CEOs and boards, as the public has had enough,” she said.