There are calls for the government to rein in some of the country's biggest corporations. A damning report into price gouging shows Australians are paying too much, too often. The former chair of the ACCC Alan Fels led the investigation; he's taken particular aim at banks, supermarkets and airlines.
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00:00 Two for five strawberries.
00:04 The public outrage is loud and clear.
00:07 The big corporations are taking us to the cleaners.
00:09 It's over for the little fella.
00:11 It's over.
00:12 And now there is higher calls for change.
00:15 The Australian government needs to act.
00:18 Australians are paying prices that are too high too often.
00:24 And the cause is weak and ineffective competition.
00:29 Professor Fell's report into price gouging is scathing.
00:33 Its targets include energy retailer AGL, the major supermarkets and Qantas.
00:38 They have squandered some of their good name as a national champion.
00:45 The founding chair of the ACCC wants to make it an offence to charge excessive prices.
00:51 A review of the electricity sector's wholesale market.
00:56 And tougher laws that allow big business to be broken up if they've abused their market
01:00 power.
01:02 Business pricing has contributed significantly to inflation.
01:07 The union that commissioned Fell's report is also agitating for change, while big business
01:13 is claiming bias.
01:15 We are extremely sceptical about the report that Professor Fell's has produced.
01:21 I think it's ironic to hold an inquiry like this and to find that it comes out with recommendations
01:26 for at least another 13 reviews or inquiries.
01:29 The Fell's report isn't binding, but it does come as the government conducts its own inquiries
01:35 into merger laws and supermarket pricing.
01:38 Professor Fell says the vulnerable are paying the price for rising inflation.
01:43 Charities are being inundated by needy people who can't afford the rising cost of living,
01:49 like pensioner Peter Richards.
01:51 We all matter, it's not just bucks and profits.
01:57 Look at us little people.
01:58 The rich are getting richer and the poor are getting poorer.
02:01 I'm just hoping that big businesses and others can understand the desperate need.
02:05 A reminder that profit pushing has a price.
02:09 [BLANK_AUDIO]