Lack of competition allows supermarkets, banks and airlines to gouge Australians, report finds

The biggest price increases occur where businesses have the greatest market power, says inquiry commissioned by the ACTU

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Australians are continuously overcharged and subjected to profit push" pricing by major corporations enjoying scant competition, resulting in higher inflation and intensifying cost-of-living pressures.

The findings of the ACTU-ordered price gouging inquiry have been published amid renewed scrutiny on the pricing practices of dominant businesses that enjoy a large share of the market, including supermarkets, banks, airlines, and electricity companies.

a lack of competition in banking, prompting a recommendation that account numbers should be as portable as mobile telephone numbers to help customers switch.

the price of electric vehicles in Australia is excessively high because of unwarranted import restrictions.

there are policies that make it difficult for a third major airline to compete with Qantas and Virgin on domestic routes, such as restrictive slot allocations at airports.

remittance fees for sending money to Pacific countries are among the highest globally, affecting individuals and island nations.

there should be a regulatory review of the high degree of price discrimination in the retail electricity and gas markets.

Australia should ban non-compete clauses in employment contracts, which have a chilling effect" on workers moving between employers.