Gina Cass-Gottlieb warned the watchdog would look closely at how banks set interest rates as the Reserve Bank continues to fight inflation with ongoing rate rises.
under its emergency gas price intervention bill in December, including access to penalties of $50 million-plus for wrongdoers.capped at $12 per gigajouleMs Cass-Gottlieb said the watchdog’s focus on gas prices again came back to the cost of living crisis.“We expect this important work to account for a substantial share of our compliance and enforcement effort in the energy sector.”
“We have again prioritised our work in this area, but we have broadened this to take in our work in competition and product safety, reflecting the economy-wide transition process to be more sustainable,” she said. The ACCC would also keep looking closely at possible cartels across industries, she said, as there had been “a significant increase in approaches [from whistleblowers] under our cartel immunity program”.
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