CRA Calls out Price Gouging Practices Amidst a Cost-of-Living Crisis
Catholic Religious Australia (CRA) of which Sisters of Mercy Parramatta Congregation is a member, was invited to make a submission to consider the connection between dwindling living standards and increasing corporate profits by Professor Allan Fels AO, who is leading an Inquiry into Price Gouging and was the former Chairman of the Australian Competition and Consumer Commission.
Date Posted:
11-Oct-2023
"We, Sisters of Mercy Parramatta Congregation, will open our hearts to the cries of the poor using our energies, gifts and resources to address violence and discrimination especially for those suffering hardship because of poverty..." (Chapter Statement)
In its submission, CRA expressed concern that the mining sector and corporations have been using supply chain disruptions and consumer demand to raise prices well above production and procurement costs, driving up inflation and the costs for consumers...
“Although price gouging is not illegal in Australia, it’s unethical when it prevents the fair and reasonable allocation of resources to the community at large,” said CRA President, Peter Jones OSA.
“The majority of Australia’s economic profits are only being received by the top ten % of income recipients, namely the major Australian businesses and corporations. Meanwhile, tens of thousands of Australians are experiencing extreme poverty and struggling to afford basic living necessities,” he added...