Business

ACCC holiday operations

As the ACCC will have limited operations during the Christmas and New Year period, we wanted to provide you with details of arrangements over the break.

ACCC offices: Our offices will be closed from 12 pm, Friday 23 December 2022 until 9am, Tuesday 3 January 2023.

Insurance premiums in northern Australia remain high ahead of insurers joining reinsurance pool

Insurance affordability remains a significant issue in northern Australia and other high cyclone risk areas, according to the ACCC’s first insurance monitoring report.

The report finds that policyholders in those regions face much higher premiums on average, and that those premiums have increased much more quickly than for the rest of the country over the past decade.

ING Bank pays penalties for alleged breaches of Consumer Data Right Rules

ING Bank (Australia) Limited has paid penalties totalling $53,280 for allegedly failing to comply with Consumer Data Right (CDR) Rules and making a false or misleading representation to consumers, after the ACCC issued it with four infringement notices.

The ACCC alleges that ING Bank missed three important legislated deadlines and made a misleading statement to consumers on its website about the reliability and security of its CDR service.

iSignthis refused Consumer Data Right accreditation

The ACCC has refused Consumer Data Right (CDR) accreditation to iSignthis Australia Pty Ltd (iSignthis), as the ACCC was not satisfied iSignthis would be able to comply with the obligations of an accredited data recipient under the CDR Rules.

“We refused to accredit iSignthis because we were not satisfied on the material before us about iSignthis’s data security protections, insurance and whether it is a fit and proper person to be accredited,” ACCC Commissioner Peter Crone said.

Record harvest leads to increase in bulk grain exporters

Australia’s bulk grain exports were 40.6 million tonnes for 2021–22, and exceeded the previous season’s record by 22 per cent, according to the ACCC’s most recent Bulk grain ports monitoring report published today.

This followed a record total grain production in 2021–22 in Australia of 65.7 million tonnes, an increase of 11 per cent on the previous record in 2020–21.

Feedback sought on ways to smother fire risks linked to lithium-ion batteries

The ACCC is seeking input on ways to reduce the significant fire and safety risks associated with lithium-ion batteries, which can overheat or explode, particularly when used, charged or stored incorrectly.

An issues paper published today, will help the ACCC to better understand the risks posed by lithium-ion batteries and inform recommendations to reduce the chances of fires, injuries and property damage.