Business

Submissions

On 24 October 2017, the ACCC released an issues paper seeking feedback on costs, premiums and profits, competition, consumer experiences, risk mitigation and regulation in the insurance sector. Submissions to the issues paper closed on 19 January 2018.

Cardtronics to amend unfair ATM contracts

ATM provider Cardtronics has admitted that its subsidiary, DC Payments, offered contract terms with small business that may be unfair under the Australian Consumer Law.

Cardtronics has given a court-enforceable undertaking to the ACCC to change terms that may be unfair for businesses under existing contracts.

“Business contracts need to balance the rights of each party to ensure they aren’t unfair, as smaller firms may not always be in a strong negotiating position,” ACCC Deputy Chair Dr Michael Schaper said.

Draft decision for joint marketing of NT gas

The Australian Competition and Consumer Commission (ACCC) has released a draft determination proposing to authorise joint gas marketing arrangements between Central Petroleum (ASX: CTP) and Macquarie Mereenie.

Central and Macquarie are joint venture partners at the Mereenie oil and gas field, which is located in the Amadeus Basin in the Northern Territory, approximately 250 km west of Alice Springs.

Opening statement at the PC public hearing into Competition in the Australian Financial System

The ACCC welcomes the Productivity Commission’s (Commission) draft report into Competition in the Australian Financial System and the opportunity to appear at this hearing.

Among the Commission’s recommendations was the need for an existing regulator to be given the role of championing competition in the financial sector. The Commission anticipates that regulator would have a number of functions including, but not limited to, conducting transparent analyses of the impact on competition in the financial sector of prudential regulation and other regulatory measures.

East coast gas market supply imbalance needs to be addressed

Australia’s east coast gas market remains incredibly tight and users are paying for this with high prices and limited sources of competing supply.

The east coast gas market is at a crossroads and the only real choice is to address the fundamental supply problem, particularly in the south.

The supply situation is most stark in the case of the southern part of the east coast, with the ACCC’s gas inquiry finding that there is not enough production forecast in the southern states to meet southern demand in 2018.

2018 compliance & enforcement priorities

In his annual CEDA address, Chairman Rod Sims launched the ACCC's 2018 Compliance and Enforcement policy. This year, the ACCC will focus on consumer issues in broadband services and energy, competition in the financial services and commercial construction sectors, systemic consumer guarantee issues, and conduct that may contravene the new misuse of market power and concerted practices provisions.