Easing cost of living
pressures

Groceries

The Government has directed the Australian Competition and Consumer Commission (ACCC) to undertake an inquiry into the competitiveness of grocery prices in Australia. The inquiry covers all aspects of the grocery supply chain — from the farm gate to the checkout counter. The Government has also instructed the ACCC to undertake a monthly survey of grocery prices for typical shopping baskets across Australia. This will help consumers locate the cheapest supermarket chain in their area.

The Government has made it easier for retailers to enter the Australian market by relaxing restrictions that previously

limited their capacity to acquire and hold vacant land to build new supermarkets.

Petrol

The Government has given the ACCC tough new powers to conduct formal monitoring of the prices, costs and profits relating to the supply of unleaded petrol products and to provide an annual report of its findings. This will help improve retail price transparency for consumers.

The Government has appointed a Petrol Commissioner to oversee the ACCC's formal price monitoring and establish a National FuelWatch Scheme. FuelWatch will commence on 15 December 2008,

and will require petrol retailers to notify the ACCC of their next day's prices by 2 pm each day and to maintain this advised price for a 24‑hour period. This will ensure consumers can make an informed decision about where to buy the cheapest petrol in their area.

Financial counselling

The Government is doubling funding for financial counselling services. This funding is aimed at increasing the numbers of financial counsellors available in high need areas. Funding will provide for practical tools and resources to help individuals and families better manage their mortgages and personal financial affairs.