In a speech today, the assistant minister for competition, Andrew Leigh, will point the finger at big business over the inflation crisis
‘In a speech at the ANU, Andrew Leigh will address the impacts of a lack of competition on Australia’s economy.’‘In a speech at the ANU, Andrew Leigh will address the impacts of a lack of competition on Australia’s economy.’Last modified on Wed 24 Aug 2022 18.56 BST
Most Australians became acutely aware of market power in 2011 due to, of all things, the price of milk. Prior to 2011, milk prices rose largely in line with inflation. From 1998 to the end of 2010, inflation rose 43% and the price of milk rose 44%.The effect was immediate:Then in March 2019, notionally to “support farmers”, the major chains announced the end of $2 milk.
The effect again was immediate, and milk prices since then have risen 14% compared with inflation rising 11%.
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