Professor Allan Fels, a former Australian Competition and Consumer Commission boss, released his report on claims that big companies are overcharging consumers. He was commissioned by the unions to do a deep dive into sectors including supermarket retailing, aviation, banking, energy, and childcare. And after receiving more than 700 submissions, he says there’s evidence that some of our best-known businesses “have been able to leverage the disruptions and uncertainty that followed the COVID pandemic into unprecedented profitability.” In response, Fels has called on the federal government to find a way to ensure we pay fair prices for the things we need. Fels’ conclusions contradict what businesses say about the cost of living crisis. For example, Coles yesterday said Aussies are paying more at the checkout to cover wage increases and rising wholesale costs, not to bolster their profits.