Treasury confirms price gouging and intergenerational inequality


Treasury has confirmed that corporations are price gouging and agreed that intergenerational inequality is a concern, but Labor remains in denial, the Greens say.

During Senate Estimates this morning, Treasury Secretary Dr Steven Kennedy agreed that some firms are price gouging, but Labor Minister Katy Gallagher refused to agree.

“The RBA Governor, US President, economists in the OECD, the IMF, the Bank of England, the Federal Reserve and now Australia’s Treasury Secretary all agree that corporations are price gouging, yet Labor remains in denial,” Greens Economic Justice Spokesperson Senator Nick McKim said.

“It’s beyond obvious that some corporations are price gouging, but until Labor admits there’s a problem it can’t possibly solve it.”

“Corporate donations shouldn’t impact on government policies, but it’s hard to escape the conclusion that they are.”

“It’s time for laws to make price gouging illegal.”

Dr Kennedy also acknowledged that intergenerational inequality is a problem. 

“Interest rate rises mean that younger people are spending less while older people are spending more, yet Labor continues to use young people as canon fodder in the war on inflation.”

“Labor is smashing young people to try to solve a problem they didn’t cause with a strategy that’s not working.”
“From the climate crisis to the housing crisis, young people’s lives and futures are being held to ransom by today’s decisions.”

“It is small comfort to have the Treasury Secretary acknowledge these problems, but the Government he advises seems intent on making the problems worse.”

“Labor has no plans to fix price gouging, they are opening new coal and gas mines, and they have let the housing market fall to pieces and turbo-charged the money siphon from the young to the old.”

“It's long past time they got serious about tackling the problems that young people face.”