Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search

 

Consumers Benefit From Wholesale Sales Tax

Consumers Benefit From Wholesale Sales Tax Reductions

Close monitoring of price movements by the Australian Competition and Consumer Commission had shown that the great majority of retailers had passed on to consumers yesterday's reductions in Wholesale Sales Tax, ACCC Chairman, Professor Allan Fels, said today.

"ACCC staff visited many retail sites yesterday and found that prices were being adjusted in line with the ACCC's Guidelines published early in July," Professor Fels said. "The Guidelines require that the WST reductions be passed on fully and immediately.

"These findings have been confirmed by the first results of a national snap survey of prices conducted by a professional survey firm for the ACCC.

"This survey indicates that around 90 per cent of prices surveyed had been reduced. Yesterday's survey was conducted between 9 a.m. and 3 p.m.

"Many visits to shops occurred soon after the start of trading and in some cases prices were still in the process of being adjusted. This accounts for a number of the cases where no change was recorded.

"The reductions are in line with ACCC expectations. For example, for televisions the reductions are around six to seven per cent at retail level.

"A small proportion of retailers who did not pass on the tax savings fully to consumers have been identified. These retailers can expect to be contacted by the ACCC for an explanation of why they have not reduced their prices as expected. Such retailers risk penalties of up to $10 million for corporations per offence and penalties of up to $500,000 for individuals. The ACCC will conduct further price monitoring to ensure full compliance with the legislation. The ACCC expects that all retailers will comply with the Guidelines it has issued.

A further comprehensive survey will be conducted at a later date to ensure that the price reductions are sustained and not clawed back by retailers.

"An important part of the ACCC's monitoring has been the hundreds of calls made to its Price Hotline number  1300 302 502. These calls have not only come from consumers but also from retailers. They have provided an opportunity for the ACCC to inform retailers of their obligations in relation to the new tax changes. Calls from consumers will be evaluated and follow up action will be taken where appropriate.

"Whilst it is still early days, the results of the monitoring are encouraging", Professor Fels said.

© Scoop Media

 
 
 
World Headlines

 


CNS: Will India's 1 Billion Vaccination-dose-milestone Be Catalytic For Vaccinating All?

On 21 October 2021, India crossed its milestone of administering over 1 billion (100 crores) doses within 278 days since it began the vaccination rollout (on 16th January 2021)... More>>

UN: UNHCR Chief Urges Better Support For 13 Million 'Exhausted' And Displaced Syrians
UN High Commissioner for Refugees, Filippo Grandi, has urged greater international support for the more than 13 million Syrians who’ve been displaced in the past 10 years...More>>


>UN: Recent Kosovo-Serbia Tensions Could ‘Unravel Steady But Fragile Progress’

Tensions over vehicle licence plates and anti-smuggling operations, between authorities in Kosovo and Serbia, in recent weeks, may contribute to unravelling “steady but fragile progress made in rebuilding trust among communities” in Kosovo and Serbia...
More>>


Focus On: UN SDGs


UN: With Clock Ticking, Sustainable Transport Key To Global Goals
From electric cars and buses to zero-carbon producing energy sources, new and emerging technologies along with innovative policy changes, are critical for combating climate change. But to be effective, they must ensure that transport strategies benefit everyone, including the poorest... More>>


COP26: 7 Climate Action Highlights To Remember

A September to remember, a pivotal month for climate action commitments. From the United Nations General Assembly week to the final pre-COP meeting, last month was an important time to build momentum... More>>


UN: Global Leaders Set To Act To Increase Energy Access While Reducing Emissions At First UN Energy Summit In 40 Years

Significant new commitments for financing clean energy, increasing renewables and improving access to electricity are expected to be announced on 24 September at the UN High-level Dialogue on Energy... More>>