9News: Competition Watchdog names 2018 targets

Peter Overton: Customers are set to benefit from a deliberate crackdown by the competiton watchdog in key areas that effect your budget.

The Nine Network’s Finance Editor Ross Greenwood joins me now –

Ross, how will the ACCC put money back in our pockets?

Ross Greenwood: Australia’s peak watchdog for consumers and also for competition has today laid out its plan for 2018 to put more money back in your pocket.

One is about mortgages and in particular, about big banks and whether they have too much power in terms of pricing, and particularly, whether they are favouring new customers over existing bank customers.

The second is when you buy a new car, of course a big expense but in this particular case, they are continual breakdowns and you got to keep going back for repairs.

The ACCC will look at whether you should get a new car or get your money back.

The final one broadband speed, the NBN in particular.

And in this case, they are now saying if you are not getting the speeds you paid for, then your telecommunications company needs to pay up.

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