Banks are being accused of overcharging hard-working Australians by $212 billion.

According to the Australian Council of Trade Unions, banks and insurance companies are taking advantage of Australians by raising interest rates to exorbitant levels. The ACTU points to data from the Australian Bureau of Statistics, which shows a staggering 46% increase in profits for the financial industry since March 2021. ACTU Secretary Sally McManus expressed her frustration, stating, "Banks and insurance companies are taking advantage of Australians. They are raising prices not out of necessity, but to line their own pockets."

McManus also accused these companies of contributing to Australia's ongoing issue with inflation. She stated, "Since March 2021, the banks have made a whopping $212 billion from increasing people's interest payments, while insurance companies have hiked insurance premiums by 36%." This is a concerning trend, especially considering that former ACCC chair Professor Allan Fels published a report in February 2024 highlighting the prevalence of price gouging and unfair pricing practices across the country.

One of the tactics mentioned in the report is "confusion pricing", where businesses intentionally use complex price structures and comparisons to confuse and mislead consumers. McManus emphasized that unions have no tolerance for companies who take advantage of hardworking individuals. She stated, "We will not stand by and watch as big businesses like banks and insurance companies continue to keep inflation higher than it should be. They must be held accountable for their actions."

It is evident that the ACTU is passionate about protecting the rights and interests of Australian workers. They firmly believe that businesses should not be profiting at the expense of struggling individuals. As the country prepares for the Paralympic Games in Paris 2024, the ACTU's message is clear: we must hold companies accountable for their actions and ensure fair pricing for all Australians. So, let's join together and watch every moment of the games, live and free on Channel 9, 9Gem, and 9Now, with ad-free streaming of every event, including 4K coverage on Stan Sport.

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