13 May 2008

Increased Budget Funding for the Australian Competition and Consumer Commission

The Rudd Government is serious when it comes to easing the cost of living pressures on Australian families.

The Rudd Government will boost funding for the Australian Competition and Consumer Commission (ACCC) by $45.2 million over four years in the Budget to help ensure working families do not pay a cent more than they have to for groceries and petrol.

Fuelwatch will ensure that consumers are able to make an informed decision about where to buy the cheapest petrol in their area. Under Fuelwatch, petrol stations in metropolitan and major regional areas will be required to notify the ACCC of their next day's prices by 2pm each day and maintain this advised price for a 24-hour period. Petrol prices will be made available to consumers by text message, by an email service or by logging on to the ACCC website.

This also includes funding of $11.4 million to appoint Australia's first Petrol Commissioner, Mr Pat Walker, and enable him to use tough new powers to formally monitor the prices, costs and profits relating to the supply of unleaded petrol products. The Petrol Commissioner will oversee the ACCC's formal monitoring program and a National Fuelwatch Scheme.

The ACCC will be given funding of $12.9 million to build and maintain a dedicated consumer grocery website to help consumers to locate the cheapest grocery prices.

Funding for these initiatives will promote competition and improve price transparency in the Australian retail petrol and grocery markets.

This increased funding to the ACCC again shows the Government's commitment to tackling cost of living pressures caused by rising grocery and petrol prices.

Media Contact: James Cullen - 0409 719 879