ACCC, has updated on the bad and some good from COVID-19. ACCC’s Chairman Rod Sims stated that COVID-19 pandemic is changing the global economic landscape dramatically and is resulting severe disruption to Australian small businesses.
He highlighted that COVID-19 pandemic focused ACCC on two areas of work:
- Authorisation of crisis alliance between competitors, particularly with respect to hardship polices.
- Formation of the COVID-19 Taskforce to handle instant harmful consumer & small business problems due to the pandemic.
Benefits of COVID-19:
- ACCC during the period granted interim authorisation so that the retailers could together bargain with the landlords on rent relief.
- Wholesale electricity and gas prices are falling significantly, and these falls need to be passed on to those businesses that depends on energy.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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