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Australian watchdog investigating shipping cost price-hike

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Australia’s consumer watchdog has opened up an investigation into the dramatic rise in global shipping and container costs following the pandemic

The Australian Competition & Consumer Commission confirmed it has opened the inquiry, particularly focusing on the sharp rise on the price and movement of shipping containers.

ACCC chairman Rod Sims says he is aware of what is going on within the shipping industry and “is investigating it.”

“There is a limited amount I can say on it, but we are looking at the freight system – particularly the role that containers play, I can certainly say that, and that is certainly on the list of investigations”

The costs of shipping containers have risen more than 300 per cent in the last year, with steeper prices crunching retailer profit margins.

Shipping containers costs have risen more than 300 per cent in the last year, with steeper prices crunching retailer profit margins.

The shortage of containers

The insufficient supply of container ships has been blamed on supply chain disruptions caused by COVID and recent virus outbreaks at key ports in China.

But many Australian business executives say that they believe the container shortage is “partially artificial” and that the industry is just playing on the excuse as a reason to squeeze higher prices.

The massive steel containers piled onto ships are vital for the international movement of goods.

The skyrocketing cost of shipping containers that bring everything from sneakers and sofas to washing machines to Australia has ratcheted up costs for importers – especially the retail sector, which has shaved its profit margins.

RBA responds to shipping crisis

Reserve Bank of Australia responds

The economic impact has also reached the attention of the Reserve Bank.

In its May statement on monetary policy, the RBA reported on a five-fold increase in shipping container prices since 2019.

The RBA stated that the lack of shipping containers had resulted in sharp increases in global shipping prices and also contributed delivery delays.

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Money

Boeing face delivery delays following guilty criminal charge plea

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Boeing’s deliveries are down after months of controversy, is it because they can’t make the planes, or because airlines right now don’t want them?

Boeing has agreed to plead guilty to a charge of conspiracy to defraud the United States in connection with the investigation into two fatal crashes involving its 737 MAX aircraft.

Boeing reported a significant 27% decrease in deliveries for June compared to the same month last year, possibly attributing the decrease to the companies ongoing controversies.

Aviation expert Geoffrey Thomas joins to discuss. #featured

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Money

Blockchain sparks a transformative influence in Australia

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Professor unveils blockchain’s role in transforming the economy and innovative projects taking place at RMIT University.

Crypto Corner explores the latest market movements, expert insights and the influence of macroeconomic factors on the crypto industry.

Crypto Corner is hosted by Caroline Bowler, CEO of BTC Markets.

In this episode, BTC Markets CEO Caroline Bowler interviews Professor Chris Berg, Director of RMIT Digital3 and Co-Founder of the Blockchain Innovation Hub at RMIT University. They discuss RMIT’s cutting-edge projects and the transformative impact of blockchain technology in Australia.

Professor Berg shares insights into RMIT’s Digital3 philosophy, which combines research, innovation, and collaboration to drive the digital economy. Learn about groundbreaking initiatives in blockchain, cyber security, and AI, and how these disruptive technologies are reshaping business, government, and society.

Discover how RMIT is leading the charge in rethinking and regenerating the way we work through world-class research and tailored education, offering a glimpse into the future of technology and its potential to benefit both the economy and society. #crypto corner

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Money

From $25K to $1.5M in real estate: expert unveils game-changing strategy for investors

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Empower your property investing with these key tips

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Dean Fraser, Founder and CEO of BrickFloor. #trending #wyld money

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