ACCC confirms Brisbane drivers paying more for petrol … NAB to pass on credit information … McDonald’s Szechuan McNugget sauce prompts backlash

fringe benefits tax

The Australian consumer watchdog has confirmed suspicions of Brisbane drivers when it comes to petrol prices, revealing in a report punters pay about three cents more per litre than other states.

The Australian Competition and Consumer Commission (ACCC) has released findings of a study into Brisbane’s petrol market. The study looked into pricing and the net profit per petrol retail site in Brisbane between 2009-10 and 2016-17, finding Brisbane consumers paid more on average for petrol than consumers in Melbourne, Sydney, Adelaide or Perth.

Meanwhile, the profits of petrol retailers were also significantly higher in Brisbane — up to 55% higher than in other states in 2015-16, according to the report.

The watchdog has cited lack of competition in the sector as contributing to the prices, with ACCC chairman Rod Sims urging drivers in the state to download petrol pricing apps and shop around for the most affordable option.

Credit bureaus to get more customer data from NAB

The National Australia Bank (NAB) will be the first of the big four banks to pass on positive and negative consumer credit data to third party credit bureaus, with the bank set to roll out a comprehensive credit reporting policy from February 2018, reports The Australian. 

NAB’s chief operating officer Anthony Cahill said he believed it was only a matter of time before the banking sector overall moved to comprehensive credit reporting policies.

Those supporting the sharing of more customer data across institutions include the fintech sector, while policymakers have suggested sharing credit data will increase competition in the lending space overall.

McDonald’s special edition Szechuan sauce causes stir

A limited edition release of McDonald’s Szechuan McNuggets sauce has prompted customer rage after demand for the condiment outweighed supplies.

The sauce was available in the late 1990s as part of a promotion for the film Mulan, but Business Insider reports that demand for a revival of the Szechaun option took off after Adult Swim cartoon Rick and Morty included a plea for its revival earlier this year.

The fast food giant released the sauce in a limited number of restaurants across the US, but customer fights and social media outrage ensued when some outlets informed lines of customers the sites only had about 20 packets of the sauce available.

Police were reportedly called to a store in Florida after the scene “heated up” over procurement of the sauce, reports Business Insider. 

Never miss a story: sign up to SmartCompany’s free daily newsletter and find our best stories on TwitterFacebookLinkedIn and Instagram.

COMMENTS

Subscribe
Notify of
guest
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
haydn
haydn
3 years ago

So the ACCC cites lack of competition in the sector as contributing to the higher prices.
If that’s the case, how does Rod Sims explain when I travel slightly out of the greater Brisbane area and get into rural areas (e.g. Woodford -74km from Brisbane CBD but only 58km to the Bruce Highway – and beyond) where there is even less competition that I can consistently buy petrol at 12 cents a litre cheaper than in Brisbane? More b/s.