TRANSCRIPT:
For Danielle Jaeger, everyday expenses are starting to affect all aspects of her life.
She's a full time paediatric nurse, but she says she's considering a tough decision.
"I think because of the significant cost of living, the increase in the cost of living, and the consequences of price gouging, that I'm now having to look at getting a second job just to be able to manage. And when I say manage it's around being able to pay my bills, being able to have food in the fridge, and being able to continue to have a roof over my head."
Danielle is one of the consumers who have given evidence to an inquiry into price gouging, a practice that happens when a company takes advantage of rising costs but increases them by more than they need to, effectively increasing their profit margins.
The inquiry is headed by the former chair of the Australian Competition and Consumer Commission, Professor Allan Fels.
"It gives us a focus on the impact of prices on workers and people who are disadvantaged, and they're often the ones that haven't got those extra resources when a big price increase hits them."
The inquiry has received more than 600 submissions from consumers around Australia.
Its chair says he's open to hearing how price gouging is affecting all parts of the economy.
"The biggest three that have been raised have been food and drink, energy, and banking and insurance - and indeed that's my own biggest interest. But I'm open to hearing about other areas, for example transport or airlines."
Researchers have also given evidence before the inquiry.
Chief economist with the Australia Institute Greg Jericho says the pandemic put a focus on company losses and profits.
"Certainly we want to see profits. There's nothing wrong with profits. Profits are good. They help generate economic activity; they help employ people. We want profits. What we're seeing is excess profits, profits above what we would expect, and then excess profits that have actually been driving inflation."
The Australian Banking Association says despite a growth in the banks' assets, they only make two thirds of the revenue they once did from fees.
The Australian Energy Council said in a statement to SBS that it will be watching the inquiry with interest.
The five day review was commissioned by the Australian Council of Trade Unions, not the federal government.
Still, it hopes it'll be able to make recommendations to government, as the cost of living and inflation pressures continue to bite.
Danielle Jaeger again.
"There needs to be action. There's too many people that are suffering. There's people that are having to make decisions regarding their health and wellbeing, their livelihoods, that I would never imagine anyone would have to make. I feel like I'm struggling, yet I know there are lots of other people in the community who are even more vulnerable."
