30 November 2004 - Media Release

What goes up must come down for petrol consumers

Australian Oil Companies are paying less for crude oil – yet savings are not being passed on to consumers at the bowser.

The Australian market price per barrel of crude oil has decreased by 17% since 1 November, yet petrol prices at the bowser have dropped less than 3.6%.

The price of crude oil accounts for around 90% of the product cost of petrol and is the primary factor in refined petrol price fluctuations.

The drop in crude oil prices, combined with the Australian dollar being at an 8 year high in US terms - another factor in price fluctuations - should put downward pressure on the price for consumers at the bowser.

Despite these factors, the cost to consumers has remained relatively static since prices of crude oil started dropping nearly 4 weeks ago.

Oil companies are continually blaming rising petrol prices on the rising cost of crude oil. They are quick to react to an increase, yet when costs come down, it seems that it is the consumer who continues to bear the cost.

Consumers have been paying well over $1 a litre for several months now, and it is about time that savings from cheaper barrel prices are passed on to consumers

Labor calls on the ACCC to investigate the petrol prices being passed onto consumers –which is clearly not reflective of the current cost of crude oil.

Contact: Adina Cirson - 0418 488 295 or 02 6277 3334

Market Watch

Daily Market Update: Source – Australian Institute of Petroleum: www.aip.com.au/pricing/market.htm

Source: Australian Institute of Petroleum: www.aip.com.au/pricing/market.htm

Average Weekly Unleaded Petrol Prices for the
12 Weeks to Sunday, 28 November 2004
National Average

Source: Australian Institute of Petroleum: www.aip.com.au/pricing/orima.htm

18 November 2004 - Media Release

We owe nearly $28 billion on our credit cards

Consumers are set to see in the new year with a real credit card hangover with the release today of the Reserve Bank of Australia (RBA) figures showing Australian credit and charge card debt has risen another $157 million to set a new record of $27.95 billion for September 2004.  

And the bill for September’s interest alone?  A whopping $266 million - that’s almost $9 million a day.

Around 69 percent of Australian households have a credit or charge account.  Today’s figures mean that their average credit card debt has skyrocketed under the Howard Government - going from $1,601 in June 1996 to $5,309 in September 2004. 

With consumer confidence high as we head into the jolly season – many Australian families will soon develop post holiday blues as they continue to struggle under a mountain of debt.

Labor has been warning about the growing debt crisis for more than four years but the Treasurer has refused to act.

The Howard Government should follow Labor’s lead in this area to address the credit card debt crisis by;

Requiring that a credit card providers can only increase credit limits if requested by the card holder

Prohibit unsolicited promotional material with pre approved limits

Require financial health warnings to ensure that consumers are made aware of the potential cost of credit card finance

Ensure monthly statements contain warnings about how long it would take to repay debt if only the minimum payments were made and the amount of interest that would be paid.

The Howard Government has much to do in ensuring consumers are fully informed about the impact their spending habits are likely to have on the family budget. 

How long must we wait?

Contact: Adina Cirson - 0418 488 295 or 02 6277 3334