Australia’s competition watchdog has teamed up with other regulators in the US, Canada, UK and New Zealand to examine whether companies that transport goods around the world are colluding to fix prices.
“We will be sharing intelligence to identify any behaviour that restricts or distorts competition, and companies are now on notice that the ACCC and its international counterparts will be ready to act,” ACCC chairman Rod Sims says.
A new international working group will be on the watch for cartels or other activities that hamper competition.
Australian companies have been hit hard by soaring shipping costs during the pandemic, with higher prices being passed onto consumers.
Freight rates on key global trade routes are about seven times higher than they were two years ago, according to the ACCC.
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