Alan Kohler: Time to revisit the Allan Fels system of price control – naming and shaming

Using tactics employed by Allan Fels could help Australia's cost-of-living crisis. Photo: TND/Getty

This week, for the first time, the Reserve Bank acknowledged that inflation has been partly caused by the behaviour of companies.

In Tuesday’s minutes of the meeting of the RBA board on June 6, was this sentence: “… members observed that some firms were indexing their prices, either implicitly or directly, to past inflation.”