The union movement has undermined the credibility of its own so-called inquiry into prices on day one by pre-determining its outcome.

“The idea of the union movement holding an inquiry when they’ve already determined its conclusion is ludicrous,” ACCI chief executive officer Andrew McKellar said.

“The ACTU is on record of making many unsubstantiated claims of unjustified, inflation-fuelling price increases, but the evidence simply does not stack up.

“The union movement is not known for its tolerance of a diversity of opinion. How will it accept any outcome other than that which it wants?

“The experts at Treasury and the Reserve Bank have already examined claims of profits causing inflation and rejected it.

“Cost of living is a significant issue. Interest rates, soaring energy prices and inflation are all biting Australians, whether that be in households or in business.

“The Australian Competition and Consumer Commission has the expertise and resources to examine the data and have found no evidence of price gouging.”