New Zealand Wool Prices Hit Highest Levels Since 2011 Amid Tight Supply and Surging Demand
Strong competition and tightening supply have seen wool reach its highest prices paid at auction since 2011.
The commission is the country’s competition regulatory agency. On its website it describes its purpose as, “…enforcing legislation that promotes competition in NZ markets and prohibits misleading and deceptive conduct by traders”.
It claims that the three livestock firms fixed fees charged during the implementation of the NAIT national livestock tagging scheme. Its consumer protection authority is investigating fees charged during the adoption of the scheme.
A spokesman for the commission says it will file proceedings against the three companies and five undisclosed individuals before the end of July.
In a statement to Rural News the commission said: “The commission can confirm that its investigation into alleged price fixing by NZ livestock companies is in its final stages. The commission expects to file proceedings against PGG Wrightson, Elders New Zealand and Rural Livestock Ltd and five individuals by the end of July. We cannot comment further at this time.”
Last week PGG Wrightson advised that the commission believed it had breached the Commerce Act over how it charged fees during the scheme’s implementation.
