How long has this been the case in Australia? It can’t have been long yet.
There’s a fallacy at play here, too. Price is not determined by cost. Price is set by the buyer of a thing, at what they are willing to pay. It has nothing whatever to do with how much it cost to produce the thing.
A seller, facing higher costs, may wish to increase prices, and they may. But if they can sell the same volume at a new higher price, all that means is they should have been charging more the whole time. In all real-world cases though... The higher price means they will sell less product than before. How much less depends on the elasticity of demand for the product.
Most products have a fairly elastic demand curve. That is... A small increase in price results in a comparatively large fall in the amount purchased.
There’s a fallacy at play here, too. Price is not determined by cost. Price is set by the buyer of a thing, at what they are willing to pay. It has nothing whatever to do with how much it cost to produce the thing.”””
Go back to Accounting 101 & learn how wrong you are.