Greedflation?

There seems, to me, to be a fundamental issue at the heart of the Greedflation argument.

If you don't know, the core of the Greedflation argument is that Australia has too much market concentration and, as a result, a lot of companies have been able to force through outsize price increases, both fuelling inflation and growing their profits.

However, for the last decade there haven't really been any significant changes in the competitive landscape for our major markets. A few companies have dominated markets like groceries, telecommunications, or electricity the whole decade, and for most of that decade, we had significantly below target inflation.

Did these companies only realise in the last 18 months that they had a dominant market position and could force up prices?

I'm yet to see anyone from the Greedflation camp adequately explain why, all of a sudden, we have a market concentration problem, despite it being just fine for the majority of the last decade.