Dynamic pricing and a raft of other business tactics labelled “unfair” by the federal government are set to be outlawed.

Prime Minister Anthony Albanese announced today that Australian consumer law will be updated following Treasury consultations to “stop businesses from engaging in dodgy practices that rip consumers off”.

“Businesses engaging in unfair trading practices (are) on notice,” Albanese said.

“Hidden fees and traps are putting even more pressure on the cost of living and it needs to stop.”

Among the list of the tactics soon to be outlawed is dynamic pricing, where the cost of something – particularly concert and other major event tickets – rises with demand.

The practice saw tickets for US band Green Day’s upcoming tour rise to $500, and will also be in action for both the Australian Open and Australian Grand Prix early next year.

Also set to be outlawed is “drip pricing” – where customers are hit with extra costs like handling fees at later stages of a purchase – and subscription traps that make it difficult for people to cancel or unsubscribe.

The announcement follows an investigation by ABC’s Four Corners into Ticketmaster’s parent company Live Nation on Monday.

“Whether it’s traps that make it difficult or confusing to cancel a subscription, hidden fees and charges at different stages of a purchase, deceptive or manipulative practices online or making it difficult for people to report problems with their products or services, we’re going to change the rules,” Treasurer Jim Chalmers said.

“Most businesses do the right thing by Australians and they’ve got nothing to worry about.

“This is all about cracking down on dodgy deals to save Australians money if we can, and where we can.”

The government has not said when the ban is likely to be introduced.

The ‘dodgy’ practices to be banned