The consumer watchdog said at the "extreme end" it had received reports of RATs costing up to $500 for two tests through online marketplaces, and more than $70 per test through convenience stores, service stations and independent supermarkets across Australia.

No ACT specific data is currently available, with ACCC reports gathered from across Australia. The majority of reports were received for NSW.

Despite wholesale RAT costs being up to $11.45 a test, the agency said prices for the kits are often retailing between $20-$30 and are priced much higher through smaller outlets.

Mr SimsAustralian Competition and Consumer Commission chairman Rod Sims. Picture: Sitthixay Ditthavong labelled retail mark-ups of more than 100 per cent on RATs as "beyond the pale" and said the agency was working with the Therapeutics Goods Administration and the Australian Federal Police to stamp out unscrupulous selling of RATs.

"We're very much looking forward to what (retailers') explanations are for the very high pricing that's been reported," he said.

"Often some of these high prices are at stores you wouldn't expect like petrol retailers, tobacconists and convenience stores. We're very much looking at those as well as pharmacies."

In addition to exorbitant prices, some retailers were failing to provide receipts, while other traders were breaking up wholesale bundles of RATs designed for medical centres and selling them retail.

The agency had also received reports of people onselling RATs at more than 20 per cent mark-up, which was illegal.

Pharmacy Guild of Australia ACT branch president Simon Blacker said it was challenging for pharmacies in the region to source rapid tests.

He said pharmacies in the territory were "aware of their responsibilities" when it came to pricing.

"The level of demand [for rapid tests] in the community and the resulting high level scrutiny is understandable."

Mr Blacker said the limited availability was due to "uncertainty" in the supply chain as large corporations, government tenders and pharmacies bought up supplies.

"There are a number of different avenues where people are all trying to buy rapid tests. There is not enough stock to go around."

"The demand is enormous."

Meanwhile, concession card holders will to have access to 10 free rapid antigen tests over three months, from January 24, up to a maximum of five per month.

This decision was made at a national cabinet meeting on Thursday, however Mr Blacker voiced concerns.

He said in reality supply would still be limited and urged people to "be patient".

In addition, the ACT Health COVID testing Centre in Kambah continues to distribute rapid tests to household contacts of confirmed cases, or people who are at high or moderate risk of contracting the virus.

Mr Sims said the ACCC planned "very soon" to take action - which could include fines and legal proceedings - against profiteering retailers.

"There's a lot going on and we hope companies hear this message and adjust their behaviour," he said.

The watchdog said the "concerning practices" had come to light from analysis of more than 1800 reports from the public since Christmas.

Close to 150 reports are coming in each day from concerned members of the public about sky-high RAT pricing, it said.

Chemists are the worst offenders, followed by convenience stores, tobacconists, supermarkets and petrol stations, with the ACCC pointing in particular to some King of the Pack and Metro Petroleum stores.

The ACCC has so far contacted more than 40 test suppliers, major retailers and pharmacy chains across the country reminding them they need to back up claims to consumers about reasons for higher prices.

"We will continue our investigations and analysis of information from consumers, retailers and suppliers, and will provide further updates in coming weeks," Mr Sims said.

Meanwhile, the Pharmacy Guild of Australia welcomed the announcement that the ACCC would take action.

Guild national president Professor Trent Twomey said the inquiry was timely and must look at all levels of the supply chain, not just the retail level.

"As someone who has ordered these tests for my own pharmacies, I am very aware that the cost to me as a pharmacy owner has escalated substantially over the past couple of months due to forces out of my control," he said.

"These increased costs are coming from wholesalers and distributors who in turn are facing increased prices for the product. They say their increased prices are arising because of issues like express air freight and express delivery services around Australia.

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"We are all crying out for product and getting it quickly comes at a cost. I am sympathetic to the increased costs wholesalers and distributors face and understand justifiable increased costs have to be passed on to the pharmacists and those other retailers who are selling the tests.

"These pharmacies and outlets in turn are passing the increased prices on. But all price rises along the whole supply chain must be passed on in a conscionable manner."

Professor Twomey said the guild would cooperate fully with the ACCC during its inquiry.

With AAP.

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