Particle.news
Download on the App Store
9 ARTICLES
·
4w ago

Labor Pledges to Ban Supermarket Price Gouging in Re-Election Campaign

Prime Minister Anthony Albanese promises legislation with heavy fines and a taskforce to address rising grocery costs in Australia.

Image
People walk past a Coles supermarket in Melbourne's central business in 2024.
A trolley of grocery store items, including toliet paper, tampons, Weet-bix, white sliced bread, instant coffee, eggs and milk.
Image

Overview

  • Labor has announced plans to outlaw supermarket price gouging, proposing heavy fines for violations if re-elected in the upcoming May 3 election.
  • A taskforce, including Treasury and the ACCC, will develop an excessive pricing regime, drawing on international models from the UK, EU, and US.
  • The ACCC's recent report found no definitive evidence of price gouging but highlighted increased profit margins for Coles, Woolworths, and Aldi, some of the world's most profitable supermarket chains.
  • The Food and Grocery Code will become mandatory on April 1, 2025, with penalties of up to $10 million for serious breaches.
  • Labor has ruled out breaking up supermarket chains, rejecting divestiture powers supported by the Coalition and Greens as a last-resort measure.