The Australian Competition and Consumer Commission (ACCC) has been given a $30 million boost to crack down on misleading pricing and other unfair practices in the country’s supermarket industry. This move follows allegations that supermarket giants Woolworths and Coles have been engaging in deceptive discounting tactics.
Prime Minister Anthony Albanese announced the funding increase, emphasising the government’s commitment to protecting consumers. The ACCC recently accused Woolworths and Coles of tricking customers with fake discounts, where prices were advertised as being reduced, yet were actually the same or even higher than they had been just weeks prior.
Treasurer Jim Chalmers plans to take further action by addressing planning and zoning regulations at an upcoming meeting with state and territory leaders. The goal is to improve competition in the food and grocery sector by allowing more businesses to enter the market and offer alternatives to the major supermarket chains.
With this four-year funding boost, the ACCC is expected to ramp up its investigations and enforcement in the supermarket and retail sectors. More frequent and thorough monitoring will help ensure that retailers are not misleading customers at the checkout. The focus will be on ensuring fair pricing practices, which is crucial during a time of rising cost-of-living pressures.
Prime Minister Albanese made it clear that the government is serious about tackling unfair supermarket practices, stating, “We won’t stand by while everyday Australians, including families and pensioners, are misled at the checkout. We are taking action to make sure they get a fair deal.”
Woolworths and Coles together control 67% of grocery retail sales in Australia, making their pricing practices a major concern for the government and consumers alike. In response to these concerns, the Labor government is considering implementing strict new powers for supermarkets found to be abusing their market dominance or mistreating suppliers.
Additionally, a separate parliamentary inquiry is currently looking into the growing influence of big-box retailers like Bunnings, Costco, and Chemist Warehouse, which are increasingly selling essential household items and competing with supermarkets.
This government crackdown sends a strong message: misleading pricing and unfair conduct won’t be tolerated, and Australians deserve transparency and fairness when shopping for their groceries.
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