Whopping penalty for excessive prices

The West Australian

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Supermarkets could face multimillion-dollar penalties under tough new legislation designed to curb price gouging, also known as excessive pricing.The proposed laws are expected to come into effect by ...

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NewsWire / Martin Ollman Credit: News Corp AustraliaBut Australian Retailers Association’s chief executive Chris Rodwell said the sector was already heavily regulated and extra red tape would not lower prices.He said: “We have seen eight taxpayer funded reports fail to find evidence of price gouging. “The most recent ACCC report on this subject confirmed Australian grocery inflation is lower than in many OECD countries.“In recent times, the net profit margin of Coles and Woolworths remained stable at less than 3c in the dollar.”A spokesperson for Coles added: “Efforts would be better directed to addressing the factors driving higher grocery prices, such as the cost of energy, fuel, insurance, production, freight and distribution.”The proposed laws would function as part of the newly introduced Food and Grocery Code of Conduct to “ensure the big supermarkets do the right thing”, Mr Leigh said.Supermarkets not in breach of the proposed rules have nothing to fear from “transparency and enforcement”, he added, saying the laws are intended to give consumers a “fair deal at the checkout”, rather than punish supermarkets.Breaches of the rules would be judged by courts using information such as the cost of supply, loss of reasonable mark-up, or comparisons with prices in competitive jurisdictions.“The penalty for price gouging right now is zero. We’re putting in place a system which will punish supermarkets that do the wrong thing with multi million dollar fines,” Mr Leigh said.“I’m hopeful the supermarkets will do the right thing by shoppers.”Camera IconBig supermarkets will have to abide by the new rules, or else face large fines. Credit: News Corp AustraliaThe government will be in consultation over the price gouging rules until November 3, and encourages supermarkets, suppliers and consumers to participate in the process.“We know many Australians are feeling under pressure, and the cost of the weekly shop,” Mr Leigh said. “Our price gouging laws ... will ensure that we look after consumers.”The announcement comes less than a month after Anthony Albanese suggested Emirati hypermarket Lulu should enter Australia’s competition-starved grocery sector to apply pressure on Coles and Woolworths.“One of the great things about the chairman’s company, there are 300 supermarkets just like this one. I’ve encouraged him to come to Australia as well,” the Prime Minister said in August.Camera IconAlongside Coles, Woolworths is another major player in the supermarket sector. NewsWire / Max Mason-Hubers Credit: News Corp Australia“We need more competition in the Australian supermarket sector, and we’ve had a little discussion about that as I’ve been walking around.”Earlier this year, Coles and Woolworths were found to be among the most profitable supermarkets in the world, during an ACCC inquiry triggered by price-gouging allegations during the pandemic.While the consumer watchdog determined that the two giants made up two-thirds of Australia’s national grocery sales, it was not able to find conclusive evidence of price gouging by supermarkets, including Coles or Woolworths.At the end of the 2024-25 financial year, the market-dominating conglomerates reported $1.08bn and $1.4bn in profit, respectively.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}