The Federal Authorities will introduce legal guidelines at present that it hopes will cease value gouging by main supermarkets.
While the report did not say the 2 largest supermarkets Coles and Woolworths had a duopoly in the marketplace, it did observe, “Australia’s grocery store trade is extremely concentrated with an oligopoly construction, dominated by Coles and Woolworths”.
Talking throughout the election marketing campaign in April, Prime Minister Anthony Albanese claimed his authorities would take the findings of the report critically.
“Labor will make value gouging by supermarkets unlawful,” he mentioned, while promising to introduce a taskforce to assist introduce an extreme pricing scheme, which might then be policed by the ACCC.
In ALDI’s most up-to-date monetary report in 2023, it recorded a revenue of $402 million.
The brand new legal guidelines launched by the federal government at present are the second political transfer to control supermarkets, with the Competitors and Client Modification (Make Value Gouging Unlawful) Invoice presently earlier than the Senate.
Coles and Woolworths are additionally dealing with a joint class motion over allegations they misled consumers with low cost pricing claims.
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