Australia Proposes Bill to Penalize Supermarkets

The Australian government is set to introduce legislation imposing significant fines on major supermarkets, including Woolworths and Coles, for violations of the Food and Grocery Code of Conduct. Starting April 2025, these fines could reach up to $10 million or 10% of a company's annual turnover, reflecting a commitment to protect suppliers and enhance competition in a highly concentrated market. This move is part of a broader effort to address rising cost-of-living pressures experienced by Australians, with over 10 million reportedly struggling financially. The Australian Competition and Consumer Commission (ACCC) has raised concerns about deceptive pricing practices and anti-competitive behavior among these supermarket giants. Prime Minister Anthony Albanese has emphasized that 'dodgy behavior' will not be tolerated, aiming to ensure fair pricing for consumers and support for farmers. The legislation is expected to play a pivotal role in the upcoming federal election, as the government seeks to regain public support amidst ongoing economic challenges.