Labor Plans to Ban Supermarket Price Gouging

The Australian Labor government, led by Prime Minister Anthony Albanese, has pledged to outlaw supermarket price gouging if re-elected, following recommendations from the Australian Competition and Consumer Commission (ACCC). This move comes in response to concerns over the cost-of-living crisis and accusations that major supermarket chains like Coles and Woolworths are not passing cost savings to consumers. Labor plans to establish a taskforce to create an 'excessive pricing regime,' drawing on international models. Although the ACCC's recent report did not conclusively find price gouging, it highlighted the supermarkets' significant profitability and market dominance. The Greens have claimed credit for influencing Labor's policy shift, having previously introduced a bill to stop price gouging last year. Labor's plan contrasts with the Coalition's proposal to potentially break up large supermarket chains for market power abuses.