ACCC Criticizes Coles and Woolworths Over Pricing

The ACCC's interim report reveals that Coles and Woolworths control 67% of Australia's supermarket sales, engaging in practices that disadvantage both consumers and suppliers, including pricing similarities and requiring suppliers to pay rebates for promotions. Grocery prices have risen over 20% in five years, prompting concerns about the supermarkets' market power and pricing practices, which some consumers find misleading. ACCC Deputy Chair Mick Keogh noted that many shoppers are losing trust in the pricing claims of these supermarkets. Prime Minister Anthony Albanese emphasized the government's commitment to ensuring fair pricing and stated that customers deserve better treatment. The report, based on insights from over 21,000 Australians, indicates that the oligopolistic market structure limits competition and has created affordability issues for consumers. An inquiry into these practices will continue with public hearings scheduled for November.