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Littleproud’s Bill aims to boost consumer protections and divestiture powers, while Taylor proposes amendments to the Competition and Consumer Act.
Standardised ‘unit pricing’ is considered the best way for customers to ascertain value for money.
The government is also planning reforms to boost supermarket competition by easing entry barriers and opening more sites for new businesses.
Albanese’s comments come as Australia’s major supermarkets face new action from regulators.
Regulations propose key changes, including a mandatory Food and Grocery Code, improved dispute resolution, and penalties for breaches.
ACCC claims the conduct involved 266 Woolworths products across 20 months, and 245 Coles products over 15 months.
Coles is continuing to invest in AI and cloud platforms to roll out new technology.
‘Trying to rush through laws which have considerable unintended consequences, including harming consumers with increased prices, is not the answer.’
Some fruit and vegetable growers have not been given price rises in 15 years, causing young people to abandon the industry and risking future food shortages.
Coles’ profit dropped 3.6 percent to $594 million compared to the same time last year.
Consumer staples was the biggest mover, rising 2.2 per cent on strong gains for Coles and Endeavour Group
Coles shares rose nearly 8 percent in early morning trade, before pulling back slightly.
With cost-of-living pressures rising, consumers have been calling for the grip of the two major players to be loosened, but the government has rejected this.
‘When you have too much market dominance and power, you can treat people in a way that actually destroys and tears away our food security,’ said the Nationals.
The temporary measure comes as multiple banks close in the regional town.
If ‘price gouging’ were driving inflation, then you would expect the increase in food and groceries to be greater than the rate of inflation—but it’s not.
The supermarket giant is grappling with a storm of criticism after revelations it would not stock product celebrating Australia Day.
Cheap outlet bucks the trend set by supermarkets.
The move comes as the national celebration becomes the focus of ongoing debate with some major retailers opting not to sell Australia Day products.
Woolworths will not be selling extra Australia Day merchandise ahead of the national public holiday.
