ACCC to get $30 million boost to crack down on supermarkets
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The news: The Albanese government has committed an additional $30 million in funding for the Australian Competition and Consumer Commission (ACCC) to launch a fresh crackdown on supermarkets and retail stores misleading customers over prices.
The context: The funding injection for the consumer watchdog comes after the ACCC last week launched legal action in the Federal Court against supermarket giants Coles and Woolworths over claims they misled consumers through their discount pricing claims.
In an announcement made on Monday night, Prime Minister Anthony Albanese and Treasurer Jim Chalmers said the government was making the extra funding allocation for the ACCC so it that can undertake a crackdown on misleading and deceptive pricing practices and unconscionable conduct in the supermarket and retail sector.
The funding will help the ACCC conduct more investigations in the supermarket and retail sectors, including giving it more scope to proactively monitor behaviour and investigate pricing practices where there are concerns about supermarkets and retailers falsely justifying higher prices.
Chalmers will also work closely with states and territories through the Council on Federal financial relations to reform planning and zoning regulations, which will help boost competition in the supermarket sector by opening up more sites for new stores. This will address concerns that the supermarket giants are preventing competition by "land banking".
Today’s announcements come in addition to a series of actions undertaken by the Albanese Labor Government to protect Australians at the checkout, in stores and online.
What they said: “Today we are announcing a crackdown on dodgy supermarket practices,” he said.
“We don’t want to see ordinary Australians, families and pensioners being taken for a ride by the supermarkets, and we’re taking steps to make sure they get a fair go at the checkout.”
Chalmers said: “We're taking decisive action to help Australians get fairer prices at the supermarket checkout, in stores and online”.
“More funding for the ACCC will help to make pricing fair, boost competition and make sure that there are significant consequences for supermarkets who do the wrong thing,” Chalmers said.
The source: Prime Minister's office
