Supermarket leaders to front public hearings in November: ACCC
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The news: The competition regulator has confirmed it will conduct public hearings involving senior executives of the major supermarkets in November, as part of its year-long inquiry into grocery prices.
The context: The Australian Competition and Consumer Commission (ACCC), which published its interim report today, said it is continuing to consider the various issues raised, and has not yet reached any concluded views.
The ACCC said it is using its information gathering powers to obtain further information, including detailed pricing and margins data, from the retailers.
The regulator will conduct public hearings involving senior executives of the major retailers and other relevant stakeholders in November to gain a more complete understanding of the key issues in the retail grocery sector and its associated supply chains.
The ACCC said it has also identified fourteen products that will be the focus of "detailed analysis" over the remainder of the inquiry: beef, chicken, pork, bananas, apples, strawberries, cucumbers, potatoes, eggs, milk, cereal, biscuits, pet food, and dishwashing tablets.
The interim report comes just four days after the ACCC announced legal action against Coles and Woolworths over allegedly misleading discount pricing practices.
The government announced the ACCC inquiry in January, with a final report due to government by 28 February, 2025. Submissions on the interim report are due by 18 October.
What they said: In response to the release of the interim report, Woolworths group CEO Amanda Bardwell said: "We believe that the Australian grocery sector is competitive and customers have more choice than ever about where and how they shop".
"However, we know that our customers are continuing to face cost-of-living pressures and we remain focused on providing value and doing the right thing by our customers, our team and our suppliers," she said.
The sources: ACCC media release, ASX announcement
