The Greens will introduce a bill to the Senate to make price gouging illegal, with big penalties for corporations who charge excessive prices.
"Australians are being smashed by rising costs for essentials like rent, food and energy, while corporations are raking in massive profits," Greens Economic Justice Spokesperson Senator Nick McKim said.
"There is rampant price gouging and it needs to end."
"Our bill will put an end to corporate price gouging by making it illegal for corporations with substantial market power to charge excessive prices for goods and services."
"This will rein in corporate greed and reduce the cost of food and groceries."
"Since Labor took office, the cost of living has skyrocketed, but they've done nothing to stop big corporations from exploiting this crisis."
"They've allowed banking, supermarket and energy corporations to rake in billions in profits while millions of Australians struggle to make ends meet."
"We're taking a stand against the unchecked greed that's fueling the cost-of-living crisis, and we're urging the Parliament to support this critical reform."
"The choice is clear: side with the big corporations who are profiting from people's pain, or side with the Australians who are struggling to get by."
The bill will target corporations that abuse their market power by charging prices beyond what is justified by costs or competitive conditions.
The proposed law mirrors successful provisions in the European Union, which have protected consumers from unjustified price hikes.
Under the Bill, the ACCC will be able to apply to the Court for an order where it believes a corporation has abused its market power by price gouging.
If a corporation is found to have illegally price gouged, the court can then impose orders under section 76 of the Competition Act, which include a maximum civil penalty of $50 million.
Under section 87(B) of the Competition Act, the ACCC can also require enforceable undertakings by a corporation.
The undertakings the ACCC may impose are sufficiently broad to allow the ACCC to require a corporation to lower the price of a product to the price it would cost if it was sold in a competitive market, for a specified period of time while guaranteeing supply of the product.
The Greens will give notice of the Bill today and formally introduce it next week.
