The Victorian Greens will introduce legislation to parliament today that will cap the profits that supermarkets can make on essential items like bread, cheese, vegetables and more.
It comes as the supermarket duopoly reported billions in profits this week, with reports from Coles recording $1.1 billion and Woolworths recording $1.7 billion.
The Greens' previously released an exposure draft of their Supermarket Industry Bill to consult the community as the people most impacted by supermarket price gouging and the ongoing cost of living.
The Greens' asked the community which items were considered 'essential', identifying items such as bread, cheese, vegetables, rice and grains & cleaning products
From the community consultation process, the Greens' have also added additional measures to the bill including a panel to consult on essential items and the establishment of a supermarket prices commissioner.
The Greens also secured an inquiry into food security which last week heard evidence from food relief organisations, students, multicultural groups, community sector and local government, that the crisis has exploded across the community and that food is an essential service which required state government action.
The Victorian Greens Treasury spokesperson, Sam Hibbins says something needs to be done to rein in the mega profiteering supermarkets.
As stated by the Victorian Greens spokesperson for Treasury, Sam Hibbins:
"It's not right that in the middle of a cost of living crisis where people are making the impossible decision between paying their rent and buying groceries, Coles and Woolies are raking in billions of dollars in profits.
"We've spoken to the community as part of this process to develop this Bill because it's people who are copping the worst of the cost of living.
"If Labor and the Liberals don't support this Bill it sends a very clear message to the people of Victoria that, unlike the Greens, they're not prepared to take on the big supermarkets and crack down on price gouging to help people in this cost of living crisis."
