The Albanese Labor Government is committed to ensuring Australians are paying a fair price for their groceries and our farmers are getting a fair price for their hard work, with the Government today releasing the ACCC's Supermarkets Inquiry Interim Report.
When families are doing it tough, they need a Government that's on their side and a tough consumer cop on the beat - and that's the important role the ACCC is playing.
In January, the Albanese Government tasked the ACCC to look into supermarkets, and today the Government has released the ACCC's Supermarkets Inquiry Interim Report, which explores in detail issues including concentration and competition in the sector, rising prices and shrinkflation, supermarket buyer power and other consumer and producer concerns.
During its initial work, the ACCC received over 80 public submissions and spoke to more than 21,000 customers across Australia between February and April 2024 - the largest number of responses it has ever received for a consumer survey.
It also held seven roundtable discussions across the nation for farmers and produce wholesalers to discuss their experiences with supermarket supply chains.
The Government is supporting a competitive and sustainable food and grocery sector that is fairer for Australian families and farmers, and this Inquiry is a key component of our work.
The Interim Report makes no specific findings or recommendations, which are set to be in a Final Report that is handed to the Government in early 2025, but the ACCC's work is exceptionally detailed.
We support their thorough investigations, which will strengthen the sector.
The Government's economic plan is all about easing the cost of living for Australians - and we know that grocery prices are a key part of pressures people are facing right now.
The Albanese Government is taking a range of actions to make sure Australians are paying a fair price at the checkout and Australian suppliers are getting a fair price for their goods, and the ACCC Inquiry is a key component of the work to identify and fix ways the industry is letting down consumers and producers.
This follows the ACCC announcing legal action against Coles and Woolworths for misleading consumers through discount pricing claims on hundreds of common supermarket products.
A new mandatory Food and Grocery Code, currently open for consultation, will ensure Aldi, Coles, Woolworths and Metcash are subject to multi‑million‑dollar penalties for serious breaches of the Code.
Yesterday, CHOICE released its second government funded price monitoring report, giving Australians accurate data on where to get the cheapest groceries.
This is only one part of the Government's broad competition policy agenda. We've banned unfair contract terms and increased penalties for breaches of competition and consumer law.
We are delivering the most significant merger reforms in Australia in almost 50 years, and working with the states and territories to revitalise National Competition Policy.
The next phase of the Supermarkets Inquiry will see the ACCC conduct hearings with the supermarket sector throughout October and November 2024.
The ACCC has invited further feedback on the key issues raised in the Interim Report by 18 October 2024.
Comments attributable to Prime Minister, Anthony Albanese MP:
"I directed the ACCC to commence an inquiry into supermarkets in January and today they deliver their Interim Report.
"This is an important piece of work and we will study it closely.
"My Government is taking a range of actions to make sure Australians are paying a fair price at the checkout and Australian suppliers are getting a fair price for their goods.
"Customers don't deserve to be treated as fools by the supermarkets. They deserve better than that."
Comments attributable to Assistant Minister for Competition, Charities and Treasury, Andrew Leigh MP:
"The Albanese Government's ACCC Supermarket Inquiry is the biggest, most thorough look at supermarket competition in over 15 years.
"Businesses need to do the right thing by Australians - and the Albanese Government is committed to improving the food and grocery sector so it works for families and farmers.
"Greater competition is critical for lifting dynamism, productivity and wages growth, putting downward pressure on prices and delivering more choice for Australians dealing with cost‑of‑living pressures."
