Nationals Leader David Littleproud said the announcement of a Senate Inquiry into whether supermarket giants are price gouging won’t go far enough and will take too long.
Mr Littleproud said The Nationals had long been calling for an Australian Competition and Consumer Commission (ACCC) price inquiry into the issue instead, which would have greater power to act and compel supermarket CEOs to give evidence.
“The cost-of-living crisis is now, not next year, and the supermarkets have form on this, having gouged consumers during COVID,” Mr Littleproud said.
“An ACCC inquiry could have started the investigation before Christmas and actions from the price inquiry can be undertaken immediately, without having to wait for the completion of the inquiry. The Senate Inquiry won’t start until 2024 and is mere window dressing for Labor and the Greens.
“Many families are struggling to afford their grocery bill each week and might be feeling overwhelmed by the cost of an upcoming Christmas lunch, so it’s important the government acts swiftly. Families need action immediately. They deserve to see transparency in prices, especially given the enormous profits of supermarket giants.”
Coles and Woolworths both posted profits of more than $1 billion in the past financial year.
Former ACCC Chairman Allan Fels has also backed the need for an ACCC inquiry, previously telling The Australian it would be “quicker and better” than the government’s voluntary Food and Grocery Code review, where punishment for companies is just $64,000.
“An ACCC inquiry would have divestiture powers and be able to compel the CEOs of supermarkets to give evidence. We urgently need an ACCC inquiry, to give an investigation greater teeth and an immediate start.
“We also need punishment of more than $10 million to ensure supermarkets are doing the right thing. The alternative is too slow and too weak.”
