The Australian Greens will this week table a Bill in the Senate to introduce divestiture powers into Australian competition law.
As stated by Greens Economic Justice Spokesperson Senator McKim
“The giant supermarket corporations have had it their way for far too long.”
“It’s time that the interests of people took precedence over the profits of corporations.”
“We need to stop supermarket corporations ruthlessly using their market power to gouge prices while raking in billions of dollars in profits.
“Giving our courts and competition regulators the power to smash the supermarket duopoly will help rein them in.”
“This isn’t a controversial or radical proposition. The UK has this power, and the US has been using it for well over a century.”
“The competition agencies of Ireland, Italy and the Netherlands have all recently required the divestment of supermarket assets in order to increase local competition.”
“The market domination of Coles and Woolworths gives them the power to crush farmers, squeeze out competition and shaft their customers.”
“Political donations from Coles and Woolworths have meant that successive governments have stood by and watched the supermarket duopoly dominate. It’s time to stand up.”
“This is not just about supermarkets. Australia has competition issues in many sectors of the economy.”
“RBA Governor Michelle Bullock agrees that some corporations are using a lack of competition and the cover of high inflation to hike prices above what would be required to meet increases in their input costs.”
“The very existence of divestiture powers will mean that dominant supermarkets, banks or energy companies will think twice about pocketing higher margins and instead pass on savings to their customers.”
“The Greens will be seeking support for this bill across party lines – from the Government, to the Coalition and crossbench, because I have no doubt that most Australians support it.”
