Coalition takes aim at supermarket giants with new laws - 9News

Supermarkets have long promised cheap prices but shoppers are no longer buying it.

While some parents say they're eating less to ensure their children don't go hungry, as well as swapping out fresh food for frozen products, as they struggle with the rising cost-of-living crisis.

An ACCC survey of more than 13,000 customers found many younger Australians and low income households are spending up to a quarter of their yearly income on groceries. (9News)

"When you look around the world our grocery prices are higher, our profit margins are higher," Nationals Senator Matt Canavan told 9News.

The opposition is picking a fresh fight with the big two supermarkets, working on new laws long advocated by the Nationals that could see the assets of the major companies sold off as a last resort if they repeatedly abuse their market power.

"The threat of doing so alone would force better behaviour," Canavan said.

Assistant Minister Patrick Gorman didn't agree.

"It seems more about appeasing the National Party than about good public policy," he said.

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The Greens have a broader policy before Parliament that's been slammed by business groups.

The Prime Minister calling them Soviet style laws, preferring inquiries into supermarket pricing practices.

"We're gonna look at sensible policy solutions that actually look at how do you make sure Australians get cheaper prices at the supermarket," Gorman added.

Wherever the coalition lands on the design of these new powers, it will no doubt sharpen the political context on cost-of-living in the lead up to the next federal election.

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2024-03-30 13:19:16Z
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