Prime Minister Anthony Albanese has committed to protecting Australian consumers from inflated grocery prices, stating that a re-elected Labor government will ensure shoppers are not treated unfairly at the checkout. In light of price gouging becoming a widespread issue, Albanese announced plans to introduce significant fines for supermarkets that exploit customers, aligning with practices currently enforced in the UK and the European Union.
To address the rising costs of groceries, the PM has pledged to implement recommendations from the Australian Competition and Consumer Commission (ACCC). This involves enhancing pricing transparency, including clearer information on pricing trends, promotions, and loyalty schemes, thereby equipping consumers with the knowledge required for fairer shopping experiences.
Furthermore, Albanese revealed intentions to establish a taskforce aimed at devising an “excessive pricing scheme,” which would be monitored by a consumer watchdog to safeguard against unfair pricing practices. The government also plans to enforce the Food and Grocery Code from April 1, 2024, and tackle “shrinkflation” — a deceptive practice where product sizes are reduced while prices may remain the same — with stringent penalties for violations.
“We will make price gouging by supermarkets illegal,” Albanese declared, underscoring the need for fair pricing for both Australian families and farmers. His assurances reflect a broader strategy to enhance consumer trust and improve market fairness as he embarks on his campaign.
Labor’s Treasurer, Jim Chalmers, labelled Opposition Leader Peter Dutton as a primary threat to household budgets, emphasising that Labor’s initiatives will result in better deals for families. Chalmers believes their plan will foster competition, fairer pricing, and improved consumer outcomes.
Minister for Finance, Katy Gallagher, reiterated the government’s commitment to addressing the pressing cost-of-living challenges faced by households. Gallagher stated that the Labor party is concentrated on practical solutions that will alleviate financial pressures for everyday Australians during the upcoming election.
In conclusion, Albanese’s announcement marks a decisive step towards creating a fairer grocery market in Australia, promising reforms that prioritise consumer rights and aim to ease financial burdens amidst increasing living costs.