Australian Prime Minister targets supermarkets over pricing

  • Stock Market News
Australian Prime Minister targets supermarkets over pricing

CANBERRA - Amid growing concerns over cost-of-living pressures and limited competition in the grocery sector, Australian Prime Minister Anthony Albanese today criticized major supermarkets Coles and Woolworths for not passing on lower costs from farmers to consumers.

The Prime Minister suggested that government interventions might be necessary, indicating a potential role for the Australian Competition and Consumer Commission (ACCC) in addressing the issue.

The criticism comes in the context of an ongoing senate inquiry into allegations of supermarket price gouging. This inquiry is part of broader efforts to ensure fair pricing practices and to scrutinize the market dominance of the country's major supermarkets.

In a related development, Craig Emerson (NYSE: EMR ) has been appointed to lead the Food and Grocery Code of Conduct Review. This review is set to explore the shift from voluntary codes to more stringent regulations within the industry.

A key focus of Emerson's role will be to enhance mechanisms for consumer complaint resolution, ensuring that grievances about unfair pricing can be effectively addressed.

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