September 23rd 2024.
The federal government is ramping up its efforts to combat price gouging in response to the ACCC's recent lawsuit against Coles and Woolworths. In a statement today, Prime Minister Anthony Albanese announced new legislation that aims to protect Australian consumers from inflated prices. He expressed disappointment with the behavior of the supermarket giants, stating that it is simply "not good enough."
The ACCC's move to take Coles and Woolworths to court over their deceptive discount campaigns has prompted the government to take further action. Albanese revealed that a mandatory code of conduct will be implemented to hold retailers accountable for their actions. He added that an exposure draft for this new code, along with proposed amendments to existing legislation, will be introduced to parliament later this year.
Albanese acknowledged that the current voluntary code of conduct has not been effective in preventing price gouging. Under the current system, retailers are only required to act in "good faith," and compliance is entirely voluntary under the Competition and Consumer Act. The proposed legislation would change this, imposing significant penalties on major retailers like Aldi, Coles, Woolworths, and Metcash for serious breaches of the mandatory code.
The PM praised the ACCC for taking action against the supermarket giants, stating that during tough times, families need a government on their side. He also highlighted the importance of having a strong consumer watchdog, and commended the ACCC for their dedication to protecting Australian customers. The ACCC's allegations against Coles and Woolworths involve temporarily increasing prices on certain products before promoting them as discounted items, a practice that is completely unacceptable in Albanese's view.
He stressed the need for advertised discounts in supermarkets to be genuine and for specials to be real. Albanese emphasized that Australian customers deserve to be treated with respect and not as fools by supermarkets. He reiterated his support for the ACCC's lawsuits against Coles and Woolworths and assured the public that the allegations are being taken seriously.
The ACCC's investigation found that tens of millions of affected products were sold by Coles and Woolworths, resulting in significant revenue from these "illusory" sales. In court, the watchdog is seeking declarations, penalties, costs, and other orders, including community service orders. Additionally, the ACCC is requesting that both Coles and Woolworths fund a registered charity to deliver meals to Australians in need, in addition to their existing charitable meal delivery programs.
In an effort to keep the public informed and up-to-date, the government has set up a WhatsApp channel where people can stay updated on breaking news, celebrity updates, and sports news without having to deal with comments or algorithms. The channel also ensures that private details remain private.
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