Australia bans supermarket price-gouging from July

Australia’s Federal Government has introduced new regulations preventing major grocery retailers from charging above supply costs by more than a reasonable margin, effective next month. The rules apply to operators such as Coles and Woolworths, and oversight will be managed by the Australian Competition and Consumer Commission (ACCC). Penalties for violations can reach up to A$10 million, which is three times the financial gain from such breaches. The measures are part of broader competition reform aimed at promoting transparency and fair pricing in the retail sector. Additionally, the Food and Grocery Code will transition from a voluntary framework to a mandatory structure, introducing significant financial consequences for serious violations. Support for this initiative includes over A$30 million allocated to the ACCC to combat harmful practices, along with funding for consumer education programs and partnerships with advocate groups like CHOICE to enhance access to supermarket pricing information. Separately, regulators have emphasized the removal of certain toy listings containing dangerous magnets, reiterating ongoing commitments to public safety.

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