Prime Minister Anthony Albanese acknowledges that there is a clear issue with supermarket pricing, pointing out the excessive control and market power held by Coles and Woolworths. However, he does not intend to resort to drastic measures against the duopoly.
Albanese called upon to wield ‘big stick’ against Coles and Woolworths
Exploring the Dominance of Coles and Woolworths in Local Markets
Have you noticed that your local area is limited to only having a Coles and Woolworths? The market power and excessive control wielded by these supermarket giants have shaped the retail landscape over the past century.
Addressing Market Power and Excessive Control
David Littleproud, the Nationals leader, criticized the prime minister’s comparison to the Soviet Union, highlighting Mr. Albanese’s apparent lack of awareness regarding the divestiture powers held by the United States and United Kingdom.
Littleproud emphasized that ruling out divestiture powers as an option prematurely is unwarranted, especially before the submission of any official report.
He mentioned that as early as December 2022, the Nationals had proposed supporting the government in enacting significant legislation, such as the ‘big stick’ approach, which includes provisions for divestiture powers.
In light of the current inflation concerns, particularly regarding grocery prices, Littleproud stated that The Nationals plan to return to parliament to gather additional backing for granting the Australian Competition and Consumer Commission (ACCC) the necessary authority and sanctions to regulate market power and prevent excessive control by supermarkets.
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