Another day, a new inquiry! This time prime minister Anthony Albanese has directed the Australian Competition and Consumer Commission (ACCC) to conduct a 12-month inquiry into the pricing practices of supermarkets and the relationship between wholesale (including farmgate) and retail prices. The PM made the announcement during a National Press Club speech last week.
The ACCC will use its compulsory legal powers to conduct a “detailed examination” of the sector, and seek to identify opportunities for improving competition including market entry challenges as well as impacts of online shopping, loyalty programs and changes in tech since the ACCC’s last inquiry in 2008.
An interim report will be handed down to the Australian Government later in 2024 with the final report due early 2025.