A new Senate Committee will investigate the market power of the major supermarkets and their effect on the price of everyday groceries.
The Committee has been established in response to rising supermarket profits, whilst Australians face rising costs at the checkout, which the supermarkets attribute to increased cost pressures.
Deputy Leader of the Nationals, Perin Davey said the establishment of the Committee was made possible through a motion introduced by The Greens and unopposed in the Senate.
“We all know that the cost of living is going up and it is timely to investigate whether the concentration of market power in our supermarket sector is a contributing factor,” Senator Davey said.
“We welcome this inquiry and will be taking the opportunity to examine pricing practices, as we know the price paid to farmers is not increasing in line with the price consumers are paying.
“This inquiry gives us the chance to look at the regulatory framework and see if there are changes we can make to help lower prices.
“That includes how suppliers interact with supermarkets and the role of multinational food companies.
“We have been calling on the Government to empower the ACCC to monitor these issues, but they have not done so.
“In the absence of increasing the ACCC’s powers, this Committee will look into the behaviour of the big supermarkets and their pricing practices, and make appropriate recommendations,” she said.
The Committee will be taking submissions from the public and is due to present a final report by 7 May 2024. For further information go to: Select Committee on Supermarket Prices – Parliament of Australia (aph.gov.au)