Australia Funds ACCC to Investigate Supermarket Misconduct

The Australian government has allocated an additional $30 million to the Australian Competition and Consumer Commission (ACCC) to intensify investigations into misleading pricing practices by major supermarkets, particularly targeting Woolworths and Coles. This funding aims to enhance enforcement efforts and address concerns over deceptive discount promotions that allegedly misled consumers. Prime Minister Anthony Albanese emphasized the need to protect ordinary Australians from unfair supermarket practices, especially during the ongoing cost-of-living crisis. Additionally, the government plans to reform planning and zoning regulations to facilitate competition by allowing new supermarket entrants, countering the issue of land banking by existing giants. The ACCC's recent interim report highlighted that Woolworths and Coles hold interests in over 150 undeveloped sites, raising competition concerns. Overall, the government's measures seek to ensure fair pricing and accountability within the retail sector.