Australia's Major Supermarkets Face Billions in Fines for Non-Compliance

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Australia's Major Supermarkets Face Billions in Fines for Non-Compliance
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Australia's major supermarkets could face fines that run into the billions of dollars if they fail to comply with a revamped and mandatory code of conduct designed to protect farmers and families.

Australia ’s major supermarkets could face fines that run into the billions of dollars if they fail to comply with a revamped and mandatory code of conduct designed to protect farmers and families.

The federal government is under intense pressure to address cost-of-living concerns in the May budget. The interim review is being released as the Greens push new laws – which the Nationals and a handful of Liberals have backed – that would allow the Australian Competition and Consumer Commission and the courts to force corporations such as Woolworths and Coles to sell assets if they grow too big.

Coles reported turnover of just over $40 billion in the most recent financial year, so a fine of 10 per cent of its turnover would be about $4 billion. Woolworths reported sales of $48 billion.Metcash reported $9.6 billion in food sales in the financial year to June. Aldi reported about $12 billion. In the report, Emerson says critics of the voluntary code point to the small number of disputes filed under the code as evidence of its failure.

Under Emerson’s proposed law changes, the ACCC would help enforce the code but, rather than leaving the enforcement process to potentially years-long court cases, an independent arbitration system would be used so suppliers that brought a complaint would not go bankrupt while waiting for their case to be heard.

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Australia Supermarkets Fines Code Of Conduct Farmers Families

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