Misbehaving supermarkets could face hefty fines of up to $10m should new recommendations of an interim food and grocery review be adopted.
A warning shot has been fired off to the supermarket giants as a fresh review recommends they be whacked with heavy fines for bad behaviour.
“A heavy imbalance in market power between suppliers and supermarkets in Australia’s heavily concentrated supermarket industry necessitates an enforceable code of conduct,” Dr Emerson said in the interim report. The review also recommended any updated code should place a greater emphasis on addressing the fear of retribution.
Under the current settings, the ACCC does not have the power to impose penalties for non compliance of the code.
Craig Emerson Merger Reform Anti-Competitive Behaviour Supermarket Prices David Geraghty Incumbent Supermarket Chain Oceania Forced Divestiture Political Lightning Rod Grocery Review Anti Competitive Behaviour Declining Wholesale Prices Anthony Albanese Competition Watchdog Newswire-Politics Andrew Leigh Interim Report Australia And New Zealand Stakeholder Consultation Jim Chalmers Forced Divestiture Laws Union Of Soviet Socialist Republics Supermarket Giants Market Concentration Courtney Gould Heavy Fines Supermarket Industry Voluntary Code Comprehensive Review Non Compliance Australia Final Recommendations Divestiture Laws Credible Deterrent
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