Federal Member for Cowper Pat Conaghan said families and farmers continue to pay the price after three years of the Albanese Labor Government doing nothing to protect them against the major supermarket’s profiteering and anti-competitive behaviour.

Mr. Conaghan said the Australian Competition and Consumer Commission (ACCC) Supermarkets Inquiry Final Report drew the exact conclusions that The Nationals have long been championing on the floor of Parliament, that  ‘Coles and Woolworths have limited incentive to compete vigorously with each other on price’.

“Coles and Woolworths have been allowed to play unchecked withing the market because they are the market,” Mr. Conaghan said.

“Labor’s Mandatory Food and Grocery Code won’t take effect until April 1, despite the cost-of-living crisis in Cowper now reaching an uncomfortable peak for many family businesses. We needed the Code back in 2022 to curb this, not next month!

“The report also found, unsurprisingly, that Australian supermarkets make some of the highest profit margins in the world.

“Under Labor, Coles and Woolworths have been allowed to price-gouge local families and ditch suppliers with one simple tarnished product, because Anthony Albanese’s ’s measly fine of $198,000 is not a true deterrent and has proven to be completely ineffective.

“Families and farmers right across the Mid North Coast continue to suffer under Albanese’s cost-of-living crisis – forcing many to choose between groceries and other bills. Anthony Albanese has also been too weak to stand up to the major supermarkets and has had the wrong priorities, making excuse after excuse for three years.”

The report found over recent years, families in Cowper have been faced with increasing prices across almost all goods and services, with grocery prices (as represented by CPI food and non-alcoholic beverages) rising the fastest over that period; about 24% compared to 22%.

However, Australians’ wages have not kept pace with grocery inflation, and by the end of 2022 and in early 2023 grocery prices were increasing at more than twice the rate of wage growth. The report further states, that “… compared to the pre-2022 period, prices remain substantially elevated relative to wages.”

The report found some types of groceries have skyrocketed more than others in price since 2019, such as oils and fats (49%), eggs (47%), milk (34%), cheese (33%), and bread (32%), stating grocery prices have “increased significantly in Australia and impacted affordability for consumers”.

The report also found regional communities are impacted most, as “market concentration is high, particularly in regional and remote areas”.

Mr. Conaghan indicated that the Coalition had a strong plan to crack down on major supermarkets and deliver fair prices, that included:

• Tough new penalties with $2 million on-the-spot fines – ten times higher than under Labor.
• Increased powers for the ACCC to conduct random audits of major supermarkets.
• A Supermarket Commissioner, to act as a confidential avenue for farmers and suppliers, to address the fear of retribution.
• Sector-specific divestiture powers, in the hands of the ACCC and the courts, as a last resort to address the behaviour of supermarkets and to put an end to instances of price-gouging.

“All families and farmers right across the Mid North Coast are asking for is a fair price but Labor has let them down. The Coalition will have the back of families and farmers, and will prioritise the policy changes that we have been championing for the past 3 years on the floor of Parliament.

“Our changes will protect families at the checkout and farmers at the farm gate.”