The Greens have reintroduced legislation to make price gouging illegal, as new inflation data confirms that food prices are continuing to rise faster than overall inflation.
"Coles and Woolworths are using their enormous market power to squeeze every last dollar they can from people just trying to feed their families," Greens Economic Justice Spokesperson Senator Nick McKim said.
"They've built a business model based on profiteering during a cost-of-living crisis. While families go without, the supermarket duopoly is raking in billions in profits."
"The latest CPI figures show food prices have risen by 3% in the last year, well above the headline inflation rate of 2.1%."
The Greens' Bill would give the ACCC the power to investigate and prosecute corporations that exploit their market power to hike prices unfairly.
"We welcomed Labor's election promise to ban supermarket price gouging, but since the election we've seen no action."
"That's why the Greens are restoring our legislation to the Parliament. Labor needs to honour their promise and take action against the profiteering supermarket corporations."
"If Labor were serious about cracking down on supermarket price gouging, they'd pass the Greens' Bill when Parliament next sits."
