Revitalizing Australia's Grocery Market: A Push for Diverse Ownership

1

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Recent scrutiny was cast on the supermarket chains following a Four Corners report, which scrutinized their pricing strategies. Accusations of price gouging have been refuted by the companies, yet the expose has fueled the debate on their market dominance. Littleproud contended that the report confirmed suspicions of anticompetitive practices, particularly highlighted by inflated meat and produce prices.

These claims have brought to light a broader issue - the immense earnings reaped by these retailers, with each boasting profits over the billion-dollar mark last fiscal year. This revelation led to mounting pressure from political quarters, demanding a reevaluation of the supermarket’s influence on both ends of the supply chain.

The increased scrutiny has resulted in four critical examinations: the Australian Competition and Consumer Commission's yearlong inquiry into pricing, a senate probe led by the Greens party into possible price-fixing, a review of the existing food and grocery code of conduct, and an inquiry spearheaded by Queensland’s parliament into grocery pricing behaviors.

Amid these investigations, Littleproud urged the Federal Government to expedite the process, emphasizing the dual detriment faced by farmers and consumers due to the current duopoly’s practices. He warned of the peril to Australia’s food security, highlighting instances where farmers have seen their produce rejected based on stringent specifications, a power play possible only under market monopoly.

Opposition Leader Peter Dutton weighed in on the conversation, pointing towards potential murky dealings between developers, Coles, and Woolworths, suggesting a tendency for strategic land acquisition which stifles competition prior to store approvals.

Litteproud's concerns also encapsulate the broader issue of maintaining the nation's food sovereignty. He cast the situation in stark terms, positing that the loss of 34 percent of farmers could lead to a crisis in food security-an untenable situation for a nation-value such an essential commodity.

The supermarkets have been signaled out to address these claims, ushering in a potential period of change should legislative measures favor Littleproud’s push. The emphasis is clearly on recalibrating the balance of power in the grocery sector to safeguard the interests of consumers and the agricultural community alike.

Published:Wednesday, 21st Feb 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Finance News

Clear

December Sees Decline in Used Car Sales and Values, Reports AADA

19 Dec 2025: Paige Estritori

The Australian Automotive Dealer Association (AADA) has released its December 2025 Automotive Insight Report (AIR), revealing a notable downturn in the used car market. After a period of oversupply, the market experienced a 3.8% reduction in listings, bringing the total to 322,532 vehicles. Despite this decrease in supply, sales figures declined more sharply by 8.1%, totaling 181,724 units for the month. - read more

RBA Maintains Cash Rate at 3.60%, Hints at Future Increases

11 Dec 2025: Paige Estritori

The Reserve Bank of Australia (RBA) has decided to keep the cash rate steady at 3.60% during its final policy meeting of 2025. This decision comes amid rising inflation, which reached 3.8% in October, surpassing the RBA's target range of 2-3%. The central bank has indicated that if inflationary pressures persist, future rate hikes may be necessary. - read more

ASIC's Review Highlights Concerns in Car Finance Practices

11 Dec 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has conducted a comprehensive review of the motor vehicle finance sector, uncovering significant issues that raise concerns about responsible lending practices. The findings indicate that some consumers are being subjected to exorbitant fees and are defaulting on their loans shortly after approval. - read more

Bank Australia Shifts Focus to Electric Vehicle Financing

11 Dec 2025: Paige Estritori

In a bold move towards environmental sustainability, Bank Australia has ceased offering loans for new petrol, diesel, and hybrid vehicles as of February 2025. This policy change aligns with the bank's commitment to achieving net-zero carbon emissions by 2035. - read more

ASIC's Review Highlights Concerns in Car Finance Practices

03 Dec 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has recently conducted a comprehensive review of the nation's motor vehicle finance sector, uncovering significant issues that raise concerns about responsible lending practices. The findings indicate that some consumers are being subjected to exorbitant fees and are defaulting on their loans shortly after approval. - read more

Click for more Finance News