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After months of reviews, the government has made its first move on the big supermarkets (www.abc.net.au)

submitted 8 months ago* (last edited 8 months ago) by [email protected] to c/[email protected]

7 comments fedilink hide all child comments

In short: The government has confirmed it will impose a mandatory behaviour code on supermarkets, focusing on how they treat their suppliers.

As recommended by Dr Craig Emerson, fines of up to $10 million would apply to supermarkets who breach their obligations to act in good faith.

What's next? The government has asked the ACCC to look into customer prices, but the final report is months away.

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[–] [email protected] 5 points 8 months ago (1 children)

And zero consequences for their egregious past behaviour...

[–] [email protected] 3 points 8 months ago

The consequences will that their record profits since COVID-19 will dry up and they will need to figure out other ways of cutting expenses.

They will crash like they did in the 1980s and rationalise their business model by selling off their smaller branches. IGA will suddenly have a lot more members, Foodworks will be much bigger and Tuckerbag may even make a comeback.

The problem is that they have overcapitalised. Near us, we have two very large Woolworths within walking distance from each other. Two suburbs over, it is the same with two very large Coles’s.