Get all your news in one place.
100’s of premium titles.
One app.
Start reading
AAP
AAP
Politics
Maeve Bannister

Supermarket profits in spotlight as living costs bite

The Greens say the supermarket giants are price gouging during a cost-of-living crisis. (Glenn Campbell/AAP PHOTOS)

Supermarket giants accused of price gouging during a cost-of-living crisis could be scrutinised by a parliamentary committee.

The Greens will seek to establish a committee inquiry into the impact of market concentration on food prices and the pattern of pricing strategies employed by the supermarket duopoly.

Coles and Woolworths will be in the spotlight as the inquiry scrutinises the increasing cost of essential items, validity of discounts offered and profit inflations.

A Woolworths sign
The Greens say Coles and Woolworths feel that they can overcharge people without any repercussions. (Diego Fedele/AAP PHOTOS)

Greens senator Nick McKim said major supermarkets had had far too much power in Australia for too long. 

"Coles and Woolworths are making billions in profits because they feel that they can overcharge people without repercussions (and) it needs to end," he said.

"We want the CEOs to justify their decisions in a public hearing."

Coles trucks
The Nationals want the consumer watchdog to investigate whether price gouging is occurring. (Dan Himbrechts/AAP PHOTOS)

But Nationals leader David Littleproud said a parliamentary inquiry would take too long when action was needed now to address the cost of living crisis facing Australians. 

He has pushed for the consumer watchdog to investigate whether price gouging was occurring. 

"The cost-of-living crisis is now, not next year and the supermarkets have form on this, having gouged consumers during COVID," he said.

"An Australian Competition and Consumer Commission inquiry could have started the investigation before Christmas and actions ... can be undertaken immediately, without having to wait for the completion of the (parliamentary) inquiry."

Coles and Woolworths both posted profits of more than $1 billion in the past financial year.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.