2025-08-27
The Greens have reintroduced their two key Bills to take on corporate profiteering – one to give the ACCC divestiture powers to break up corporations when they misuse their market power, and another to make price gouging illegal across the economy.
“Corporate giants are bleeding people dry while the Labor Government sits on its hands,” Greens Economic Justice Spokesperson Senator Nick McKim said.
“Coles and Woolworths have built their empires on exploiting their market dominance. They gouge shoppers, farmers, and workers.”
“The Greens’ Bills would finally give the ACCC the teeth to break them up and outlaw price gouging across the whole economy.”
“Two weeks ago the Reserve Bank found that declining competition and increased mark-ups have reduced productivity and left the average person $3000 worse off over ten years. That’s the price of letting corporations run the economy for their own benefit.”
“Now, in the profit-reporting season, the evidence is in black and white. Australia’s biggest oligopolies are raking in staggering profits off the back of ordinary people’s pain.”
- Insurance giant IAG just booked $1.359 billion net profit, up 66% on last year.
- Commonwealth Bank pulled in more than $10 billion, their highest in at least a decade.
- Coles pocketed nearly $1.2 billion, a 3.1% jump on last year.
“Since Labor came to power in 2022, food and groceries have risen on average by 14%. For some essentials it’s much worse: bread is up nearly 20%, cheese 20%, eggs 40%, and oil nearly 30%.”
“Labor promised to ban supermarket price gouging but have gone missing in action. If they were serious about helping people through this cost-of-living crisis, they’d back the Greens’ Bills.”