Big Business Warns of Increased Cost of Living Pressures with Supermarket Breakup Plan

Big business has warned of increased cost of living pressures if a new plan to break up the supermarket giants is successful. Business groups are calling on the government to reject the Greens’ plan to break up Aussie supermarket brands warning it could leave consumers struggling even more with the cost of living pressure.

Under a new Bill scheduled to be voted on in the Senate on Wednesday, Australia’s consumer watchdog would have the power to ask the courts to split up supermarket giants and crack down on duopolies. The divestiture legislation would allow the Australian Consumer and Competition Commission to break up powerful corporations and if passed, the likes of Coles and Woolworths could be forced to divest assets that are “misusing their market power to inflate prices, exploit their supply chains, or keep out competition”

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Minns wants big business to bankroll natural disaster protectionThe Minns government wants insurers, banks and superannuation funds to help bankroll projects that reduce flood and bushfire risks faced by NSW residents.
Source: smh - 🏆 6. / 80 Read more »

Why big business would rather send uranium offshore than build nuclear plants in AustraliaThe argument to re-examine the merits of nuclear power in Australia has been countered with concerns about the high cost of building the plants. But the rising uranium price is another issue — and Australia being a major supplier doesn't guarantee cheap power, writes Ian Verrender.
Source: abcnews - 🏆 5. / 83 Read more »