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”

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