Australia's new anti-price gouging laws come into effect today, making it illegal for supermarkets with more than $30 billion in revenue to charge prices deemed significantly excessive compared to the cost of supply. This means that Coles and Woolworths, the only two supermarkets meeting this threshold, face fines of up to $10 million if found guilty of "significantly excessive" pricing. (.
In summary, while the new laws aim to prevent price gouging by large supermarkets, their effectiveness in reducing grocery bills remains uncertain. Consumers are encouraged to remain vigilant and proactive in their shopping habits.