Australia's competition watchdog has found that supermarkets are among the most profitable in the world and have increased their profit margins during the cost of living crisis. The ACCC's report highlights that Woolworths leads supermarket sales, but stops short of backing calls for hardline action such as divestment powers.
The 20 recommendations in the report focus on increasing competition by lowering barriers to entry into the sector. The ACCC also calls for greater transparency from supermarkets around pricing to help consumers make informed choices.
The findings come as Australians struggle with rising living costs, putting pressure on household budgets. The ACCC's report aims to address concerns about market concentration and pricing practices in the supermarket industry.
