Australian supermarket chains will face large fines for anti-competitive behavior under new laws. The federal government has accepted all recommendations of a review into the Food and Grocery Code of Conduct, imposing new obligations on large supermarket chains to treat their suppliers fairly. Legislation introduced to parliament will make the code mandatory for chains with annual revenue exceeding 5 billion Australian dollars. Supermarkets will be required to deal with suppliers in good faith to prevent retribution against those who raise concerns. Severe breaches will result in fines of three times the benefit from misconduct, 10 million AUD, or 10 percent of turnover in the preceding 12 months. Treasurer Jim Chalmers stressed these measures are about ensuring fair prices for families and farmers. Woolworths Group and Coles Group, major supermarket chains in Australia, face increased scrutiny following these developments.
Date:
Updated: [falahcoin_post_modified_date]
More like thisRelated
Revolutionary Small Business Exchange Network Connects Sellers and Buyers
Revolutionary SBEN connects small business sellers and buyers, transforming the way businesses are bought and sold in the U.S.
District 1 Commissioner Race Results Delayed by Recounts & Ballot Reviews, US
District 1 Commissioner Race in Orange County faces delays with recounts and ballot reviews. Find out who will come out on top in this close election.
Fed Minutes Hint at Potential Rate Cut in September amid Economic Uncertainty, US
Federal Reserve minutes suggest potential rate cut in September amid economic uncertainty. Find out more about the upcoming policy decisions.
Baltimore Orioles Host First-Ever ‘Faith Night’ with Players Sharing Testimonies, US
Experience the powerful testimonies of Baltimore Orioles players on their first-ever 'Faith Night.' Hear how their faith impacts their lives on and off the field.
