Prime Minister Anthony Albanese says some supermarkets have “excessive market power” with a duopoly in large parts of Australia.
“Quite clearly they [Coles and Woolworths] have excessive market power, we have effectively a duopoly in large parts of Australia, in some places IGA or Aldi or other supermarkets will play role, but overwhelmingly there is a concentration of power,” he told ABC radio.
Albanese said there were three inquiries into supermarkets, including one the consumer watchdog was heading and another into competition.
“When you have that disconnect between the prices being paid for by supermarkets, and then the price being paid by consumers, then something’s going wrong.”
The prime minister said the government would look at recommendations on how to encourage new entrants in the market.
“That would obviously way be helpful, the more competition, the way that economics should work it should lead to lower prices.”
