Australian gov't to penalize supermarkets for anti-competitive behavior under crackdown

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Australian gov't to penalize supermarkets for anti-competitive behavior under crackdown

STORY: Australian gov't to penalize supermarkets for anti-competitive behavior under crackdown SHOOTING TIME: June 26, 2024 DATELINE: June 27, 2024 LENGTH: 00:01:51 LOCATION: Canberra CATEGORY: ECONOMY SHOTLIST: 1. various of supermarket in Australia STORYLINE: Australian supermarket chains will face large fines for anti-competitive behavior under new laws. The federal government on Monday announced it has accepted all the recommendations of a review into the Food and Grocery Code of Conduct and will impose new obligations on large supermarket chains to treat their suppliers fairly. Under the new laws, legislation for which was introduced to parliament by Treasurer Jim Chalmers on Monday, the code of conduct will be made mandatory for chains with annual revenue exceeding 5 billion Australian dollars (3.3 billion U.S. dollars) after being voluntary for a decade. Supermarkets will be required to deal with their suppliers in good faith and prevented from penalizing those who complain after the rev

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