In a bold move aimed at disrupting the supermarket duopoly in Australia, the Greens have announced plans to introduce a bill that could potentially lead to the breakup of Coles and Woolworths. This legislative push, spearheaded by Senator Peter Whish-Wilson, seeks to empower the Australian Competition and Consumer Commission (ACCC) with the authority to dismantle these retail giants if deemed necessary to foster competition within the sector.
The proposed bill, named the "Anti-Competitive Conduct (Break-up Orders) Bill 2023," is a response to the longstanding dominance of Coles and Woolworths in the Australian retail landscape.
The divestiture legislation would allow the Australian Consumer and Competition Commission to break up powerful corporations and if passed. But the Business Council of Australia said the Bill could potentially have serious unintended consequences that could result in consumers "paying more, rather than less".
Source: news.com.au