Everyone in this country relies in some way on Coles and Woolies. It’s impossible to avoid their Down Down and Prices Dropped advertising campaigns.
The ACCC’s seismic action against Coles and Woolworths, alleging industrial-scale price gouging of the nation’s consumers, is the perfect intersection of politics, cost-of-living pressures and Australia’s poor excuse of a competitive supermarket industry.
But the social licence that has been extended to them could disappear if the ACCC can prove their actions have contributed to the inflation problem that has made the Reserve Bank lift interest rates and put the federal government under enormous political pressure. The Down Down sticker was then plonked on the front of the lozenges at the “discount” price of $6 on November 9.
But if the ACCC’s argument is proved, it does undermine all the experts and economists who claimed there was no sign of price gouging causing inflation. The evidence, as mapped out by the competition watchdog, is sitting there in your kitchen cupboard.
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