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Supermarkets could be legally barred from setting exorbitantly high prices if the government adopts the recommendations of a parliamentary inquiry.

The Senate Select Committee on Supermarket Prices today handed down its final report following six months of public hearings and submissions – including the particularly fiery questioning of Woolworths CEO Brad Banducci.

It has made 14 recommendations, including outlawing "the charging of excess prices (otherwise known as price gouging)".

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"This is a landmark report with serious proposals to tackle the price of food, and the profiteering that has done so much harm to the people of Australia," Greens senator Nick McKim, who chaired the committee, said.

"The committee has produced concrete steps that would tackle these problems head-on."

"Chief among these is the recommendation that price gouging be made illegal.

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"This would mean that corporations couldn't just arbitrarily increase prices without facing consequences from the courts.

"This would be a significant new power to stop unreasonable pricing that has been rampant for years because of a lack of competition."

Forced divestiture powers to break up supermarkets that "abuse their market power or act unconscionably" was also recommended in the final report, although not all members of the committee agreed with that decision.

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While forced divestiture has been backed by the opposition and Greens, the government is against the move, and Labor senators Glenn Sterle – who was the inquiry's deputy chair – and Louise Pratt hit out at the recommendation in the final report.

"Labor senators do not support passage of the Competition and Consumer Amendment (Divestiture Powers) Bill 2024, and do not support the committee's first recommendation around supermarket-specific divestiture powers," they wrote.

They also said that many of the other recommendations shouldn't be considered until the ACCC hands down its own supermarket report.

The consumer watchdog is due to provide an interim report in August, but its final findings won't be given to the government until February next year. 

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The Senate inquiry's other recommendations include:

• Establishing a prices and competition commission to examine and monitor prices and price setting across the economy and require supermarkets to publish historical pricing data.
• Making the Food and Grocery Code of Conduct mandatory with significant penalties for breaches, and be expanded to green life industries and any retailer that stocks food and grocery products.
• Giving the ACCC powers to investigate land banking and unfair trading practices.
• Making supermarkets adopt mandatory standards for unit pricing, and notify customers of changes in sizes or prices of products, to help prevent shrinkflation
• Standardising discount and promotional terms to prevent supermarkets from promoting fake discounts.
• Introducing stronger health and safety standards for supermarket employees.
• Further investigating multinational food manufacturers' impact on price increases in Australia.
• Requiring supermarkets to publish data on food waste and consider whether unrealistic cosmetic standards are adding to waste.

King’s Counsel describes incoming requirement as ‘symptomatic of a dangerous trend’.

The Reserve Bank of Australia (RBA) has kept interest rates on hold despite stickier-than-expected inflation and the ever-growing spectre of rising house prices.

Meeting today under its new two-day schedule, the RBA board discussed hiking rates once again, but eventually decided to keep the official cash rate target on hold at the 12-year high of 4.35 per cent.

"The board did discuss the option of raising interest rates. It discussed the option of keeping interest rates where they were," RBA Governor Michele Bullock said in her press conference following the meeting.

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"On balance, the board felt that, at the moment, staying where they are was appropriate. We think that policy is currently restrictive."

She said that the board doesn't expect having to hike rates again, but that it's open to the possibility should inflation continue to stay higher than the bank would like.

"The data towards the end of last year and early this year led everyone to think, 'oh, it's ok now'," she said.

"We've always felt that it was a bit too soon to declare victory, and I think the numbers in recent weeks have demonstrated that…

"We don't think we necessarily have to tighten again, but we can't rule it out. If we have to, we will. If we really think that inflation is going to be persistent and significantly above our forecasts, we will tighten again."

She also added that, were it not for last November's rate rise, the board may have had to hike rates today.

Financial markets had largely expected no change in the cash rate, with economists split over when – not if – the central bank would move to cut.

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In her monetary statement, Bullock said it was necessary to see more data in the current economic climate before delivering relief for borrowers.

"Recent information indicates that inflation continues to moderate, but is declining more slowly than expected," Bullock said.

"The Board expects that it will be some time yet before inflation is sustainably in the target range and will remain vigilant to upside risks.

"The path of interest rates that will best ensure that inflation returns to target in a reasonable timeframe remains uncertain and the Board is not ruling anything in or out.

"The Board will rely upon the data and the evolving assessment of risks. In doing so, it will continue to pay close attention to developments in the global economy, trends in domestic demand, and the outlook for inflation and the labour market.

"The Board remains resolute in its determination to return inflation to target."

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CreditorWatch's Chief Economist Anneke Thompson said it would be job figures – and not inflation – that would force the RBA's hand.

"Even moderate softening of the employment market will likely mean that we are at the peak of this tightening cycle, as smaller businesses and many household businesses will now be in precarious financial positions given the high cost of debt," Thompson said.

"The RBA is unlikely to risk further damage to sectors of the economy that are least able to cope with it."

Steve Mickenbecker, Canstar's finance expert, said borrowers desperate for a rate cut should not hold out for a definitive call from the RBA.

"If borrowers opt to wait for the Reserve Bank to cut the cash rate and lenders to follow suit, they could be facing thousands of dollars in additional repayments and interest," explains Steve Mickenbecker, Canstar's finance expert.

"However, seizing the opportunity to switch now could result in considerable savings, especially with the first forecasted rate cut in November.

"By refinancing now borrowers can lock away savings over the next six months or so if the cash rate cut comes in line with expectations of the big four banks in November, and then double dip when rates eventually fall. It's hard to flaw this approach."

Finder analysis shows the minimum household income required to afford the average Australian house price has risen to $171,223.

That rises if a person wishes to buy in Sydney (minimum household income of $263,195), or Canberra (minimum household income of $185,599).

"Many Australians dream of owning their own home, but it's becoming increasingly difficult to get your foot in the door," Cooke said.

"Those living in major capital cities now require a substantial household income just to be able to comfortably service the average mortgage, without even considering saving for a deposit."

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

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