ACCC to Sue Coles and Woolworths for Price Gouging: What It Means for Australian Consumers and Workers

ACCC to Sue Coles and Woolworths for Price Gouging

The Australian Competition and Consumer Commission (ACCC) is likely to take Coles and Woolworths to court under new anti-price gouging laws set to take effect on July 1. ACCC Chair Gina Cass-Gottlieb stated, "I believe it is likely we will take court action, yes." This move follows allegations that the supermarkets misled consumers by advertising fake price cuts, a claim both companies deny.

Market Snapshot and Economic Updates

ASX Opens Higher

The ASX opened 0.3% higher at 8,745 points, following record highs on Wall Street. The S&P 500 gained 0.6%, the Dow rose 0.5%, and the Nasdaq increased 0.8%, driven by strong performances in tech stocks like Broadcom, Alphabet, and Tesla.

Super Retail Group Posts Record Sales

Super Retail Group reported a 4.2% increase in total sales revenues to $2.2 billion for the first half of the year. Brands like Supercheap Auto, rebel, BCF, and Macpac contributed to this growth, with Macpac leading at a 13.1% sales increase.

Insurance Council Declares Bushfires Significant Event

The Insurance Council of Australia has declared the Victorian bushfires a "significant event," a step below a catastrophe. This designation triggers data collection on claims and losses, with potential escalation to a full-blown catastrophe if claim numbers rise significantly.

Aristocrat Wins Legal Battle Against Light & Wonder

Aristocrat Leisure secured a $190 million settlement from Light & Wonder over intellectual property infringement claims. Light & Wonder agreed to cease commercialization of disputed games and remove existing installations globally.

Key Economic Data and Insights

This Week's Highlights

• Australia: Household spending indicator (Nov), consumer confidence (Jan), job vacancies (Nov), and inflation expectations (Jan).
• International: US CPI (Dec), small business optimism (Dec), China trade balance (Dec), US retail sales (Dec), and EU industrial production (Nov).

Currency and Commodity Movements

The Australian dollar fell below 67 US cents, influenced by an interview with RBA Deputy Governor Andrew Hauser. Despite this, the AUD remains the best-performing G10 currency in 2026, up 0.2% against the USD. Gold prices rose to $4,510/ounce, while Brent crude increased 2.2% to $63.34/barrel.

Implications for Australian Workers and Job Seekers

The ACCC's potential lawsuit against Coles and Woolworths highlights the importance of consumer protection and fair pricing in the retail sector. For job seekers, understanding these market dynamics can provide insights into industry trends and workplace rights. The strong performance of companies like Super Retail Group and Aristocrat Leisure may signal growth opportunities in retail and gaming sectors, while economic indicators like household spending and job vacancies offer valuable data for career planning.