Australia cracks down on price gouging with multi-million dollar fines

Supermarket giants could be subjected to fines of up to $10M for breaching the Food and Grocery Code of Conduct in new laws aimed at holding the supermarket sector to account. Set to be introduced into parliament on Wednesday, the legislated fines will be the highest corporate penalties under any industry code, which navigates how supermarkets conduct business with their suppliers. Penalties for violating the code will be set at the highest amount calculated at either three times the amount of benefit gained through the offending conduct, 10 percent of...