Green Party introduces bill to ban supermarket price gouging

The Green Party has introduced the Commerce (Excessive Pricing in Retail Grocery Industry) Amendment Bill, a Member's Bill designed to ban price gouging by the supermarket duopoly in New Zealand.

According to Green Party co-leader Chlöe Swarbrick, the legislation aims to address rising grocery costs and what the party describes as excess profits. The proposed law would prohibit supermarkets from charging prices that are excessive relative to the cost of supply plus a reasonable margin. Under the bill, the Commerce Commission would apply to the courts to determine if a breach has occurred, and supermarkets would be required to maintain pricing records for inspection.

Proposed penalties for violations include fines of up to NZD 10 million, three times the value of the commercial gain, or 10 percent of turnover. The party noted that this approach aligns with similar measures recently introduced in Australia.