GOVERNMENT MUST ACT TO BRING DOWN GROCERY PRICES

NSW Farmers has called upon the federal government to crack down on big businesses driving up the cost of groceries by abusing market power.

When the Reserve Bank of Australia lifted interest rates to an 11year high this week,

NSW Farmers Business, Economics and Trade Committee chair John Lowe said, more stress was placed on families experiencing cost of living stress. Mr Lowe said serious competition reform needed to be delivered by the federal government as part of next week’s budget.

“We know food is the second-largest household expenditure behind rent or mortgage repayments, and the Australian Bureau of Statistics reported food spending increased by 12.8 per cent in the 12 months to February 2023,” Mr Lowe said.

“But we also know the cost of groceries is increasing not just because of infation, but because of years and years of consolidation in the food processing and retail sector.