The Federal Government will introduce laws today that it hopes will stop price gouging by major supermarkets.

Delivering on a major promise from this year's election campaign, the Albanese Government will introduce legislation that would lead to major supermarkets facing heavy fines if they are found to be price gouging.

A report from the ACCC, Australia's consumer watchdog, earlier this year recommended action be taken against "shrinkflation", where products become smaller but are not reduced in price, as well as greater transparency on prices and loyalty programs and regulation of promotions offered by supermarkets.

Whilst the report didn't say the two largest supermarkets Coles and Woolworths had a duopoly on the market, it did note, "Australia's supermarket industry is h

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