Breaking news: Government to appoint Grocery Commissioner, code of conduct consultation paper released
We’re welcoming the announcement, which sends a clear message to the supermarkets that they can’t keep making super profits at the expense of struggling consumers
However, it’s crucial to get the detail of the Grocery Industry Competition Bill (which sets the powers of the regulator) and the mandatory code of conduct right. We’ll keep pushing the Government to ensure they deliver for consumers and suppliers.
Excess profits mean you pay more than you should at the checkout.
New Zealanders deserve better but the Commerce Commission’s recommendations don’t go far enough.
We need more competition to drive down prices and give consumers better choices.
The major supermarkets are making $1 million a day in excess profits, according to the Commerce Commission's profitability assessment. Inflation aside, those profits are hitting New Zealand households.
Correction: Consumer NZ previously stated that excess supermarket profits are costing New Zealanders an extra $1000-$1200 per household, per year. We regret that an incorrect profitability measure was applied to calculate this figure which made it inaccurate. We apologise for any confusion caused.