Court battle begins over Coles’ grocery prices
A highly anticipated federal court battle between the Australian Competition and Consumer Commission (ACCC) and supermarket giant Coles begins today, addressing allegations that the retailer offered “illusory” discounts on hundreds of everyday products.
The ACCC is seeking substantial penalties and community service orders against Coles, which, along with Woolworths, controls two-thirds of the Australian grocery market.
A similar case against Woolworths is expected to be heard at a later date.
The 10-day hearing in Melbourne will examine pricing practices involving hundreds of products, ranging from instant coffee to chocolate biscuits, over an extended period.
The regulator alleges that Coles temporarily increased prices before marking the items as discounted under promotions such as “Down Down.”
Coles is defending the claims, asserting that pricing adjustments were a response to increased costs from suppliers.
The case commences amid a period of renewed inflation, with groceries and other household expenses rising significantly again.
IMF finds Australia managing ‘soft-landing’ on economic recovery
The International Monetary Fund released a report on Sunday stating that the Australian economy is managing a soft landing but noted that inflationary pressures have “re-emerged” in recent months.
The IMF indicated that the country’s economic recovery is expected to continue in the near term but added that wage growth is anticipated to moderate further, partially due to weak productivity growth. The IMF stated:
Executive directors welcomed Australia’s progress toward a soft landing and internal balance, notwithstanding uncertainties regarding residual excess demand and supply capacity in the context of weak productivity growth.
Treasurer Jim Chalmers described the report as generally positive for the economy during an interview on RN Breakfast:
It was a very positive report about Australia and about the government’s economic plan, it was a powerful endorsement. … It described our budget management as effective.
Labor releases numbers showing budget would be $14bn worse off under Coalition
The government has released figures indicating that the federal budget would be $14 billion worse over two years if the Coalition had won the 2025 election.
According to Labor, those budget deficits would add $22 billion to gross debt over the coming decade, resulting in $8.4 billion in additional interest payments, based on the Coalition’s costings released prior to the election.
The Coalition’s nuclear plan is not included in these figures.
Treasurer Jim Chalmers stated that the numbers demonstrate that Angus Taylor and the newly elected deputy leader, Jane Hume, “blew up their economic credibility” during the election campaign.
Angus Taylor is the poster child for the Coalition’s economic insanity. These figures show Angus Taylor has no credibility on the economy and that’s exactly why the Liberal party is a complete bin fire.
Angus Taylor and Jane Hume blew up their election campaign, they blew up their economic credibility, and these numbers show they would have blown the budget too.
Aussie medal party continues with dual moguls bronze
Australian skier Matt Graham rebounded from individual disappointment to add another medal to the one he earned eight years ago in Pyeongchang, continuing Australia's success at the Milan-Cortina Winter Olympics, according to AAP.
He became the country’s third moguls medallist at the Games on Sunday. This marked Australia’s record-extending fifth medal of the Olympics and was a significant achievement given Graham’s history of multiple injuries, including a fractured neck, collarbone, broken ribs, and lung contusions.
Graham secured the bronze medal by defeating Japan’s Takuya Shimakawa in the small final, scoring 20 points to Shimakawa’s 15. Canadian moguls legend Mikaël Kingsbury won the gold medal after taking silver in the individual event.
Graham commented on his achievement:
This means a lot, the other day was a bit bittersweet, coming fifth when I knew I had enough to get on the podium so today was a bit about redemption, I was fired up.
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Good morning
Good morning, and welcome to Monday. Nick Visser here to guide you through the day’s news. Here’s what’s on deck:
The federal court will hold a hearing on the ACCC’s case against Coles and Woolworths today after the consumer watchdog initiated proceedings in 2024 over allegations that the supermarkets misled shoppers using “illusory” discounts on hundreds of products. The hearing will take place in Melbourne, with the court noting the ACCC is seeking “a significant penalty” for the alleged breaches of consumer law.
Australia has reached five medals at the Winter Olympics in Milan after skier Matt Graham secured bronze in the new dual moguls event.
