Mr REPACHOLI (Hunter) (13:15):
I thank the member for Capricornia for bringing forward this motion. This is a chance to recognise just how crucial agriculture is for Australia's economy, society and environment. Agriculture isn't just another industry; it's a key part of our success and essential to our way of life. In the 2023-2024 financial year alone, Australia's agriculture sector generated over $82 billion, supporting economic growth and helping our country remain resilient. It also provided over 257,000 jobs, many in rural and regional areas just like mine in the Hunter.
Over 90 per cent of the fresh fruit and vegetables, the meat, the milk and the eggs on Australian shelves is grown right here. This high level of local production shows the dedication of our farmers and reflects our commitment to food security, ensuring that Australians can rely on homegrown food. The cost of living is an ever-present concern for Australians, particularly as food and grocery prices continue to impact household budgets, but this government understands the pressure that rising prices place on families and communities across the nation, and we're committed to ensuring that Australians pay a fair price for their groceries while farmers are fairly compensated for their hard work. Our government has taken the bold step of addressing the issues that drive up costs at the checkout.
We recently allocated $2.1 million to the Australian Competition and Consumer Commission to look into the high electronic payment surcharges which impact Australians in a cashless world. Many Australians face these extra fees on essential purchases and think it's unfair, just like I do. That's why, starting 1 January 2026, following consultations with the Reserve Bank of Australia, we plan to ban debit card surcharges. Our goal is clear: we need to reduce costs for consumers without negatively impacting small business.
In October, the Treasurer introduced the biggest reform of Australia's merger laws in 50 years. This change means that mergers, especially in the supermarket industry, will face strong scrutiny from the ACCC to ensure fair prices. This reform is part of our commitment to competition and transparency so Australians know they aren't being overcharged. We're also tackling shrinkflation, which is when products shrink in size but prices stay the same. Last month we announced changes to the Unit Pricing Code to make sure that consumers can compare prices more accurately. There will be stronger penalties for companies that don't follow the code, and the ACCC will start an awareness campaign to help shoppers find the best deals. Additionally, we're holding big supermarkets accountable for misleading pricing. In September this year, the ACCC took legal action against Coles and Woolies for allegedly deceptive discount pricing.
This step was part of the extra $30 million we have given the ACCC to address retail sector misconduct, protecting consumers and suppliers alike. In September, we released the ACCC's Supermarkets inquiry interim report, which raised concerns about supermarket pricing, supplier treatment and barriers to competition. With the ACCC's final report due in February, we will have the information needed to create a fairer, more competitive market for all Australians. We're also improving protections for suppliers, particularly small business. The new code of conduct, based on recommendations from Dr Craig Emerson's review, will protect suppliers from retaliation with improved dispute processes and a confidential whistleblower system through the ACCC. This step helps make grocery supply chains fairer.
Looking forward, we're working with state and territory governments to fix competition barriers in planning and zoning rules, which often allow big players to control large portions of the market, limiting choice and keeping prices high. Reforming these rules is essential for a more competitive and consumer-friendly supermarket sector. Last year, we raised penalties for corporations involved in misconduct, increasing them from $10 million to $50 million, with turnover based penalties going from 10 per cent to 30 per cent of their annual turnover during the breach. The change ensures that the penalties reflect the seriousness of the offence and act as a strong deterrent.
Australians deserve to know that their government is working hard to protect them from high costs. Through these actions, we're addressing every part of the problem, from how prices are set to how supermarkets operate. We are committed to fair prices, transparency and protecting consumers. This government will keep strengthening these measures, working towards a grocery sector that offers fair value for consumers, fair pay for farmers and accountability for retailers.
