The Australian Competition and Consumer Commission is running a lengthy investigation into alleged abuses of market power and unconscionable conduct by the major retailers. About 50 suppliers gave evidence, after being promised confidentiality. This means the ACCC has, for the first time, detailed information concerning allegations of exploitation and manipulation by the big players.
ACCC chairman Rod Sims has has given conditional support to a code of conduct enforceable under the Competition and Consumer Act and for financial penalties if the code is breached. But the major retailers and manufacturers, which are working on their own voluntary code of conduct, argue that further regulation is not needed.
What do you think. Is greater regulation of the industry required?