Australia is set to implement groundbreaking anti-price-gouging legislation on July 1, specifically aimed at Coles and Woolworths—the only two supermarket chains classified as “very large retailers” with annual revenue exceeding $30 billion. Under the new law, these supermarkets could face fines of up to $10 million if they charge prices outside what is deemed a “reasonable margin.” The Australian Competition and Consumer Commission (ACCC) has pledged to carry out regular compliance checks to ensure consumers are not overcharged. However, the legislation deliberately avoids setting a fixed dollar figure for what constitutes excessive pricing, with Assistant Competition Minister Andrew Leigh explaining that doing so “would risk the system being gained and a worse deal for consumers.”