Senate Inquiry recommends criminalisation of price-gouging in scatching report on supermarket giants

A Greens-led Senate inquiry today handed down a scathing report into the conduct of Australia's major supermarkets, Coles and Woolies, including claims they are setting unfair prices, abusing their power, and ripping off suppliers, like our farmers.

The Senate inquiry made 14 recommendations, including a suggestion to make price gouging illegal, which would come with criminal penalties if breached.

Advertising expert Dee Madigan said the claims in the Senate inquiry were "massively damning".

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"They've been screwing Australians on both ends - at the consumer side and at the farmer side and I think people have just had enough," Madigan said.

Madigan said she believed it was "fairly likely" the government would move to implement the inquiry's recommendations.

"We've got a government and we've got regulatory powers now that aren't beating everyone with a feather when they do the wrong thing," she said.

"I think supermarkets are just put on watch a little bit now.

"What these companies don't understand is that they are actually hurting their brand long-term.

"If more supermarkets do come into Australia, people will look at Coles and Woolies and say 'Stuff you, I'm going somewhere else'.

"They're going for short-term profit they're gonna hurt themselves in the long-term."

Watch the full video in the player above.