Fines of $10 million to face supermarkets found guilty of price-gouging

The Albanese government is set to move ahead with plans to stop major supermarkets price-gouging customers from next year.

Starting on July 1, the government is set to legislate new standards that could hit guilty parties with fines of up to $10 million.

Treasurer Jim Chalmers said this was a sign the government was putting Australians first.

READ MORE: Search for missing backpacker to resume after breakthrough find of her mobile

"We know that people are under pressure and we want to make sure and we will make sure that supermarkets aren't price-gouging," he said.

It is a move that has garnered support across the political spectrum, with Nationals leader David Littleproud saying he believes it will also protect other industries.

"This is about making sure not just consumers are protected, but also farmers," he said

"There's intimidation and retribution for them."

Whilst supermarkets may cry foul with the new rules, Littleproud is sceptical of their concerns.

LIVE UPDATES: People told to take shelter as police respond to reports of shooting in Bondi

"If the supermarkets haven't done anything wrong under the existing codes of conduct, then there is nothing to fear," he said.

"They only fear it because they've done the wrong thing by you."

The treasurer also announced rules would be introduced that would make it mandatory for large retailers to accept cash for the purchase of essential items.

This includes supermarkets and fuel retailers, but smaller businesses will be exempt from these rules.

DOWNLOAD THE 9NEWS APP: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the Apple App Store and Google Play.