'Heavy fines': PM Anthony Albanese targets supermarket price gouging in election pledge

Prime Minister Anthony Albanese has eyed tougher crackdowns on supermarket price gouging on day two of his federal election campaign.

The PM said a re-elected Labor government would no longer allow Australians to be treated like "mugs" at the checkout.

Albanese today said he will impose "heavy fines" for supermarkets that rip people off, looking to consumer laws in places such as the European Union and United Kingdom for possible inspiration.

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As part of tackling rising grocery prices, Albanese pledged his government would implement the ACCC's recommendation to improve transparency about pricing, price trends, promotions and loyalty.

The consumer watchdog didn't label Coles and Woolworths of being a duopoly or accuse them of price gouging but did call for action on "shrinkflation", price transparency, confusing promotions, zoning laws and other issues.

Albanese promised to establish a taskforce to provide advice on introducing an "excessive pricing scheme", which would be policed by the consumer watchdog.

Labor said it would also make the Food and Grocery Code mandatory from April 1 and tackle shrinkflation by introducing tough penalties for breaches.

"Labor will make price gouging by supermarkets illegal," Albanese said in Canberra today.

"Because Australian families deserve a fair price at the checkout and Australian farmers deserve a fair price for their goods."

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Asked how price gouging would be defined in law, Albanese said, "price gouging is when supermarkets are taking the piss".

Opposition Leader Dutton called Albanese "as weak as water."

"The supermarkets know it and Australians know it," he said.

Nationals Leader David Littleproud also reacted.

"You can change the laws as much as you want but unless there's a real penalty - it's business as usual and that's why divestiture powers is something they do fear," he said.

Greens leader Adam Bandt accused Labor of "copying the Greens' homework".

Treasurer Jim Chalmers described Dutton as the "biggest threat to household budgets" and said Labor's plan would result in a better deal for families.

"Our plan helps deliver more competition, fairer prices and better deals for Australians," he said.

Finance Minister Katy Gallagher said Labor was laser-focussed on enacting cost-of-living policies this election.

"We've put forward practical ways to help households manage those household pressures," she said.

Dutton was also building on his power price pledge, an east coast gas reserve to bridge the decade-plus wait until the Coalition's first promised nuclear plants could come online.

"Our policy will deliver cheaper energy costs," he said.

Chalmers said: "They won't come clean on costs or details because they won't come clean on their secret cuts to pay for nuclear reactors."

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