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

Price gouging is illegal in places like the United Kingdom and European Union and Albanese today said he will impose “heavy fines” for supermarkets which rip people off.

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

The federal government said it will also make the Food and Grocery Code mandatory from April 1 and will 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.”

Treasurer Jim Chalmers described Opposition Leader Peter 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.