Supermarket giants Woolworths and Coles will face new world-first laws as the Australian government cracks down on price gouging.

Australia will be the first country in the world to get such laws targeting supermarkets, which will kick in from July 1.

From July 1, Australia’s dominant supermarkets will have their prices monitored for “significantly excessive” pricing – whatever that entails.

Supermarket giants Woolworths and Coles will face new world-first laws as the Australian government cracks down on price gouging.

From July 1 price gouging will be illegal in a government crackdown on supermarket price rises.