Aussie supermarkets will have to comply with a mandatory grocery code of conduct or risk facing huge fines. Treasurer Jim Chalmers will apply all 11 recommendations from a review of the code, carried out by former Labor minister Craig Emerson earlier this year. The review aimed to lessen the power imbalance between big grocery chains and small suppliers, as well as helping out consumers with prices at the checkout. Under the new code, Coles, Woolies, Aldi and Metcash (which runs IGA) would be fined up to $10 million, three times the benefit they gained from the breach, or 10% of their annual turnover – which could amount to billions of dollars – for serious breaches. Chalmers said the new code will help suppliers and consumers to get better deals from the supermarket giants. “This is about getting a fair go for families and a fair go for farmers,” he said.