The Australian government may mandate the grocery code of conduct for supermarkets with revenues over $5 billion.

The proposed code includes potential fines up to $10 million or 10% of annual turnover for violations.

Dr. Craig Emerson's interim review highlights issues such as fear of retribution and high retail prices despite lower wholesale costs.

Treasurer Jim Chalmers is set to discuss merger reform and will take into account the review's findings for consultations until April 26.

The government's competition reform agenda seeks to deter anti-competitive practices without resorting to divestiture laws, aiming to protect consumers and producers.