Updated May 14, 2026 — 11:34am , first published May 14, 2026 — 9:17am Coles misled millions of Australians for years through its “Down Down” program by advertising fake discounts to customers, the Federal Court has determined in a landmark ruling that exposes the supermarket giant to significant potential penalties. Federal Court Justice Michael O’Bryan upheld allegations from the Australian Competition and Consumer Commission (ACCC) that Coles’ discounts were only a reduction from increased prices that were available for too short a period for customers to believe they were genuine. Coles’ “Down Down” program misled millions of customers into thinking discounts were genuine. Eamon Gallagher Coles’ share price dropped slightly in the hour after the decision, down more than 2 per cent, as the supermarket considers whether to appeal and the regulator looks towards “substantial” penalties.…