Coles, Woolworths CEOs to face grilling at senate inquiry on Tuesday
The supermarket giants will be put through their paces on Tuesday when senators seek answers on why grocery prices are so high.


News.com.au
April 16, 2024

Coles and Woolworths will face a grilling on Tuesday when the appear before a Senate inquiry set to probe the supermarket giants’ executives over high grocery prices.   :)

Both supermarkets have faced criticism in recent years for raking in multi-billion dollar profits during the cost-0f-living crisis, and their market dominance has been called into question as the government considers how to ease pressure on consumers.

Coles and Woolworths account for an estimated two-thirds of the market.

Outgoing Woolworths chief executive Brad Banducci and his Coles counterpart Leah Weckert are set to face intense questioning when they front up to the Senate inquiry in Canberra on Wednesday.

Coles CEO Leah Weckert will appear before the inquiry.

As will outgoing Woolworths chief Brad Banducci.

Victorian Liberal senator Jane Hume said senators would pressure the pair over why they “feel the need to pass on higher prices to consumers”.

“There was some interesting testimony yesterday, and I suppose they’ll have to respond to some of the allegations that were made,” she told Sky News.

On Monday, senators heard from industry whistleblower Abdel Badoura, who said he had witnessed “first hand” how Coles and Woolworths had manipulated the market.   :(

Mr Badoura had sat in on price negotiations with suppliers for a decade, and said said the chains exploited their duopoly to push around suppliers seeking a price increase on their products.

“Coles and Woolworths are running risk-free businesses, they are propped up by suppliers who are paying for the majority of their expenses, with the Australian public being overcharged at every step,” Mr Badoura said on Monday.   :(


“They have gotten away with this for years due to the lack of competition in the market and their market power abuse.”

The supermarket giants are facing pressure over high grocery prices. 

Former competition minister Craig Emerson, tasked with an independent review of the voluntary grocery code of conduct, handed down an interim report earlier this month which flagged making the code mandatory.

Dr Emerson - who is set to appear before senators on Tuesday afternoon - was critical to the idea of divestiture, which has been championed by the Greens and the Nationals, suggesting it would intensify market concentration.



‘Chilling effect’ of splitting Coles, Woolies
Coles and Woolworths have also been vocal critics of divestiture laws, and are expected to put the case to senators on Tuesday.

In their submissions to the inquiry, both chains claim the supermarket landscape is already competitive, thanks in part to the entry of international retailers Aldi and Costco.

The hearing begins at 8.30am.

Yes put these CEOs under the grill, and find out why consumers are ripped off on prices.   :(

whiteknight wrote on Apr 16^th, 2024 at 8:14am:

Yes put these CEOs under the grill, and find out why consumers are ripped off on prices.   :(

Are they setting up a gallows?

Bobby. wrote on Apr 16^th, 2024 at 8:17am:

whiteknight wrote on Apr 16th, 2024 at 8:14am: Yes put these CEOs under the grill, and find out why consumers are ripped off on prices.   :( Are they setting up a gallows?

Lol   ;D

Nothing will happen, Bobby.

If Coles wants to charge you $50 for a head of lettuce, there's not a person in the world who can stop them.

This bullshit is all for show.

I wonder how much Dr Emerson and his entourage charged the taxpayer for his jaunt around Australia?   No doubt only the best accommodation, flights, transport, meals etc were utilised as well as the per-diems and other entitlements.  What will this achieve?  Absolutely nothing.    As a shopper, you “volunteer” to shop at a supermarket therefore you agree to pay the price for what you put in your shopping basket.   “Enforceable Code of Conduct”? Don’t make me laugh!  Any fines incurred will (as with most other big Corporations) will be passed back to the Consumer.

If other countries can force giants like Microsoft etc to split up, then we should be able to do the same here to our Supermarket Owners.   Stop using price increases at the food level to make up for losses in other bad investments.     It is the only way to reign in these huge Corporations

greggerypeccary wrote on Apr 16^th, 2024 at 10:31am:

Bobby. wrote on Apr 16th, 2024 at 8:17am: whiteknight wrote on Apr 16th, 2024 at 8:14am: Yes put these CEOs under the grill, and find out why consumers are ripped off on prices.   :( Are they setting up a gallows? Lol   ;D Nothing will happen, Bobby. If Coles wants to charge you $50 for a head of lettuce, there's not a person in the world who can stop them. This bullshit is all for show.

Surely there has to be some punishment for ripping millions of people off?

I would love to think so but I doubt it.
I suspect it will be a very serious event followed by zero action and even less regret than straight back to business as usual.

Albo ruled out any breakup of the big two so any real change has already been ruled out.

It’s a effort to be seen doing something about the cost of living just for the photo opportunity and headline, imo

Daves2017 wrote on Apr 16^th, 2024 at 1:14pm:

I would love to think so but I doubt it. I suspect it will be a very serious event followed by zero action and even less regret than straight back to business as usual. ...

Bingo!

Absolutely nothing will happen.

How can it?

If I want to make guitars and sell them for $200,000 each there's nobody in the world who can stop me.

Similarly, if Coles want to sell cucumbers for $75 each nobody has the power to stop them.

“The supermarket giant’s outgoing CEO refused to answer repeated questions about the company’s return on equity.”

Quote smh.

This is how serious the supermarkets are taking the government inquiry.

They don’t bother to send the new boss and can’t be bothered too answer any questions.

It’s time politicians just learned no one respects them and stop pretend they are in anyway important.

This is so funny, a threat!

Where can I place a bet it never, ever happens ?

“In short: Brad Banducci, Woolworths boss, was warned by senators he could face imprisonment for refusing to answer simple questions during a Senate inquiry into Australia's supermarket sector.”


Quote ABC.

I rarely use these but hearing a threat from a politician that will never ever happen is worth it

;D

Yes Dave - here:

https://www.abc.net.au/news/2024-04-16/woolworths-ceo-threatened-with-contempt-by-senate-committee/103728244


Greens senator threatens Woolworths CEO with six months in prison for contempt of Senate


By business reporter Gareth Hutchens
Posted 5h ago
5 hours ago
, updated 2h ago



The back and forth between Senator McKim and Mr Banducci became so repetitive that Mr Banducci was warned that the committee could hold him in contempt, and he could end up in prison.

"I'm not interested in your spin or your bullshit," Senator McKim said.

Mr Banducci eventually answered some questions to the satisfaction of Senator McKim, admitting that he didn't know what the return on equity was for Woolworths Group last financial year.

Absolutely nothing is going to happen from this inquiry other than us ( the taxpayers) paying for it.

Woolworths couldn’t even be bothered too send the new CEO.

It’s just a pr activity for the senators involved.

Threatening to jail him 🤣

They couldn’t even get Alan Joyce back in the country last time the senate ( government ) thought they were vaguely important.

No wonder kids commit crimes, what’s the government going to do?

Absolutely nothing 

greggerypeccary wrote on Apr 16^th, 2024 at 10:31am:

Bobby. wrote on Apr 16th, 2024 at 8:17am: whiteknight wrote on Apr 16th, 2024 at 8:14am: Yes put these CEOs under the grill, and find out why consumers are ripped off on prices.   :( Are they setting up a gallows? Lol   ;D Nothing will happen, Bobby. If Coles wants to charge you $50 for a head of lettuce, there's not a person in the world who can stop them. This bullshit is all for show.

Have to agree ....it's a wank.

Daves2017 wrote on Apr 16^th, 2024 at 6:03pm:

It’s time politicians just learned no one respects them and stop pretend they are in anyway important.

Then there was Sen Hanson-Young at a committee hearing who called the Head of Defence 'Lieutenant'. The Lieut Gen. was too polite to swear at her.

greggerypeccary wrote on Apr 16^th, 2024 at 1:51pm:

Daves2017 wrote on Apr 16th, 2024 at 1:14pm: I would love to think so but I doubt it. I suspect it will be a very serious event followed by zero action and even less regret than straight back to business as usual. ... Bingo! Absolutely nothing will happen. How can it? If I want to make guitars and sell them for $200,000 each there's nobody in the world who can stop me. Similarly, if Coles want to sell cucumbers for $75 each nobody has the power to stop them.

True but no one would at those exaggerated prices.

They're slowing up their purchases with the current rip off prices.

4 ltr tin of Moro Light Tasting Olive Oil was around $48 ....

last week it was $66 dollars.

$16.50 per litre??? they can get buggered. I didn't buy it.

If people refuse to buy certain product lines & it doesn't move off the shelves .... surely that will be noticed by the producer?

chimera wrote on Apr 16^th, 2024 at 6:39pm:

Daves2017 wrote on Apr 16th, 2024 at 6:03pm: It’s time politicians just learned no one respects them and stop pretend they are in anyway important. Then there was Sen Hanson-Young at a committee hearing who called the Head of Defence 'Lieutenant'. The Lieut Gen. was too polite to swear at her.

Hanson-Young should never ever be mentioned in dispatches .... she's a friggin imbecile.

Hansen- young!

My daughter fell unwell so I took the day off parliament sick and took her on a whale watching tour and successfully claimed all the costs so the taxpayers ( you and I) paid for it.

She couldn’t understand the outrage.

To be fair, she met the pathetic scum politicians deadbeat rules for payment.

If your a elected government official.

I view you as worse than stepping in dog poo and having it stuck to my shoe.

Imagine if your daughter or son brought home a politician as her new love interest?

You would have to pack the family up and move interstate before anyone knew to save the family from embarrassment and public ridicule!

It looks like the government is trying to deflect away from the issues it's not being perceived as handling too well: inflation, housing, immigration, and foreign policy.

Might be easier to write a list of what they are doing well?

Cricket’s……

Why the struggle on saying the profit?
https://www.intelligentinvestor.com.au/shares/asx-wow/woolworths-group-limited/financials
And why didn't the CEO say 'yep, 26%, impressive eh?'
They all look incompetent, and Woolies is now in the Trump league of criminal contempt.

And, absolutely nothing changes.

“Senate inquiry recommends powers to forcibly break up supermarkets and imposition of mandatory code of conduct.”

“ abcnews.

No one in jail 😂, no change no shopper market’s prices.

But another five taxpayers funded  loves In too go!

The only winner here will be the taxpayer funded catering firm who feeds these pigs / politicians at the troth/ senate inquiry.

Coles has gone crazy with their prices:

Box of tissues $2.00. last year $1.30.   54% inflation
https://www.coles.com.au/product/coles-facial-tissues-white-224-pack-9031160


Olive oil $17.00 -  last year $10  .  70% inflation
https://www.coles.com.au/product/coles-extra-virgin-olive-oil-1l-5607376


Apples $6.90 per kilo.  Last year $3.50.    97% inflation.
https://www.coles.com.au/product/coles-bravo-apples-approx.-170g-each-5899410


Corn. $1.90 per cob. Last year 70 cents.  271% inflation.
https://www.coles.com.au/product/coles-sweet-corn-1-each-4562603

It's cheaper to buy Australia meat in Japan than from Coles or Woolworths?

Will the senate inquiry explain that?


https://www.abc.net.au/news/2024-05-28/australian-beef-cheaper-tokyo-supermarket-than-coles-woolworths/103897144

Gnads wrote on Apr 16^th, 2024 at 6:44pm:

greggerypeccary wrote on Apr 16th, 2024 at 1:51pm: Daves2017 wrote on Apr 16th, 2024 at 1:14pm: I would love to think so but I doubt it. I suspect it will be a very serious event followed by zero action and even less regret than straight back to business as usual. ... Bingo! Absolutely nothing will happen. How can it? If I want to make guitars and sell them for $200,000 each there's nobody in the world who can stop me. Similarly, if Coles want to sell cucumbers for $75 each nobody has the power to stop them. True but no one would at those exaggerated prices. They're slowing up their purchases with the current rip off prices. 4 ltr tin of Moro Light Tasting Olive Oil was around $48 .... last week it was $66 dollars. $16.50 per litre??? they can get buggered. I didn't buy it. If people refuse to buy certain product lines & it doesn't move off the shelves .... surely that will be noticed by the producer?

Should’ve bought it at $48 they are now $68 ! :o

Dang wish I stockpiled but even at $48 I was hesitant!

I bought some exclusive olive oil from the Grampians for $100 (4 litres) includes postage.
If I bought 2 I could’ve had a bigger discount but there is limitation due to not much olive oil produced due to weather conditions not being favourable.

Oh and I did mention I hate self checkout?

I accidentally scanned a tin fruit twice but I had 2 tins..so I put 2 tins on scale… screen freezes up on me to call assistant! That ASSistant!

It’s painful this self checkout….I didn’t know how to take my accumulated points of $30 off my shop, up goes my hand again!

What’s nice is other shoppers getting the assistant attention to go my way.

Bless the other shoppers, there’s empathy there for we all must feel the same way!

I loathe self checkout - always wait for a queue at a checkout person... even young Lurch at times... a nice enough young guy but more at home in a quadrangle with a megaphone I think... seems to have a non-grasp on all the modern trendy stuff... calls me doctor and asks if I've lost any patients this week.... I say no - usually they are easily found in the funeral parlour ... you just need to look ....

Hot grilled CEO with barbecue sauce, special at 19 cents ea. Out they go customers!

Grappler Racist Filth wrote on Jun 8^th, 2024 at 4:51pm:

I loathe self checkout - always wait for a queue at a checkout person... even young Lurch at times... a nice enough young guy but more at home in a quadrangle with a megaphone I think... seems to have a non-grasp on all the modern trendy stuff... calls me doctor and asks if I've lost any patients this week.... I say no - usually they are easily found in the funeral parlour ... you just need to look ....

This is the thing you see…there was only one person at checkout and 2 big loads in front of me to go through! I thought stuff it. I suffered the self check out.
Like everything… forcing us out to do this… like forcing us to go digital.
Oh and most of the self checkouts had “card only”…. I sometimes prefer to pay cash  >:(

My card is splitting at the seams from auto payments for rego, insurance, rates, power, etc

Keep a record of your time at the work site, send the shop your bill.