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.

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



Are they setting up a gallows?

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

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

“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

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

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

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.

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



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