The chairs of some of Australia’s biggest businesses have defended company profits.
The chairs of National Australia Bank and Woolworths have rejected claims competition is lacking in key industries, saying while some sectors are concentrated, banks and supermarkets have faced increasing competitive pressures.
Origin and Woolworths chair Scott Perkins said it was board leaders’ duty to act in the best interest of the corporation, which required thinking more broadly than just customers, shareholders, or the community. Perkins noted the ACCC found supermarkets to be competitive in 2008 when competitors such as Aldi had a significantly smaller store presence, and that it was important to foster a business environment that encouraged capital investment and investment in people to improve productivity.
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