Brad Banducci and Greens Senator Nick McKim played a brutal game of verbal tennis over Woolworths’ profitability.
Already a subscriber?Three little letters. That’s all it took to spark a nasty verbal cage match between outgoing Woolworths chief executive, Brad Banducci, and the chairman of the Senate select committee into supermarket prices, Green Senator Nick McKim.
After this verbal tennis went on for a few minutes, McKim tried a different tack. Would Banducci at least confirm that Woolworths ROE in the 2023 financial year was about 26 per cent?Nick McKim, Greens senator“I put it to you that the reason that you don’t want to focus on return on equity is you don’t like the storytelling you, which is basically that you are profiteering,” McKim thundered.
But Banducci simply wouldn’t budge. Equity can go up and down, he repeated, but return on investment is the metric Woolworths remains focused on. After more jousting, Banducci relented – sort of. He agreed to admit that he didn’t actually know the ROE of Woolworths, and would take the number on notice.
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