Woolworths and Coles will be interrogated over their rising prices, growing profits and market power by a dedicated Senate committee examining supermarket prices later today. Here's what to expect from their appearances.
Our two biggest supermarkets will be interrogated over their rising prices, growing profits and market power by a dedicated inquiry examining supermarket prices in Australia.
The purpose of the Senate inquiry is to examine and report on "the price setting practices and market power of major supermarkets" by May 7 this year. Coles was also featured in the Four Corners investigation, with leaked emails showing the supermarket chain received a one-off payment from a multinational supplier for allowing a price increase, then passing on the cost to customers.Both Woolworths and Coles are each scheduled to spend two 90-minute sessions in front of the committee — or in other words, both supermarkets will be grilled by senators for three hours each.
In its half-year results posted in February, Coles post-tax profit fell by 8.4 per cent to $589 million, while its supermarket revenue increased by 4.9 per cent to $19.8 billion between July 1 to December 31 last year.Woolworths also pointed to rising supplier costs in its submission, noting that increases to prices were driven by "cost increases from our supplier partners, and cyclical impacts in fresh food markets".
It may not sound like much, but it's equivalent to Woolworths' Australian grocery profits increasing by more than $60 million from sales totalling just under $26 billion.Yes — Aldi and Metcash both appeared at the same inquiry last week and were asked for their views of Coles and Woolworths.The story of how Coles and Woolworths came to dominate the supermarket landscape is more than a century in the making.
Woolworths Supermarket Brad Banducci Leah Weckert Four Corners Cost Of Living Groceries Prices Inflation Profits Market Power Competition Accc Duopoly Aldi Metcash Iga Supermarket Prices
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