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Woolworths boss Brad Banducci has been threatened with a six-month prison sentence and a fine for failing to answer questions at a Senate inquiry over the supermarket’s profits. Banducci was asked repeatedly during a hearing into supermarket prices to disclose Woolworths ’ return on equity, a key measure of the company’s profitability. Instead, the chief executive declined to answer the questions, focusing on the company’s return on investment.
“You’ve used this market dominance to put the squeeze on your suppliers, including farmers, to force down wages, to compromise staff safety and to price gouge your customers.” Earlier, Banducci denied Woolworths was price gouging. “It’s very hard to say that we have price gouging,’‘ he said. “I would respectfully submit that this is an incredibly competitive market and that is good for consumers.” Coles and Woolworths make up about two-thirds of Australia’s supermarket sector.
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