Besieged supermarket giant Woolworths has fronted the ACCC’s public hearings and been forced to explain its position as Australia’s dominant retailer amid immense public pressure.
The faces behind Australia’s biggest retailer, Woolworths – CEO Amanda Bardwell, former CEO Brad Banducci, property boss Ralph Kemmler, Food boss Guy Brent, Rewards boss Hannah Ross and former supermarkets boss Natalie Davis – were forced to answer the ACCC’s questions and explain whether a duopoly with Coles is costing Australians money.
“I think Australia is an incredibly competitive grocery industry,” Bardwell, said.
But minutes later Woolies’ dominance was put on display.
“Do you accept that Woolworths has about a 38 per cent market share?” Naomi Sharp, Senior Council, asked.
That dominance has the supermarket under siege from all angles.
Consumer watchdog ACCC boss Gina Cass-Gottlieb is taking Woolies to federal court for alleged misleading discounts.
Investors are furious with a plunging share price, workers are planning strikes and both the government and opposition are criticising supermarkets, even calling for powers to break them up.
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Prime Minister Anthony Albanese has said: “Customers don’t deserve to be treated as fools by the supermarkets, they deserve much much better than that.”
Today the business’ leaders defended their size and power.
The ACCC will ask Coles similar questions on Thursday, then get to work on its final report, which is due in February.
That will lay out recommendations for the government on what to do about the supermarkets, just as the ‘cost of living’ election comes into view.
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