‘In denial of their market dominance’: Greens Senator slams Coles and Woolies CEOs
Greens Senator Nick McKim says it’s time the CEOs of Coles and Woolworths “front the Senate and face the music”, as they prepare to defend the Green-led Senature inquiry into supermarket pricing next week.
“They’ll have to answer for price gouging shoppers and putting the squeeze on farmers,” McKim said in a statement released this afternoon.
“They’ll have to explain how they are raking in billions in profits while millions of Australians are struggling to put food on the table. People have spoken about skipping meals, being forced to dumpster dive and missing out on other essentials.
“We’ve heard from farmers and suppliers who have been sent to the wall because of Coles’ and Woolworths’ abuse of market power. It’s time for the CEOs to front the Senate and face the music.
“They will need to explain why they are in denial of their market dominance and have fought any regulation that threatens their power over shoppers and farmers.”
This comes after Anthony Albanese claimed a mandatory code of conduct for the supermarkets will lead to cheaper prices overall.
An interim review of the voluntary Food and Grocery Code of Conduct, led by former Labor minister Craig Emerson, has recommended the code be made mandatory, with fines as high as 10% of annual turnover levelled at supermarkets that don’t play ball.
“This work is all about how do we make our supermarkets as competitive as they can be, so that Australians get the best deal possible whether they be the providers, or of course the consumers at the checkout,” Albanese said yesterday on ABC Radio.
“What is happening at the moment is that the power of the supermarkets with just a voluntary code of conduct has seen a lack of confidence in the system.”
Albanese said forcing the two supermarkets to divest would backfire.
“What do you do if there’s two supermarkets in a particular town or regional or community, and one of them is Woolworths and one of them is Coles What do you do? Tell Coles to sell to Woolworths?
“That would lead to an increased concentration of market power as well – or do you somehow get a foreign company to come in and have a presence in a regional town?”
Keep up to date with the latest in media and marketing
Got a tip?
Nathan Jolly is the Features Editor at Mumbrella. He joined the team in July, 2023.
Linkedin
Have your say