Senator gives supermarket boss a grilling

Woolworths chief executive Brad Banducci has been accused by the Greens-led Senate inquiry into the

supermarkets of trying to “bulls--t” the committee over the true profitability of the retailer by “cherrypicking” facts and engaging in spin, in what has been a fiery start to his appearance.

Appearing before the Senate inquiry on Tuesday – with Coles boss Leah Weckert to be questioned by Senators later – Mr Banducci was immediately savaged by inquiry chairman, Greens Senator Nick McKim, who accused Woolworths of profit gouging, misusing its market power and profiteering at a time when many Australians are dumpster diving to feed themselves.

After repeatedly asking for financial information, Senate inquiry chairman Nick McKim, warned that Mr Banducci could face jail of up to six months if found in contempt for not answering the question about the Woolworths’s return on equity. “It is open for the Senate to find you in contempt”, Senator McKim said after asking Mr Banducci again what that return on equity figure was.

In his opening address to the inquiry, Mr Banducci said the recent high inflationary environment had caused many of its customers to live under cost of living pressures, pushed by higher mortgages, energy bills and grocery prices.

He said however that inflation was starting to fall.

In a series of heated clashes through the morning session of the public hearings at Parliament House in Canberra,

Senator McKim berated Mr Banducci over his refusal to divulge Woolworths’s return on equity, with Mr Banducci only willing to discuss Woolworths’s return on funds employed. Senator McKim said return on equity was an accepted measure of profitability, and he demanded Mr Banducci detail that figure.