It’s time we challenged the powerful duopoly of Coles
Every cent of their massive profits, CEO salaries and bonuses, comes directly from the pockets of Australian shoppers, writes Nick McKim
The Greens-led Senate inquiry into supermarket pricing has heard from people across the country about the horrendous impacts of skyrocketing food and grocery prices.
At the first committee hearing in Hobart we heard heartbreaking evidence of people forced to eat just two meals a day, or dumpster diving just to get by.
These are not isolated cases. The Greens surveyed nearly 5000 people and heard that almost a third of people who responded are skipping meals.
The committee has heard compelling stories about the supermarket’s duopoly’s disgraceful treatment of farmers, their own workers, and their customers.
Last week’s hearing, when the chief executive of Woolworths Brad Banducci refused to answer basic questions about his company’s massive profits, revealed a lot about corporate Australia.
Mr Banducci’s refusal to answer a simple question on his company’s return on equity no less than 39 times wasn’t just a waste of the Senate’s time, it was a giant “up yours” to the people of Australia.
This stonewalling in the face of legitimate parliamentary inquiry speaks volumes about the perception of untouchability inside big corporations.
Every cent of
Coles’ and Woolworths’ massive profits, not to mention their chief executive’s salary and bonus packages, comes directly from the pockets of Australian shoppers.
Even more staggering than Mr Banducci’s obstinacy has been the circling of the wagons of Australia’s corporate media, who are outraged that a member of the jet set had to face the indignity of answering questions by an elected member of parliament.
Their excuse making has been as over the top as it has been confused.
But the underlying message from corporate Australia is clear – everything is fine at the moment, and there is simply no alternative than the model we have.
So you punters had better suck it up, and you politicians had better shut up.
That might work on political parties that accept their donations, but it won’t work on the Greens.