Woolies Boss Threatened With Jail At Supermarket Inquiry
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- Опубликовано: 15 апр 2024
- The CEOs of Coles and Woolworths were grilled for six hours over their market dominance and possible price gouging during a cost of living crisis, but the Woolies CEO had quite a clash as he failed to answer one question.
The Australia Institute's Greg Jericho explains.
#Supermarket #PriceGouging #CostofLivingCrisis
He knows the equity, the reason he won't say what it is , is because its so disgusting and he would rather nobody knew about it.
Do you own any shares? Do you know how to analyse a publicly listed company?
Less than Coles... Probably why he didn't say...
well the CEO of where i work took a $7m a year contract whilst myself and my contemporaries haven’t seen a pay rise in years. it’s everywhere.
Welcome to the future we keep voting in.
F the supermarkets
The CEO of the big business are corrupt and need to go to jail for their lies
Well, the problem is they also run the government, so don’t count on that to ever happen. They do whatever they want with full impunity.
He will not be offered Australian citizenship.
It's a joke that such a huge companies CEO cannot provide statistics that is so obviously accounted for.
The fact he's threatened with so little jailtime and has until the end of the month for an answer while the consumers suffer all the while is disgusting! This should be happening far quicker and action should be taken rather than waiting around while consumers are suffering and struggling.
Why is no action being taken?? 😡
Interesting comment but specifically what information are you talking about ?
@@Rob-fx2dw ROE (Return on Equity), as mentioned in the video.
As a CEO being grilled through an inquiry, considering how we live in a cost of living crisis and Woolworths has profited $1.4 billion last year alone, being the most anti-consumer business in Australia, as a CEO stepping into this inquiry this information should be transparent, otherwise this becomes anti-consumer behaviour.
Didn't you watch the video?
@@xcviij7045 You say "Woolworths has profited $1.4 billion last year alone, being the most anti-consumer business in Australia". What motivated you to say that when it serves the needs of millions of people every week? Do they drive their consumers away ? Where does that happen and how did it grow if it is anti consumer? Do the consumers who choose to shop at Woolworhs every day gothere because it their best choice or does someone force them to?
Senate enquiry is just a drama, just as happened with government not allowing additional flights from Qatar to Australia
I tend to agree with you, sadly.
A whole lot of hoopla to calm the masses followed by a series of recommendations which may or may not be implemented 😒
In the end we all gotta shop for our dinner… or become self-sufficient 🙂
The cost of living seems to be increasing every year, making it harder to keep up.
Why are we not looking at brands how basically 5 companies own every brand on Australian shelves, like unilever, bayer etc…..
The arrogance of this woolworths represent who is payed a huge amout of money and dosent know how to answer a simple question bumbling through answering a question .
I pity the workers under him
Government is probably adding just as much to prices...
Gst and all the other exises and duties.
Is the plan to make us broke so they can save us by giving our money back.
I'm all for income and corporate tax but this tax on every consumable is just sadistic.
Probably is not a good start if you're attacking somebody
The government has a tax or an excise on everything, they take all our money away and then after people are destitute, they run back in and save them.
It's sickening
@@James-kv6kb They are selling all our resources overseas and lost local manufacturing so paying more to buy and run things here...
@@gerardcrabb4556 it's really hard when you drunk to remember what you were talking about lol
Government will not do a thing because the more you pay, the more GST they collect.
A SOLUTION; shop at (fresh produce) markets. They are everywhere, even in major cities.
Benefits:
- The price of fruit and veggies is often cheaper than in supermarkets.
-The produce is usually fresher.
-Sometimes you're buying directly from the farmers,
-or if not, you're supporting people with work outside of the big business control system.
-People there are human beings, not 'team members' or 'employees'.
-You get served by humans, not machines.
-People still use cash.
-You don't have dozens of cameras tracking you and collecting information.
-Great atmosphere.
Same everywhere. I once saw a video where Tesco set the.price it wanted to pay to it's vegetable suppliers. Walmart does the same in China. For example if it buys spanners Walmart tells the supplier how much it can pay. It's on take it or leave it basis. If the supplier cannot agree Walmart will buy elsewhere. Orders are worth millions so it's the supplier that buckles not the supermarket chain.
So yeah this price gouging during covid and beyond was the biggest con. I’m in a farming community and trust me no farmer has gotten and extra cent from the duopoly. What the truth is since forever the duopoly dictate to farmers what they’ll pay them! As someone called them long ago, “white collar criminals.”
He was tied to the chair, he has form in absconding.
What about the absolutely ridiculous low pay they pay employees
Well, the government can't exactly blame them for that. They pay above award rate which is set by, you know, the government.
@@Jonesy1701 Yeah but they still make cuts even on massive profits and work employees until the turnover rate is too hard to bare.
@@rhysplant8392 The "massive profits" are only 2.6%. They spend a huge chunk of their income on paying emplyees.
Indeed, and the systemic wage theft.
@@KlausBahnhof absolutely, nobody should tolerate it.
Not just him its the whole board of this disgusting com
FILTHY GREED...
I'm having trouble grasping why there's so much anger. It seems straightforward to me: if prices are too high at one store, just go somewhere else where it's more affordable. There are plenty of options available. It's Australia. Plus, it's not just these particular individuals raising prices; it's happening everywhere. And the government's role in managing immigration and economic policies also contributes to these challenges. Why does the government blame the supermarket?? Did you see how much the government is making
Please wake up Australia. The Pm doesn't even buy his bread
It's a duopoly. For a lot of people "go somewhere else" just means shopping at the other half of the duopoly where prices are also too high. Should be easy enough to grasp?
If food and toiletries are essential items; why don't we have a couple of not-for-profit? Not a duopoly
The 'duepoly' is open to abuse but I don't see any evidence of it yet.
The biggest concern I have is for privacy and how the supermarkets use information they collect through facial recognition, digital device surveillance, and other monitoring to increase sales. That information needs to be made transparent if 2 companies control a majority of a sector.
Probably one of the k my things to do with record profits during a cost of living crisis which makes people steal more is more surveillance to stop shrikige (money lost due to stolen merchandise) if their prices weren't so high there would be less theft and less money to pour into 15 cameras and isle
Marching towards this technocratic dystopia. No cash, government controls and monitors everything we do.
Don't worry no words out to get you lol
The privacy issue is so over represented.
Blanket broad targeting is a wasteful way to promote many niche products and services.
Niche products and services benefit from highly targeted advertising.
Imagine if a small steakhouse had the ability to exclude showing stake ads to people who don’t eat red meat. They could get more return on their advertising investment. They could make more profit while paying staff more and giving customers cheaper prices.
Imagine if car companies could pause advertising to anyone who has just purchased a car. And to people who can’t afford the car model they are advertising.
All of this would give people a more enjoyable experience as they would see much more relevant ads.
Data based advertising helps the ultra niche businesses much more than the larger businesses.
@@JamielDeAbrew and what qualifications do you have to be talking about niche advertising ?
The more you know, the less you say.
I can’t recall!!!
We dont take donations from these supermarket chains so we can threaten the CEO with jail time ,so start making donations and well treat you with kid gloves ?
Should go to jail
greedy woolworths and coles
No one realises that all these people are in debts to higher powers.
McKim on his usual infantile rant. Surely Mckim should practice what he preaches in answering questions. In saying that. Supermarkets should be held accountable and are rorting and have been for bloody years.
Go Nick!
This is not incredibly complex at all in any way, old Nate need to get another job and let someone show him how.
Net Profit margin (the statistic the Senator should have been using) is 2.5%, so for every $1 in Sales, they make 2.5 cents.
Gross Profit Margin has actually decreased from 29% to 26% over the last 2 years.
Government are just trying to pass the blame for inflation and poor currency control
Hang on a minute. These CEOs are targeted with marking a profit... job well done, I say! McKim's questioning was ridiculous, no effort to change a thing - just grandstanding... and penning enquiry after enquiry... yawn ...
Make them a not for profit because people need food.
Then you won't have that pesky "fiduciary responsibility" conflict
The issues is the ROI is not good so they are not making a good profit for shareholders the ROE is probably gross 32% from Coles was 10% higher then international peers but that’s not going back to shareholders/ owners it’s potentially being deployed into things like land banking or executive bonuses but we don’t know that’s why they are asking
@@Benferdinands 👍
@@sonjakozman1699 people need iPhones, cars and houses too…. what do we do?
@@Billywoo12 we don't actually need iPhones and all these layers of technology, remember that we can survive just fine without all these convenient complications.
Respectfully, patronising accent!! 😂😂
Back off senators - my shares are important to me.
You disgusting un Australian so-and-so people are starving and you're worried about your own profits you disgust me
That's the problem
Im first😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
And obviously the least capable of actually communicating like adults
The cost of living seems to be increasing every year, making it harder to keep up.
Indeed, it's becoming quite challenging to manage expenses.
@@MelissaHobbs-qm8wi I've actually managed to stay ahead of the curve. I'm even contemplating early retirement.
@@AshleyKeith-vw7ws Impressive! How did you achieve that?
Our family got introduced to a financial consultant about four years before my dad retired. That was what changed things, and I think my retirement income will be on the right track, luxury cars and trips
Wow, that's impressive! I've heard of her. I'm excited to hear about her success stories. I've actually had my mortgage paid off by following her guidelines calls.