The big 2 are fighting these charges. They basically passed on any cost increase to consumers and made record profits. But no no they aren't to blame! I have made the choice to barely step foot into these stores. I hope many other Australians are doing the same.
https://www.abc.net.au/news/2024-09-24/people-power-brings-coles-and-woolworths-to-court/104384158?utm_source=abc_news_app&utm_medium=content_shared&utm_campaign=abc_news_app&utm_content=other
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https://www.abc.net.au/news/2024-09-24/people-power-brings-coles-and-woolworths-to-court/104384158
Fine them 1 billion each if and when found guilty! They have made more then that is profits over the last 4 years. Don’t let them off the hook this is the time to show banks, energy companies, real estates that price gouging will not happen anymore, we all know that the current inflation is cooperate greed.
Slap on the wrist and back to ass fucking everyone, much like the banks
The most alarming thing here is that both engaged in the same behaviour, at the same time. If one had just passed on the price increase honestly they might have felt they were giving an advantage to their direct competitor, who was hiding the increase under this shady practice.
Now did one do this first and the other follow suit, did they work together to receive the public or was it just a case of two shitty companies having the same idea to (hopefully) not be seen as the bad guy?
The government loves defending big business.
They did it with gas, electricity and they supermarkets.
The government allowed the larger supermarkets to just buy up smaller companies to gobble up market share.
*This issue became too big and political to not address. That’s why the government took action.*
Both Coles and Wollies had their share price drop by about 3.5% yesterday. They may not care about what their customers or the ACCC think about them, but they sure as hell care what their shareholders think.
Thing is, if they fine them who do you think will pay. It won’t be them.
The politicians ensured they could divest their shares in the duopoly at the highest strike price, before their reckoning with fines and other virtue signalling attempts to ‘rein them in’.
Colesworth: “its just cost of doing business”
This is just a minor issue for Coles and Woolworths, they seriously don’t care. They have already moved on. You about to see dynamic pricing introduced, zero regulation in this area and almost no ability to police it.
Dynamic pricing will be via their app, based on your demographic and purchasing history, prices will be tailored to you. We should all be afraid of this.
Either company release a statement?
What is more expensive then the price increases is the cartel like behaviour. Both engaging in the same at the same time may be coincidental, but does look very cartel like behaviour.