Australia’s supermarket prices have been grilled by politicians, just don’t expect prices to drop anytime soon
A day after Australia's major supermarket bosses were questioned about price-gouging allegations, their conduct towards suppliers and, in one case, threatened with jail time, shoppers have been warned to not expect price drops anytime soon.
Woolworths chief executive Brad Banducci had the threat of being found in contempt during his fiery Senate hearing yesterday morning, before Coles counterpart Leah Weckert's far milder appearance before the same committee in the afternoon.
While both CEOs discussed the importance of providing competitive prices, Swinburne University corporate governance expert Helen Bird said the hearings are unlikely to lead to any drop in prices in store – even if the explanations by the supermarkets about their pricing practices are welcome.
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