Woolworths CEO Brad Banducci — the same bloke who stormed out of a Four Corners interview and quit days later — was threatened with contempt after he was accused of refusing to answer questions during the Senate inquiry into supermarket price gouging.
In a heated exchange during the Senate inquiry into supermarket prices, Greens Senator Nick McKim threatened the Woolworths big boss with jail time and a hefty fine after he accused Banducci of dodging questions surrounding the company’s return on equity — a key measure of Woolies’ profitability.
“I put it to you the reason you don’t want to focus on return on equity is because you don’t like the story that it’s telling, which is that you are basically profiteering and making off with massive profits at the expense of farmers at the expense of your workers and at the expense of Australian shoppers who are price gouging,” McKim said, per 9News.
“We’re not interested in PR spin. We’re not interested in you bullshitting your way through this committee.
“We are interested in you answering the questions.”
Yikes… Soz mate, you can’t storm your way out of this one.
When the Greens Senator asked again about Woolies’ return on equity, Banducci went on to say that the company focuses and measures on “return on investment”.
“We measure return on investment, which we think is the right way of measuring profitability in a company,” Banducci responded
After a brief 15-minute break, McKim gave Banducci one “last chance” to answer a question on return on equity.
In response to his “last chance”, Banducci went on to say the supermarket giant measured its profitability on return on investment. As a result, the inquiry was suspended, with McKim threatening to hold Banducci in contempt.
Prior to the suspension, the Greens Senator also reminded the Woolies chief executive that the charge comes with a fine of $5,000 and a prison sentence of six months.
Honestly, the whole exchange reminds me of the vile Married At First Sight conversations, where everyone just ~ gaslights, gate-keeps, girl bosses ~ their way through the experiment.
ICYMI: Aussie supermarket duopoly Coles and Woolworths have been embroiled in controversy after it was accused of price gouging consumers during a cost of living crisis.
Both supermarket giants both recorded over $1 billion in profits in the last financial year.
Earlier in the inquiry, Banducci denied the allegations that Woolies was price gouging.
“It’s very hard to say that we have price gouging,” he said, per the Australian Associated Press.
“I would respectfully submit that this is an incredibly competitive market and that is good for consumers.”
Banducci, who famously walked off during an interview with Four Corners when they asked if the supermarkets were profiting from rising prices, announced that he will retire in September.
The announcement came days after the interview aired.
