The chair of a senate supermarket pricing inquiry has threatened to hold the outgoing boss of Woolworths in contempt after a fiery exchange about Woolies profit margins.

Canberra

The chair of a Senate supermarket pricing inquiry has issued a threat to the outgoing CEO of Woolworths, citing a potential contempt charge following a tense discussion regarding the company's profit margins. This development comes as both Woolworths and Coles executives were subjected to a senate grilling. The inquiry aims to scrutinize the pricing strategies of these supermarket giants amid concerns over their market practices.



Coles, Woolworths bosses face senate grilling

Quite a fiery morning in the Senate in the inquiry into supermarket pricing. It all launched around nine this morning when the chair of that inquiry, Senator Nick McKim, started asking the outgoing boss of Woolworths, Brad Banducci, if he knew the return on equity for the supermarket retailer. Now, Mr Banducci initially said, well, that's not really something we focus on here at Woolworths in terms of measuring our profitability, saying that instead they like to look at other ways of measuring how well the company is doing. Clearly, the senator was not going to let this one go and insisted that his understanding of the return on equity for Woolworths was around 26%, which is far higher even than some of the major banks. And the senator insisted that this showed that potentially Woolworths was price gouging. Again, Mr Banducci insisted it's not something they really focus on at the company and declined to essentially say whether yes or no, he believed that the return on equity was 26%. This just went on for so long, Casey, and eventually we had this fiery moment from the senator towards Mr Banducci. I repeatedly refused to answer my question on return on equity. I feel compelled to advise you that it is open to the Senate to hold a witness in contempt when they refuse to answer a legitimate question. Having said that, I ask you again, is your return on equity in the last financial year about 26%? Senator, I've answered the question many times. You have not answered the question, Mr Banducci. Honestly, I'm not interested in your spin or your bullshit. This is a Senate inquiry. Quite the exchange there, Amelia Terson. So the committee took a break after that, but they have since returned. What's happened since? So they did take a break. Then they returned around 11 o'clock, I believe. And then with more questions about return on equity, this very technical financial measurement, suddenly Mr Senator Nick McKim called a sudden snap break to discuss what they were going to do about this back and forth about this technical term. They then came back and here is eventually the moment where it appears that this situation was resolved two hours later. Think your evidence to the committee is you don't know what the return on equity was for Woolworths in the last financial year, and you would like to take the question on notice. Would you please just answer yes or no, whether that is your evidence to the committee? Senator, yes, I will take it on notice and we will come back and provide it. Yes. Just to be clear. Yes. When you say yes, that is yes, I do not know. And yes, you will take it on notice. Are you answering yes to both parts of that question? Yes, Senator. Okay. Thank you, Mr Banducci. You don't know what the ROE for Woolworths is.

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