Supermarket Profit Increases in a Cost of Living Crisis | Greg Jericho on the Project

In the last year, the supermarket duopoly has likely made an extra $1 billion from increased profit margins, our research found.
Greg Jericho joined the Project to discuss.
[Originally aired 16 April 2024]
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[@dodgygoose3054]

ColesWorth has its hands around the throat of the Australian golden goose... and they won't let go.

[@Timothy2963]

It seems to me that the 1/2 price 'specials' are what the items full cost was 12 months ago.

[@Paul-qq7mh]

Nothing will come from this.

[@ceeemm1901]

Worst amateur theatre ever...

[@UniversalSovereignCitizen]

Due to the APATHY of the people! (Zero intestinal fortitude!) Do you boycott the self-service checkout... there are people that do. You could join them. Unless of course, you have an alterior motive!

[@nerdy_dav]

Of course. Capitalism will Capitalism. This is how this system is designed. They are technically not breaking the rules of this system.. If you want to fix the system, at least vote for Greens. At most join the ACP or CPA (I'm at odds at which one is best atm)

[@mateodeleon1185]

I think so too. Theatrics to appease the masses. they practically own 80% of the market. shutting them down or trimming their market share will be hard as no one will be capable of immediately filling the void. Thus the outcome of any measure, if any, will take years before we feel it. But i am hoping this is not a show and something will come out of this.

[@elizabethclark8552]

Kate usually speaks what everyone is thinking

[@majorcarlton137]

The senate committee having dinner and cocktails with the Ceo's after the hearing. Love to be a fly on the wall for that. All fluff for the TV 🐑

[@rmtsapphire0]

The amount of emtional manipulation with the music and sound design of the project segment is unreal. I feel like I didn't have to hear anyone say a word to know what I was supposed to think.

[@waitawhileexplorer3904]

The main problem is they need to justify such high profits to please their shareholders, super funds and ultimately the biggest rewards to the CEO for making all afore mentioned happy with massive profits. The top 100 ASX all do the same squeezing profits from customers to benefit all shareholders, superfunds etc etc. No chance of fair pricing to customers under these conditions.

[@vivianoosthuizen8990]

Australian vegetable market currently 4.79 billion dollars a year well that equates to over 1916 dollars per person for vegetables. That’s crazy around 40 dollars per person per week? No way it’s all wasted production because they will not do what market economists claim and make their prices cheaper no the market is controlled by drip feeding and dumping

[@rabidsminions2079]

2 ways prices increase 1 business applies fixed % mark up on increased price of the product. So if the price increases from $10 to $11 and the markup is 30% then the price rises from $13 to $14.30. 2 The businesses increases the price of the product to the optimal price that they can charge which could be a 60% markup or higher inline with competition.

[@CrudupZopf-ns4dr]

Supermarket investors & shareholders encourage the High costs of living

[@DjDmt]

Insurance companies next.

[@brumbyfreedom329]

During CoVid Olive Oil 3 litre $ 32.00 Same Olive Oil Now $60.00 Nothing to see here?

[@Timothy2963]

Yes, I've noticed that as well. The average price of a 750ml bottle is now $25.00 - $30.00 when it used to be around $16.00. Have a look at dishwashing tablets!!

[@UziMusic]

Infinite growth, how else does one continue to post growth for shareholders, eventually the value to customer approaches 0 right?

[@perpetualgrin5804]

Brad was tied to seat to stop him from bolting.

[@deanmanly7622]

He tried avoiding questions, like Albo, but it didn't work.

[@bushmagpie3312]

Coles & Woolies & farmers costs have ridden hugely by current government. Storing, transport, buyers etc. Business are suffering, electricity price, fuel cost, rent, maintenance all gone up. Why doesn’t anyone focus on additional cost to business for the actions of government instead of SHAGGY type tactics (it wasn’t me), the government hasn’t got enough fingers to point at everyone but never themselves. This is just another way of saying ‘oh well we looked into it and those are costs’. By the way our GST tax revenue has hit new highs to fund the greenhouse equipment. Chris Bowen and Albo Squeezy doesn’t know the cost of keeping a car as they haven’t had one for 15yrs

[@UniversalSovereignCitizen]

Where is legislation that stops this 'criminal behaviour' once it has become entrenched in any market????? Politicians are serving the dollar NOT the people... What happened to DEMOCRACY ?

[@gerardcrabb4556]

People can use alternatives if they are not happy if they after short term gain over loyalty...

[@vivianoosthuizen8990]

The supermarkets play on human psychological workings. Causing customers and themselves to waste billions of dollars of wasted food. Promoting buying 2 rather than 1 for most products and one of the 2 ends up in bin because it was not needed to start with. People buying up specials and hoarding food that end up in bins eventually. Australia produce more than the small nation can consume in perishable foods because they are far from other countries and exporting is not really options. Hence the producers cut on production and increase their prices to meet their own demand created “market “ it’s a Ponzi scheme all the way down. Small nation needs less perishables but they want to make super profits as though they were in a large market.

[@nerdy_dav]

The major issue is that capitalism has been able to run rampant. They own the government. Nothing will come of this, as much as I admire Senator McKim's passion. Capitalism needs to go.

[@stephent2243]

You must know history well - tell us a place where socialism has worked better.

[@nerdy_dav]

@stephent2243 Everywhere socialism has prevailed really when you look at it properly. Despite sanctions, being bombed to oblivion or consistent bombardment from CIA intervention. Generally, people's lives are significantly improved from pre-revolution conditions.

[@nerdy_dav]

@stephent2243 Pretty much everywhere, really. Considering conditions prior to the respective movements.

[@nerdy_dav]

​@@stephent2243 Let us see if I can reword my original post without it being censored. Every socialist movement has drastically improved the material conditions of the common people in those countries. Socialism can absolutely improve the material conditions of all but the most ridiculously rich or ridiculously propertied up people in Australia. (Just look at China. No, really look at China, not the bull crap western media red scare rhetoric...)

[@andrewbax6761]

To much power is the problem....

[@vivianoosthuizen8990]

All fast moving consumer goods retail has been monopolised from land to builders to food alcohol medicines hardware stationery fuel garden products electricity

[@mitchconnor8394]

Classic project. Can't outright dismiss the concern here so sprinkle it with stupid crime show theme songs and smug comments.

[@kimwieslaw8339]

5000 $ fine joke

[@Goodoldyoutube]

Project sucks as well

[@0401412740]

Inquiry with housing prices and migration is needed to. Who wants more migrants? Who does what t really serve?

[@UniversalSovereignCitizen]

If the little people (you and me who are struggling in our small businesses) did this we would be charged with price gouging!!!

[@UniversalSovereignCitizen]

Really, the 'bottom line' in all of this is... The multi nationals taking over the planet. Screw the independent farmers into selling their farms, only to produce genetically modified, ie, non heirloom crops. And ultimately making it illegal to grow/raise our own food... ENSLAVEMENT ! (It's not about too many people on the planet... it's really about there being too many of us to take total control. There's enough food being produced to feed the world 3 times over, ie, NINE MEALS A DAY FOR EVERYBODY! Are you waking up yet people! Or ya just sheeple?)