Australia’s two supermarket giants made so much profit last financial year that they would almost have enough money to buy groceries for a family of four in one of their stores, an inquiry has heard.
“It’s an obscene amount of money,” economist Harry McManus said. “To think that they could fill up a trolly in their local Coles or Woolies, and then pay for it outright in one go, just goes to show how much money these companies are making”.
He said a $2 billion shop-up wouldn’t include luxuries, but it could still buy a substantial number of goods. “Obviously they wouldn’t be buying washing powder or coffee in that particular shop-up. But they’d be able to get most of the things a family would need for a week. It’s quite ridiculous”.
