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Woolworths, Coles sued by ACCC for ‘misleading’ price drop claims (www.smh.com.au)

submitted 10 months ago by zero_gravitas@aussie.zone to c/australia@aussie.zone

27 comments fedilink hide all child comments

“We also allege that in many cases both Woolworths and Coles had already planned to later place the products on a “prices dropped” or “down down” promotion before the price spike, and implemented the temporary price spike for the purpose of establishing a higher “was” price.

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[–] ryannathans@aussie.zone 2 points 10 months ago (1 children)

Isn't that the same thing though? If inflation is at record high, their equivalent profits in dollars will be up because money is now worth less

[–] zero_gravitas@aussie.zone 6 points 10 months ago (1 children)

Profits have increased as a percentage of revenue (i.e. profit margins have increased).

https://www.abc.net.au/news/2023-02-23/supermarket-profits-surge-as-inflation-spikes-coles-woolworths/102004616

[–] ryannathans@aussie.zone 2 points 10 months ago (1 children)

Profit goes brrrrrr

Let's start a non profit supermarket chain

[–] zero_gravitas@aussie.zone 4 points 10 months ago (1 children)

A cooperative is one way to start on that: https://www.abc.net.au/news/2024-07-10/supermarket-alternative-co-ops-save-money/104078660

[–] ryannathans@aussie.zone 1 points 10 months ago (1 children)

Their definition sounds like too much work, would be better to pay someone to do the work

[–] Zagorath@aussie.zone 3 points 10 months ago

I get the joke, but actually...yes. A co-op doesn't mean the people actually doing the work don't get paid. It actually doesn't even mean not-for-profit, just that the people profiting aren't shareholders, but people who actually have a direct stake in the business. That can be a customer-owned co-op, supplier-owned, worker-owned, or some combination of those. Those groups would be the ones making any profit, in a for-profit co-op. And in a not-for-profit worker- or supplier-owned co-op, the workers (including the CEO) and suppliers still get paid—they're just able to be paid more while selling goods for the same price, or paid the same while achieving a lower price, than a non-co-op business would.