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Bunnings posted a full-year revenue of $18.5 billion in fiscal 2023, which supported its parent Wesfarmers’ 18.2 per cent lift in group revenue for the period to $43.6 billion and a net profit of $2.5 billion.
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Tasmanian senator Tammy Tyrrell noted the absence of Bunnings’ boss at the inquiry, and said both Woolworths chief executive Brad Banducci and Coles boss Leah Weckert had made themselves available to the inquiry. They are due to appear on Tuesday.
“We actually think that we’re best placed to support this committee,” Gaspert said. “We work with our suppliers daily. We have interactions with them all the time and can provide further clarity around how Bunnings actually does business with our suppliers.”
Tyrrell replied: “OK, I don’t agree, but thank you, appreciate it.”
Earlier, former Australian Competition and Consumer Commission chair Allan Fels expressed his concerns to the committee about Dr Craig Emerson’s interim report on the supermarket sector failing to back divestiture powers, which would result in supermarkets being forced to sell stores if they became too big.
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“I don’t know if he did any study of it whatsoever,” Fels said. “He’s just picked up line one of the standard big retailer response, without really going into it.”
Fels has previously argued that divestiture powers would act as a “big stick” against anticompetitive behaviour.
The Senate inquiry into supermarket prices is one among several inquiries being held into the sector as government bodies examine the various factors behind heightened food and grocery prices.
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