Supermarket giants Coles and Woolworths have refused to explain why a packet of TimTams costs significantly more in Australia than in the United Kingdom. The revelation has sparked outrage and accusations of price gouging.
Senator Jane Hume grilled the executives during a senate inquiry, pointing out that the biscuits are manufactured in Western Sydney and yet cost $6 in Sydney but a mere $4.86 in London. The executives attempted to deflect the question, citing confidential negotiations with the manufacturer, Arnott’s.
According to the executives, Coles and Woolworths simply adopt Arnott’s recommended retail price, without disclosing their own costs and margins. When pressed for further information, the executives claimed that these details are negotiable and not publicly available.
The inquiry comes as the Australian Competition and Consumer Commission (ACCC) takes both Coles and Woolworths to court for allegedly misleading consumers by temporarily hiking prices and then slapping on promotional discounts. The ACCC claims that Woolworths inflated prices by at least 15% for 266 products, while Coles did the same for 245 products.
The saga has raised concerns about the lack of transparency and accountability in the grocery industry. Consumers are left feeling powerless against the dominance of a few large supermarket chains, with Coles and Woolworths holding significant market share.
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