Oddbean new post about login | logout everyone in australia is yapping about the supermarket chain profits rn, and their ‘corporate greed’. Coles reported a $1.1bn profit, a chain which effectively every australian chooses to use. so they pretty much make $4 a month per australian to provide a convenient, well-supplied supermarket. sounds like a reasonable deal to me.
because ppl are wilfully ignorant, and politicians are parasites, this is becoming a political issue. even if you think this is a problem (it isn’t), you should tell the commies who want more regulation and price controls to kill themselves, so we stop reinforcing this oligopoly and let more competition come in.
Compare the headlines The fagian: Coles profit surges https://www.theguardian.com/australia-news/article/2024/aug/27/coles-reports-8-surge-in-annual-profit-to-11bn-amid-cost-of-living-crisis news corp: Coles profit up 2% https://www.news.com.au/finance/business/retail/coles-profit-up-8-per-cent-to-11bn-amid-increased-external-scrutiny/news-story/63fd69c9d5e0b257885e716b37d09578
Why not talk about "waste" and what to do with it? "First world"standards are truly ridiculous when it comes to this topic! I have salvaged many a meal from all sorts of food products that "first world" grocery stores can't sell! I mean, overly ripe fruit is the basis of canning, FFS! There needs to be something done before it goes to waste and/or animal food!
It is the pressure Coles and Woolies put on farmers through price demands that I object to.