Farmers around Australia have welcomed the Federal Treasurer’s announcement on tackling big business market power after the big two supermarkets posted enormous profits this week.
On Tuesday Coles announced a whopping $1.098 billion profit while Woolworths announced a mind blowing $1.62 billion profit on Wednesday.
NSW Farmers President Xavier Martin said it was very disappointing that every one of those dollars came out of an Australian’s pocket at a time when families were struggling to make ends meet, repeating calls for action from the federal government.
“Families are facing huge cost of living pressures while farmers are getting paid cents on the dollar for their produce, and the two biggest companies in the middle of the fresh food supply chain are getting fat,” Mr Martin said.
“Farmers have been consistently telling us they’re not getting paid anywhere near what the food they produce is retailing for, so it’s hardly surprising Coles and Woolworths are turning such eye-watering profits.
“No-one is saying Coles and Woollies can’t make a profit – it’s just the size of those profits during a cost of living crisis that is the issue,” Mr Martin said.