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Could supermarket superprofits be fuelling Australia's inflation?
Oct 1, 2024
Greg Jericho, a Guardian columnist focused on corporate responsibility, joins to discuss Australia’s inflation crisis. He highlights the legal battle between the ACCC and major supermarkets over misleading discounts that mask inflated prices. Jericho argues that corporations, not consumers, should bear the burden of the cost-of-living crisis. He critiques the myth that demand drives rising prices, advocating for increased government oversight to ensure fair pricing. The conversation unveils the economic facades behind grocery struggles in an overheated market.
21:55
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Quick takeaways
- The ACCC's lawsuit against Coles and Woolworths highlights how misleading discounts contribute to rising profits amid Australia's cost-of-living crisis.
- The discussion emphasizes the necessity for regulatory oversight to address supermarkets' pricing practices, which inflate inflation and harm consumers.
Deep dives
Supermarkets Misleading Consumers
The Australian Competition and Consumer Commission (ACCC) is taking action against Coles and Woolworths for allegedly misleading customers through illusory discounts. Both supermarket giants are accused of raising prices on various items and then advertising them as discounts, creating a deceptive impression of savings. An example highlighted involved Oreo biscuits, which were increased in price before being marketed as having dropped, despite the overall change leading to a higher cost for consumers. The ACCC found evidence of this pricing strategy being applied to over 250 different products during an extensive 15 to 20-month investigation.
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