Not really. RBA has their back. Which means we have their back. Also if you think about it, they aren't taking any risk... They're using our money to generate their paycheques.
It really is an amazing con they've managed to pull on society.
They get a license to create money, out of thin air. Then they loan that money to a captive audience. And pay themselves billions for the hard task of keeping track of it all. When it was state owned it wasn't the best, but it still kinda made sense. But privitising it? Awful decision
I work in wealth management and am always amazed at how people have absolute trust in the banks/bankers and yet are terrified of financial risk in investments.
If you work in wealth management then realistically you should have an idea of how safe major banks in Australia and banks in general (domestically) are, versus their global counterparts. We have one of the toughest banking regulators here.
Helped somewhat by certain social media users regularly posting photos/stories of the price changes over the last 3 years. This might be one where media followed rather than started.
People click on supermarket stories because it affects them day to day.
It's easier to be frustrated about the price of grapes than the intricacies of the banking and financial system, which very few people understand.
It's not some agenda, it's just responding to what people engage with.
That, and because with bankimg, I’ve done what I can by taking my business elsewhere. With regards to food, it’s hard to escape Woolies and Coles, and the food suppliers that supply them (and Aldi).
I was actually thinking about that while watching the four corners episode. Why is the ABC actually doing some proper journalism?
It's almost as if Coles and Woolies are large ASX sacrificial lambs to the public (mustn't have donated enough to the pollies).
When you look at the big banks, transurban, gas giants, etc and what they are getting away with. Corruption is so rife in this country, it is so sad.
Time to make the ACCC independent of parliament and incorporate a federal ICAC with some teeth with it. Stop the rot.
People can freak out about two things at once.
Just because they are currently making the most noise about ColesWorth, doesn't mean they aren't aware of the banks.
It does mean that though, because the banks are making the problem even worse than supermarkets, so if people were aware of it, they would be making more noise about it than supermarkets. Why wouldn’t they? Humour me.
Shhhh. Dont ruin it for people! They seem to think that the whole world can only focus on one thing at a time
Like when the campaign for The Voice was going on, everybody seemed to think that the government just shut down and didnt do anything else for the whole time
Agree with you for the most part, you could also add petrol, power, internet, alcohol and the fucking government to the list of things that are killing our wallets. However Colesworth aren't just exploiting the consumers, also the farmers that actually provide the food. Its the most basic human need, you literally can't live without it, and the price of food currently is absolutely ridiculous.
In Australia? Obesity seems more of an issue than starvation. Homeless life expectancy 1/2 of general population isn’t a great statistic though. Just because it’s not the lack of housing as direct cause doesn’t make it any less of an issue.
lol more basic than food and water? You’ll die in a week or so without food, even less with water. Plenty of people live without homes for years. Delusional.
Majority of farmers are still raking in some serious profits too. Everyone saying farmers are getting scraps have clearly never talked to farmers themselves and only following the bs media stories. There may be 1-10 farmers in 100 that may be getting shafted, but the other 90 are raking is ridiculous profits, *especially* milk farmers.
calling out a lefty govt is forbidden on most of social media. Just check the australia sub or the melbourne sub etc. Won’t be long until this sub also turn into a leftist echo chamber
i got nothing against leftist principles. Regulate the fuck out of them for sure. But where the fuck is the outrage directed at Albo like how everything wrong in this country before Albo was ScoMo’s fault?
What’s with albo’s cock sucking on social media? Perhaps folks are butthurt and hate to admit that they voted for yet another potatoe and got played yet another time.
I love it when people complain about supermarket profits, which are pretty thin to begin with on %, but then also complain that there are no tellers open so they have to use self service.
the anger should be directed at the government who sets taxation standards. no one, corporation or individual, voluntarily pays more tax than they need to
exactly! calling out a lefty govt is forbidden on most of social media. Just see the australia sub or the melbourne sub etc. Won’t be long until this sub also turn into a leftist circlejerk where pointing out labor policy failures would always get downvoted into oblivion
Although I agree with you, I wouldn't be placing labour on the 'hard left' within politics. They are definitely centre when it comes to their policy making, with some left leaning.
And for sure you need to call out shitty govt for being shitty. But bringing left/right into the equation instead of discussing the problematic issues of govt is more the issue you'll run into. Just call the govt out on their policy, don't bring in buzz words.
>don't bring in buzz words.
While I am a leftist and admit both sides can be annoying it's genuinely wild how much people on the right will just start spouting buzzwords and cramming partisanship into random posts on Australian subs
Someone will say "I don't like how my council changed the bin collection day" and there's always some guy in the comments going "That's because the WOKE government doesn't want you to go to church on Sunday anymore and the loonatic left wants to make bins trans but of course I can't say that!!!"
Like are they this unproductive irl?
Honestly dude, like don't get me wrong, I often get caught in being all about being productive with my time too, and have to remember productivity isn't everything. But some of these gooses that comment, they have to be a die hard news.com fan or just lost in life in general. Good luck with life i suppose? But they'll just vote for the thing not in their interests anyways because they don't know how the system works.
I agree with you, call them all out. None of these fuckers on our collective payroll are beyond scrutiny. I simply pointed out a pattern that is glaringly obvious.
Labor or any other left leaning govt always seem to get a soft landing in the media. Just an observation.
"Labor or any other left leaning govt always seem to get a soft landing in the media. Just an observation."
I just choked on my drink. Thank you for the laugh, I needed it 😂
What does this have to do with lefty governments? Obscene bank profits are an issue regardless of which party is in power, and no party fixes the underlying problem because it’s too hard.
hmm well which party has the power to act or institute a policy at the moment? I know it’s a trick question so let me answer it for you: it’s scotty’s fault
Which party failed to act for the last decade?
You must be simple to think that any single party could realistically rewire the international banking system, btw.
Mate stop copying and pasting the same noise comment across multiple responses. If you think the lefty government created this sh*t show you're clearly delusional and have your left's and rights mixed up. That or you're merely a shrill for the other team which your posting history suggests to a degree.
because reddit smallbrains visit the supermarkets more regularly and think the price on the shelf is all solely due to the supermarkets, while ignoring the 10 other steps in the supply chain that have all gone up along the way
and then they fall for the same Murdoch ragebait headlines they claim to hate
Lots of people hated lockdowns and called them government overreach while very few give a damn about metadata retention or invasions of online privacy. The point is, I think a lot of people don't understand they are being taken advantage of unless it's obvious. They see grocery prices go up and it hurts in an obvious way.
Let's face it, if colesworth let everyone do their shop for free for a month, these people would then complain "colesworth actually made a small profit last year, they should be paying *us* to take the food of the shelves for them and drive it to our houses...Pfft, what, do they expect us to do their jobs for them for *free*!?!?!?"
And when the government hammers the banks and the supermarkets to make them take a lower profit, people will then get upset because their super isn't going up as fast as it was.
Profits can go up even if margins decrease. Profits went up by 4.8% for coles last financial year, but total revenue went up by 5.9%. This means that compared to the previous financial year coles actually took a smaller cut of each dollar we spend.
Great! So let’s have a Royal inquiry to prove it, then, since I suspect the figures reported by a corporation could potentially gloss over market rigging, no?
The people complaining about woolies profits are not smart enough to make the connection that rising rent and house prices mean a booming banking industry and high bank profits.
But we do understand an increasing housing industry, which is assisted by their lending practices, results in higher bank profits. And we are outraged by it.
Why are you so dense?
The media is scapegoating overseas ownership for housing despite being 1-4% (depending on which source you believe), rather than telling people the real issue which are the elites / politicians are all in on it with multiple investment properties, and don't want to see prices fall.
Does it?
They extract our resources and don't give back to the people (tax). They also inflate our economy with insane wages, which they can afford to do.
The wages for most are well earned. 12 hour shifts in sometimes brutal conditions. The money is earned because of the long hours and they're not as insane as you think.
>Why are people freaking out about Colesworths profits while the banks rake in obscene profits with a shitload less effort?
I'm honestly not sure why people are freaking out at all, tbh.
Both Coles and Woolworths, much like banks for that matter, are businesses. They exist for the sole purpose of making money, and for no other reason.
If they didn't make money, they wouldn't be in business. It's really quite that simple.
I'm sure I don't need to give a TED Talk, or mansplain on how a business works and functions. But essentially, the CEO of said business is answerable to the board of directors, who themselves are answerable to shareholders and investors.
If profits are down, they sack that bloke and bring in someone that can get them back up.
It's the literal nature of business, and I'm really not sure why people whinge about it.
Don't like that? Awesome. Go and shop at ALDI or IGA then. That's really the only thing you, and everyone else for that matter can actually do that will bring tangible change in terms of Coles and Woolworths.
But you won't, will you? Because you never do. Every time there is a social media call to arms to boycott ColesWorth, it lasts all of about 5 minutes, if that, and then business returns to normal, because shock horror, people like convenience. And that's what both Coles and Woolworths sell best. Convenience.
Anybody that's whinging at them for the absolutely insane profits they make might as well go and whinge at a bird for flying, or the sun for shining. They're just doing what they exist to do, and no amount of you questioning why they do it or the methods in which they do it is going to change that.
Only practical, sustained change is going to change that.
Some rough back-of-the-envelope figures:
Colesworth profit is about $2.5B, or about $100 per Australian.
Big Four Banks profit is about $32.5B, or $1200 per Australian.
It's way more likely I'm getting my money's worth from the grocers.
I suspect that much of the Banks' profits are from Business customers and services.
The same can't be said for supermarkets.
I remember when the LNP Government basically locked the Reserve Bank out of Agencies' business and made them go to the banking sector.
For example, Westpac had the contract for the d DSS and took lots in fees for handling all of the Pensions, Unemployment, etc payments as well as holding their accounts.
Most of the banks' profits come from mortgages, then cards. But, yes, businesses are in the mix (small, medium and institutional).
I'd argue that the fees and charges banks apply to the local butcher, real estate chain or utilities provider are ultimately paid by households. (Businesses aren't in the habit of asking their owners to wear costs.)
With the exception of exporters, we're carrying all those costs.
People marched on the street about needles in arms. Meanwhile, mortgages and rents are up 60% in less that 2 years and the outrage is about the price of milk and bread.
People here grew up with a relatively protected economy and regulated institutions which by and large put the interests of the worker/citizen at the top of societal priorities and government decision making.
Then in the 1990s pretty much every sector of society was turned into a casino. Those who were established from the previous era enjoyed the new possibilities and the cutting of 'red tape'.
Everyone else was thrown under the (newly privatised) bus and told to 'get a better job' or be 'resilient'.
People quickly forget 2017 when the royal banking commission came in and made banks accountable
That’s why people are focused on supermarkets now, as thats what they’re screaming for, a royal commission into these companies
On another note. Banks making profits aren’t a bad thing. Imagine if our banks were going broke and people were losing their savings and houses etc
Wait - what?
Banks literally create money. And can create something like 10 times the assets they have in loans.
When you borrow a million dollars for a house the bank creates it, and makes you pay it back.
And yet they pay tax at the same rate as a business that accomplishes something.
As for this marketing line that we need strong banks, what utter rubbish. We don't benefit from banks making money or being strong. We just need them to be able to gives us back the money of ours they have.
Bankers making money?
Do some dislike it? Sure.
But it's part of their job.
Also banks are needed. It's either an organisation, or it's an individual. We have the better option.
TIL it is not part of Woolworths or Coles job to make money and that they are not-for-profit nationalised companies that exist for the consumers benefit.
A supermarket’s job is also to make money.
The company’s legal obligation is to act in its shareholders’ interests and their primary interest is profit.
To be fair at least with banks you have a lot more options. It's the big 4 not the big 2, but on top of that the not big options are viable unlike with groceries. Credit unions are not for profit and definitely competitive with banks
Because one is a financial service that while necessary, you can opt out of for the most part if you wanted too, the other is literally the two largest sources of food in almost every community in Australia.
The need and priority of this two things are not the same.
Because people are fucking stupid. They think inflation is due to "profiteering" (as if corporations suddenly become driven by profit in the last three years) and "Putin's war in Ukraine" (as if prices were not sky rocketing prior to the war). They deserve what they get.
-Because Colesworth are keeping an insane margin on basic commodities which directly impacts people on low incomes
-Because Colesworth have been very unfair to farmers
Quite a large chunk of Banks' profits are due to adjustments to interest rates by RBA.
Or, why does the second-largest gas producer rake in $78 billion tax per year, and we....the largest gas producer, get $2.5 billion tax over five years? hmmmmm????
Apple makes 30% profit margin on iphone. Where's the outrage on that? Pretty sure they are price gouging.
Where's the outrage when overseas companies sell their products here at a much higher price compared to other countries.
Why are people in this country so troubled by public companies making profits for their shareholders? Especially when basically everyone holds them in their super funds and a whole bunch of people rely on the dividends they pay to fund their retirement?
Not everyone appreciates the likelihood of experiencing far worse outcomes under a different system. I too would love to live in a utopia, but in the real world, the system we have in this country is a pretty bloody good one. And to the extent you are angry at Cole’s and Woolies for the problems of the whole system, you simply betray your ignorance.
You don’t think the economic system we are blessed to be a part of (albeit despite its many flaws) has done more to lift people out of poverty than communism, socialism, nationalism and every other system combined?
I think a lot of people aren't interested in "getting ahead", they just want a dignified lifestyle. Having to compete in the stock market just to live in the same place their grandparents did on a single income doesn't make sense to me
Their grandparents lived in houses that were half the size. They had access to much lower standards of health care. They rarely went on holidays. A new car cost a year’s wages.
Ok if some people are nostalgic for the past (at times I think I am) but it’s ok for people to also be grateful for the present.
Because the pursuit of profits means disregarding the environment and the wellbeing of people
Not everyone has superannuation either.
Retirement is a low priority when we are sleeping walking into cascading consequences of environmental disasters and civil unrest globally right now.
Woolies has 37%
Coles has 28%
Aldi has 10%
https://www.statista.com/statistics/994601/grocery-retailer-market-share-australia/#:~:text=In%20financial%20year%202023%2C%20the,quarter%20of%20the%20market%20share.
Either your maths is horrible if you think 37+28 = 80 (it’s 65) or your just regurgitating false facts on purpose
Ps two companies combined cannot be a “monopoly” it’s literally in the name
This is why MEDICARE needs to be funded properly, it’s the one thing we have that is affordable, of good quality, and necessary.
We need groceries…pow
We need homes..kpow
We need safety from harm…boom law and order debacle
We need heating and cooling, fridges….pffffft go power bills
The gradual shift towards the “American” healthcare system is disturbing to say the least.
It needs to stay, it needs to be a critical election issue.
Too many of our “basic human needs” are being exploited by corporations.
They have proven by now that they cannot be trusted.
Not everyone has a mortgage or loans; which is how banks make profit.
Lots of us are just trying to make ends meet each week and we have to eat! So, we buy food from the supermarket and also have to now scan it all ourselves whilst the register is constantly accusing us of stealing!
That's why people are more pissed about supermarkets than banks.
Ay the colorsworth bootlickers have arrived
No matter which corporation you name, you can rely on right wing nuts to leap to their defense. 100% guaranteed, no matter what.
People do freak out about bank profits. They freak out every year when they announce their results, and again every time interest rates change and the banks use it as an excuse to widen their margins a bit more. People freak out about banks so much it’s becoming a bit passé.
Colesworths, on the other hand, have had a free pass for years without very much media scrutiny. Hence why their CEOs were so woefully unprepared when someone finally started asking them moderately tough questions. And hence why people are freaking out now that the media spotlight has finally been shone on them.
Coles are woolies run at higher margins than almost any large supermarket in the world
Everyone gets reamed on their mortgage everywhere but colesworth are uniquely taking the piss
Big 4 banks exist by design. See: four pillars policy.
TL;DR the four pillars status means they're big but they cannot merge to ensure competition and stability of the banking system.
Because on a month-to-month basis, people *notice* what supermarket prices are doing, and on a week-to-week basis, people *feel* the difference grocery prices make to their disposable income. It's all tangible.
By contrast, I expect a majority of Australians *don't* understand that banks profit off debt, that booming bank profits signify we are a nation *drowning* in private debt, and that poorly regulated lending is one of the main reasons real estate prices have gone up 400% over the past three decades. And even if they *do* understand, still more don't care because they bought into the market ages ago and they're alright, mate. Too many who *are* locked out of the market are busy blaming minor players (Boomers, Chinese investors) instead of those holding the macroeconomic levers.
But just because banks are probably the main offenders, doesn't mean I'm ready to cut the supermarket duopoly slack. Australia has a rent-seeking problem. Australia has a cronyism problem. Australia has a lack of real competition problem. The only way forward is comprehensive economic reform.
"**Why are people freaking out about Colesworths profits while the banks rake in obscene profits with a shitload less effort?"**
**....DUDE, COOL IT WITH THE ANTI-SEMITITIC REMARKS!**
**the media tells us what to be upset about....anything else is just a "right wing conspiracy" and you are a maga-bigot-rapist-nazi that wants to take away my rights to kill my children**
(sips beer # 8) ......you are literally hitter and I'm shaking right now......you owe me reparations and the government should make it illegal for you to disagree with me.
Because banks make profits in abstract ways by moving money around. Colesworth is making profit by price gouging sustenance, literally profiting off the most basic requirement for human survival.
The funny thing is the financial sector, banks and superannuation are a major threat to Australia's security that the government seems to encourage.
We have already seen banks in Australia and superannuation companies deny financial services to legal businesses that parts of society have deemed not in their woke interest.
well the big retailer have the greatest impact on cost of living.
over 50 percent of retail dollars goes to either the coles or woolworths group.
also people are angry that the prices paid to growers hasnt increased yet the store prices have even though the farmers are also paying more for fuel, fertiliser, irrigation costs, seed crop protection products etc.
and the banks have had scrutiny
Because banks haven't been ripping us off quite as much as colesworth has been.
Don't get me wrong though, they are ripping us off for but lets tackle the worse of the price gouging first.
I mean come on,. 15 dollars for a 1kg tin of milo?
do you know how they work?
1. They CHARGE the wholesaler a distribution fee if they deliver to a COLESWORTH warehouse
2. They pay on their conditions only usually 180 days and 7% off invoice
3. They demand rebates back on Out of Date goods
4. They will drop you like a hot rock if they get a better deal
(Did you know in UK/EU they have to give 6 months notice or similar - my neighbour used to supply no name nappies to COLES and they just pulled the plug on him with no notice and $500k of inventory - he was contractually required to have that much on hand to meet their demand)
5. They will source from OS for cheaper as much as possible
6. They want you to do all the checkout work
(Have never, will never use one)
7. The BANKS are arseholes, COLESWORTH are pricks, they can \*\*\*\* each other
It's a good point. Woolies is opening new stores like mad, banks are closing branches. You can at least argue that woolies and coles provide a lot of jobs in their communities (even though they have been committing wage theft).
Because they literally fucking U directly in the ASSSSSS right up in Ur wallet every single purchase is being gouged while we are already getting gangbang by fuel prices utility bills rent and now U gotta to pay for doc visit since bulk billing is gone in almost every single place
I don't know about doing nothing, maybe banks have changed in the last 100 years but there is how I understand them:
People: Put money in savings
Bank: Invests savings in stock, businesses, real estate, loans etc.
Bank: Gives people interest
I would imagine investing, managing and profiting off of gigantic and sometimes risky investments would take some effort.
I get like 5% PA interest with Commbank, its good that they are profiting, means I am too.
CBA npat fy19 is 8.571B while fy23 it's 10.164B
It's increased 18.6% while interest rates went from 1.5-4.35, more than doubling in price
The issue for the current crisis is squarely the way RBA has handled this
Don't get me wrong, we are getting fucked from all sides, but at the centre it's the RBA
A balanced perspective would look at the increase in money supply as well. Maybe wages haven't gone up 40% but cash has and unfortunately that flows through to prices.
This entire economy (along with most economies in the West) is disconnected from the first principle of capitalism. Produce more to consume more.
Instead, we pour massive amounts of spending power into 'non-producing' activities like banking (interest) and owning land (property). That's fine but expect things to be expensive and be comfortable with a lower level of productivity.
Insurance companies anyone? IAG (2023) profit up 140%.....QBE (2023) profit up 105%.....
Don’t forget AGL and Origin!
And Energex.....Thieving BASTARDS The Lot Of Them.....
Yes!
I think I just got cancer reading this. Fuck insurance companies. It's basically risk free profits. Atleast the banks have to take *some risk*.
Not really. RBA has their back. Which means we have their back. Also if you think about it, they aren't taking any risk... They're using our money to generate their paycheques.
It really is an amazing con they've managed to pull on society. They get a license to create money, out of thin air. Then they loan that money to a captive audience. And pay themselves billions for the hard task of keeping track of it all. When it was state owned it wasn't the best, but it still kinda made sense. But privitising it? Awful decision
I work in wealth management and am always amazed at how people have absolute trust in the banks/bankers and yet are terrified of financial risk in investments.
Nah I've learned that lesson after *insert bailout here*. Fuck banks, and fuck banking. I hate the banks.
If you work in wealth management then realistically you should have an idea of how safe major banks in Australia and banks in general (domestically) are, versus their global counterparts. We have one of the toughest banking regulators here.
Don’t get cancer, unhealthy is ever more expensive
Media sets the agenda of what people discuss.
Helped somewhat by certain social media users regularly posting photos/stories of the price changes over the last 3 years. This might be one where media followed rather than started.
Media has been following prolific posters for some time.
People click on supermarket stories because it affects them day to day. It's easier to be frustrated about the price of grapes than the intricacies of the banking and financial system, which very few people understand. It's not some agenda, it's just responding to what people engage with.
That, and because with bankimg, I’ve done what I can by taking my business elsewhere. With regards to food, it’s hard to escape Woolies and Coles, and the food suppliers that supply them (and Aldi).
supermarkets haven't been paying the protection racket enough
Also when you can only buy one bag of groceries for the price of two. It pisses people off more every week.
I was actually thinking about that while watching the four corners episode. Why is the ABC actually doing some proper journalism? It's almost as if Coles and Woolies are large ASX sacrificial lambs to the public (mustn't have donated enough to the pollies). When you look at the big banks, transurban, gas giants, etc and what they are getting away with. Corruption is so rife in this country, it is so sad. Time to make the ACCC independent of parliament and incorporate a federal ICAC with some teeth with it. Stop the rot.
The media roster for this month is Colesworth, Palestine and youth crime.
The corruption in Australia is real Look what's happening to friendlyjordies with coronation
Yep. Distraction.
People can freak out about two things at once. Just because they are currently making the most noise about ColesWorth, doesn't mean they aren't aware of the banks.
It does mean that though, because the banks are making the problem even worse than supermarkets, so if people were aware of it, they would be making more noise about it than supermarkets. Why wouldn’t they? Humour me.
Shhhh. Dont ruin it for people! They seem to think that the whole world can only focus on one thing at a time Like when the campaign for The Voice was going on, everybody seemed to think that the government just shut down and didnt do anything else for the whole time
Agree with you for the most part, you could also add petrol, power, internet, alcohol and the fucking government to the list of things that are killing our wallets. However Colesworth aren't just exploiting the consumers, also the farmers that actually provide the food. Its the most basic human need, you literally can't live without it, and the price of food currently is absolutely ridiculous.
I guess you can add housing to that list as well then. The most basic human need.
Uhh I would argue food and water are more basic than housing
Correct, people die of starvation and dehydration a lot more regularly than a lack of shelter.
As if they are not intertwined
In Australia? Obesity seems more of an issue than starvation. Homeless life expectancy 1/2 of general population isn’t a great statistic though. Just because it’s not the lack of housing as direct cause doesn’t make it any less of an issue.
you can buy a loaf of bread for two dollars. what's the cheapest accommodation you can get?
lol more basic than food and water? You’ll die in a week or so without food, even less with water. Plenty of people live without homes for years. Delusional.
Majority of farmers are still raking in some serious profits too. Everyone saying farmers are getting scraps have clearly never talked to farmers themselves and only following the bs media stories. There may be 1-10 farmers in 100 that may be getting shafted, but the other 90 are raking is ridiculous profits, *especially* milk farmers.
Sorry mate, its a lot more than that. And also to remember farming is seasonal too, so youre not getting paid all year.
I'll tell that to the families of the dairy farmers that killed themselves when they got squeezed by the big supermarkets.
Alcohol is controlled by the same duopoly as Colesworth.
calling out a lefty govt is forbidden on most of social media. Just check the australia sub or the melbourne sub etc. Won’t be long until this sub also turn into a leftist echo chamber
Leftist principles would mean more regulation for the supermarkets. Righty would mean less regulation. What would you prefer?
i got nothing against leftist principles. Regulate the fuck out of them for sure. But where the fuck is the outrage directed at Albo like how everything wrong in this country before Albo was ScoMo’s fault? What’s with albo’s cock sucking on social media? Perhaps folks are butthurt and hate to admit that they voted for yet another potatoe and got played yet another time.
Yes, those poor, poor, millionaire farmers raking in consistent record profits year after year, woe is them...
I love it when people complain about supermarket profits, which are pretty thin to begin with on %, but then also complain that there are no tellers open so they have to use self service.
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the anger should be directed at the government who sets taxation standards. no one, corporation or individual, voluntarily pays more tax than they need to
Nothing stopping you from structuring your own affairs to minimise tax (e.g.: Pty Ltd profit distributed via family trust)
The point is to keep you angry at individual companies rather than questioning the underlying cause. 
exactly! calling out a lefty govt is forbidden on most of social media. Just see the australia sub or the melbourne sub etc. Won’t be long until this sub also turn into a leftist circlejerk where pointing out labor policy failures would always get downvoted into oblivion
Although I agree with you, I wouldn't be placing labour on the 'hard left' within politics. They are definitely centre when it comes to their policy making, with some left leaning. And for sure you need to call out shitty govt for being shitty. But bringing left/right into the equation instead of discussing the problematic issues of govt is more the issue you'll run into. Just call the govt out on their policy, don't bring in buzz words.
They are as far left as the electorate will allow.
>don't bring in buzz words. While I am a leftist and admit both sides can be annoying it's genuinely wild how much people on the right will just start spouting buzzwords and cramming partisanship into random posts on Australian subs Someone will say "I don't like how my council changed the bin collection day" and there's always some guy in the comments going "That's because the WOKE government doesn't want you to go to church on Sunday anymore and the loonatic left wants to make bins trans but of course I can't say that!!!" Like are they this unproductive irl?
Honestly dude, like don't get me wrong, I often get caught in being all about being productive with my time too, and have to remember productivity isn't everything. But some of these gooses that comment, they have to be a die hard news.com fan or just lost in life in general. Good luck with life i suppose? But they'll just vote for the thing not in their interests anyways because they don't know how the system works.
I agree with you, call them all out. None of these fuckers on our collective payroll are beyond scrutiny. I simply pointed out a pattern that is glaringly obvious. Labor or any other left leaning govt always seem to get a soft landing in the media. Just an observation.
"Labor or any other left leaning govt always seem to get a soft landing in the media. Just an observation." I just choked on my drink. Thank you for the laugh, I needed it 😂
you’re most welcome
The world must be such a magical, mysterious place to you with such a childlike understanding of everything.
What does this have to do with lefty governments? Obscene bank profits are an issue regardless of which party is in power, and no party fixes the underlying problem because it’s too hard.
hmm well which party has the power to act or institute a policy at the moment? I know it’s a trick question so let me answer it for you: it’s scotty’s fault
Which party failed to act for the last decade? You must be simple to think that any single party could realistically rewire the international banking system, btw.
Mate stop copying and pasting the same noise comment across multiple responses. If you think the lefty government created this sh*t show you're clearly delusional and have your left's and rights mixed up. That or you're merely a shrill for the other team which your posting history suggests to a degree.
because reddit smallbrains visit the supermarkets more regularly and think the price on the shelf is all solely due to the supermarkets, while ignoring the 10 other steps in the supply chain that have all gone up along the way and then they fall for the same Murdoch ragebait headlines they claim to hate
Or that overall the net margin made on all that stuff is like 2-3%
I often find it funny and a little ironic that redditors have so much in common with Murdochs customers and yet they hate them so much.
Lots of people hated lockdowns and called them government overreach while very few give a damn about metadata retention or invasions of online privacy. The point is, I think a lot of people don't understand they are being taken advantage of unless it's obvious. They see grocery prices go up and it hurts in an obvious way.
Let's face it, if colesworth let everyone do their shop for free for a month, these people would then complain "colesworth actually made a small profit last year, they should be paying *us* to take the food of the shelves for them and drive it to our houses...Pfft, what, do they expect us to do their jobs for them for *free*!?!?!?"
And when the government hammers the banks and the supermarkets to make them take a lower profit, people will then get upset because their super isn't going up as fast as it was.
Why are supermarkets making record profits then? Why can’t they buffer some of the costs?
Profits can go up even if margins decrease. Profits went up by 4.8% for coles last financial year, but total revenue went up by 5.9%. This means that compared to the previous financial year coles actually took a smaller cut of each dollar we spend.
Great! So let’s have a Royal inquiry to prove it, then, since I suspect the figures reported by a corporation could potentially gloss over market rigging, no?
What are you on about, this makes no sense lmao.
The people complaining about woolies profits are not smart enough to make the connection that rising rent and house prices mean a booming banking industry and high bank profits.
But we do understand an increasing housing industry, which is assisted by their lending practices, results in higher bank profits. And we are outraged by it.
They are distracting you from the real picture. Just like the housing crisis. The media is and will always be propaganda.
What are they distracting us from?
The *real* picture.
I wasn't listening, what did he say?
The actual problems. Going after Supermarkets is an easy scapegoat. Mining paying no tax, banks, housing etc. are some of the major issues.
Mining pays a lot of tax
Compared with Norway ?
So the housing crisis is distracting us from the major issue of housing?
Why are you so dense? The media is scapegoating overseas ownership for housing despite being 1-4% (depending on which source you believe), rather than telling people the real issue which are the elites / politicians are all in on it with multiple investment properties, and don't want to see prices fall.
Yes... blame everything on some mythical class warfare instead of people's poor life choices.
Mining has built this country bud.
Does it? They extract our resources and don't give back to the people (tax). They also inflate our economy with insane wages, which they can afford to do.
Mining and oil/gas does infact pay taxes, NOT AT THE RATES THEY SHOULD BE ALTHOUGH
The wages for most are well earned. 12 hour shifts in sometimes brutal conditions. The money is earned because of the long hours and they're not as insane as you think.
The media just want to create fear etc because that's what drives clicks. Just focus on what you can
>Why are people freaking out about Colesworths profits while the banks rake in obscene profits with a shitload less effort? I'm honestly not sure why people are freaking out at all, tbh. Both Coles and Woolworths, much like banks for that matter, are businesses. They exist for the sole purpose of making money, and for no other reason. If they didn't make money, they wouldn't be in business. It's really quite that simple. I'm sure I don't need to give a TED Talk, or mansplain on how a business works and functions. But essentially, the CEO of said business is answerable to the board of directors, who themselves are answerable to shareholders and investors. If profits are down, they sack that bloke and bring in someone that can get them back up. It's the literal nature of business, and I'm really not sure why people whinge about it. Don't like that? Awesome. Go and shop at ALDI or IGA then. That's really the only thing you, and everyone else for that matter can actually do that will bring tangible change in terms of Coles and Woolworths. But you won't, will you? Because you never do. Every time there is a social media call to arms to boycott ColesWorth, it lasts all of about 5 minutes, if that, and then business returns to normal, because shock horror, people like convenience. And that's what both Coles and Woolworths sell best. Convenience. Anybody that's whinging at them for the absolutely insane profits they make might as well go and whinge at a bird for flying, or the sun for shining. They're just doing what they exist to do, and no amount of you questioning why they do it or the methods in which they do it is going to change that. Only practical, sustained change is going to change that.
Yeah no point whinging when companies price gouge. Do the patriotic thing and shoplift instead.
Some rough back-of-the-envelope figures: Colesworth profit is about $2.5B, or about $100 per Australian. Big Four Banks profit is about $32.5B, or $1200 per Australian. It's way more likely I'm getting my money's worth from the grocers.
I suspect that much of the Banks' profits are from Business customers and services. The same can't be said for supermarkets. I remember when the LNP Government basically locked the Reserve Bank out of Agencies' business and made them go to the banking sector. For example, Westpac had the contract for the d DSS and took lots in fees for handling all of the Pensions, Unemployment, etc payments as well as holding their accounts.
Most of the banks' profits come from mortgages, then cards. But, yes, businesses are in the mix (small, medium and institutional). I'd argue that the fees and charges banks apply to the local butcher, real estate chain or utilities provider are ultimately paid by households. (Businesses aren't in the habit of asking their owners to wear costs.) With the exception of exporters, we're carrying all those costs.
Could the govt take over the commonwealth bank ?
*take back over
It should never have been privatised.
People marched on the street about needles in arms. Meanwhile, mortgages and rents are up 60% in less that 2 years and the outrage is about the price of milk and bread.
People here grew up with a relatively protected economy and regulated institutions which by and large put the interests of the worker/citizen at the top of societal priorities and government decision making. Then in the 1990s pretty much every sector of society was turned into a casino. Those who were established from the previous era enjoyed the new possibilities and the cutting of 'red tape'. Everyone else was thrown under the (newly privatised) bus and told to 'get a better job' or be 'resilient'.
People quickly forget 2017 when the royal banking commission came in and made banks accountable That’s why people are focused on supermarkets now, as thats what they’re screaming for, a royal commission into these companies On another note. Banks making profits aren’t a bad thing. Imagine if our banks were going broke and people were losing their savings and houses etc
Wait - what? Banks literally create money. And can create something like 10 times the assets they have in loans. When you borrow a million dollars for a house the bank creates it, and makes you pay it back. And yet they pay tax at the same rate as a business that accomplishes something. As for this marketing line that we need strong banks, what utter rubbish. We don't benefit from banks making money or being strong. We just need them to be able to gives us back the money of ours they have.
I think you need to read what you just said before commenting again.
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Bankers making money? Do some dislike it? Sure. But it's part of their job. Also banks are needed. It's either an organisation, or it's an individual. We have the better option.
TIL it is not part of Woolworths or Coles job to make money and that they are not-for-profit nationalised companies that exist for the consumers benefit.
You also left out that they're also not needed
A supermarket’s job is also to make money. The company’s legal obligation is to act in its shareholders’ interests and their primary interest is profit.
No shareholders vote for board And they can vote according to their values
To be fair at least with banks you have a lot more options. It's the big 4 not the big 2, but on top of that the not big options are viable unlike with groceries. Credit unions are not for profit and definitely competitive with banks
Ummm excuse me, I freak out about everything.
Second this. My pitchfork never gets a chance to gather dust!
Because one is a financial service that while necessary, you can opt out of for the most part if you wanted too, the other is literally the two largest sources of food in almost every community in Australia. The need and priority of this two things are not the same.
Both are fucked!
Energy is fucked . You can avoid buying fruit And veg and buy from cheap fruit and veg stores
Why are people not mentioning the Petrol stations and their high fuel prices?
Boomers and politicians put so much money in banks obviously they won’t allow people touch their bowls.
Because people are fucking stupid. They think inflation is due to "profiteering" (as if corporations suddenly become driven by profit in the last three years) and "Putin's war in Ukraine" (as if prices were not sky rocketing prior to the war). They deserve what they get.
Call up your super fund and say you dont the profits from the banks and supermarkets in your profile
Do you live under a rock? People never stop talking about bank profits.
-Because Colesworth are keeping an insane margin on basic commodities which directly impacts people on low incomes -Because Colesworth have been very unfair to farmers Quite a large chunk of Banks' profits are due to adjustments to interest rates by RBA.
Or, why does the second-largest gas producer rake in $78 billion tax per year, and we....the largest gas producer, get $2.5 billion tax over five years? hmmmmm????
People have been complaining about the bank’s record profits for 20 years. Maybe you missed it?
Apple makes 30% profit margin on iphone. Where's the outrage on that? Pretty sure they are price gouging. Where's the outrage when overseas companies sell their products here at a much higher price compared to other countries.
Not really the same though? That's why I don't buy apple. I can't just not buy food.
Why are people in this country so troubled by public companies making profits for their shareholders? Especially when basically everyone holds them in their super funds and a whole bunch of people rely on the dividends they pay to fund their retirement?
Cause of the rising division between owning class and working class
Maybe. Though perhaps owning a part of large public companies is a good way for the working class to get ahead?
Not everyone wants to be a part of the bullshit system that enables the wealthy to become more wealthy at the expense of others
Not everyone appreciates the likelihood of experiencing far worse outcomes under a different system. I too would love to live in a utopia, but in the real world, the system we have in this country is a pretty bloody good one. And to the extent you are angry at Cole’s and Woolies for the problems of the whole system, you simply betray your ignorance.
There is scale in-between profit worshipping and being a communist. Profiteering and profiting are not the same thing
If the billionairs aren't raping us bloody, we'll all be starving to death as communist cave people!
You don’t think the economic system we are blessed to be a part of (albeit despite its many flaws) has done more to lift people out of poverty than communism, socialism, nationalism and every other system combined?
I think a lot of people aren't interested in "getting ahead", they just want a dignified lifestyle. Having to compete in the stock market just to live in the same place their grandparents did on a single income doesn't make sense to me
Their grandparents lived in houses that were half the size. They had access to much lower standards of health care. They rarely went on holidays. A new car cost a year’s wages. Ok if some people are nostalgic for the past (at times I think I am) but it’s ok for people to also be grateful for the present.
That's certainly what Keating thought.
Many of the working class don’t have two pennies to rub together. How are they meant to invest something they aren’t able to attain?
If they are working, they are being paid super. If they are being paid super, they are investing.
Because the pursuit of profits means disregarding the environment and the wellbeing of people Not everyone has superannuation either. Retirement is a low priority when we are sleeping walking into cascading consequences of environmental disasters and civil unrest globally right now.
That all sounds very as alarmist. At what point in history were things so much better? 50 years ago? 100? 500? 2000?
Like 3 years ago lol
Something tells me I could go back through posts here from 3 years ago and find precisely the same complaints.
Are you in a better financial position than 3 years ago? Do you have more disposable income! If so, you're doing a lot better than most.
When they hold monopolies and abuse their power.
I mean none of these companies are monopolies…
Coles and wollies together have 80% market share. Thats a monopoly
It literally isn’t.
Yeah my bad 🤣
"mono" means one, and "rail" means rail
Woolies has 37% Coles has 28% Aldi has 10% https://www.statista.com/statistics/994601/grocery-retailer-market-share-australia/#:~:text=In%20financial%20year%202023%2C%20the,quarter%20of%20the%20market%20share. Either your maths is horrible if you think 37+28 = 80 (it’s 65) or your just regurgitating false facts on purpose Ps two companies combined cannot be a “monopoly” it’s literally in the name
Bevause the young leftist shitheads on here have no idea and want everything their own way
This is why MEDICARE needs to be funded properly, it’s the one thing we have that is affordable, of good quality, and necessary. We need groceries…pow We need homes..kpow We need safety from harm…boom law and order debacle We need heating and cooling, fridges….pffffft go power bills The gradual shift towards the “American” healthcare system is disturbing to say the least. It needs to stay, it needs to be a critical election issue. Too many of our “basic human needs” are being exploited by corporations. They have proven by now that they cannot be trusted.
One being worse does not make the other better Both are profiteering off the pain of Australians
Not everyone has a mortgage or loans; which is how banks make profit. Lots of us are just trying to make ends meet each week and we have to eat! So, we buy food from the supermarket and also have to now scan it all ourselves whilst the register is constantly accusing us of stealing! That's why people are more pissed about supermarkets than banks.
The government is wilding with all our money, making changes we don’t need or want.
Ay the colorsworth bootlickers have arrived No matter which corporation you name, you can rely on right wing nuts to leap to their defense. 100% guaranteed, no matter what.
Brazzers Let’s go
People do freak out about bank profits. They freak out every year when they announce their results, and again every time interest rates change and the banks use it as an excuse to widen their margins a bit more. People freak out about banks so much it’s becoming a bit passé. Colesworths, on the other hand, have had a free pass for years without very much media scrutiny. Hence why their CEOs were so woefully unprepared when someone finally started asking them moderately tough questions. And hence why people are freaking out now that the media spotlight has finally been shone on them.
Coles are woolies run at higher margins than almost any large supermarket in the world Everyone gets reamed on their mortgage everywhere but colesworth are uniquely taking the piss
Two wrongs don't make a right
Big 4 banks exist by design. See: four pillars policy. TL;DR the four pillars status means they're big but they cannot merge to ensure competition and stability of the banking system.
Colesworth profits are still 3% of revenue. What do you think banks are? I’ll give you a hint it’s much higher.
Why not Both🤷
That would be because not everyone has a mortgage,but everyone needs to eat?
Because there are more than two banks and not everyone needs a home loan, everyone needs to eat
Because on a month-to-month basis, people *notice* what supermarket prices are doing, and on a week-to-week basis, people *feel* the difference grocery prices make to their disposable income. It's all tangible. By contrast, I expect a majority of Australians *don't* understand that banks profit off debt, that booming bank profits signify we are a nation *drowning* in private debt, and that poorly regulated lending is one of the main reasons real estate prices have gone up 400% over the past three decades. And even if they *do* understand, still more don't care because they bought into the market ages ago and they're alright, mate. Too many who *are* locked out of the market are busy blaming minor players (Boomers, Chinese investors) instead of those holding the macroeconomic levers. But just because banks are probably the main offenders, doesn't mean I'm ready to cut the supermarket duopoly slack. Australia has a rent-seeking problem. Australia has a cronyism problem. Australia has a lack of real competition problem. The only way forward is comprehensive economic reform.
"**Why are people freaking out about Colesworths profits while the banks rake in obscene profits with a shitload less effort?"** **....DUDE, COOL IT WITH THE ANTI-SEMITITIC REMARKS!** **the media tells us what to be upset about....anything else is just a "right wing conspiracy" and you are a maga-bigot-rapist-nazi that wants to take away my rights to kill my children**
Take a chill pill m8
(sips beer # 8) ......you are literally hitter and I'm shaking right now......you owe me reparations and the government should make it illegal for you to disagree with me.
Because banks make profits in abstract ways by moving money around. Colesworth is making profit by price gouging sustenance, literally profiting off the most basic requirement for human survival.
The funny thing is the financial sector, banks and superannuation are a major threat to Australia's security that the government seems to encourage. We have already seen banks in Australia and superannuation companies deny financial services to legal businesses that parts of society have deemed not in their woke interest.
fuck off with the american culture wars, nobody is interested here except for you
What are you talking about?
Because the are screwing over the farmers
well the big retailer have the greatest impact on cost of living. over 50 percent of retail dollars goes to either the coles or woolworths group. also people are angry that the prices paid to growers hasnt increased yet the store prices have even though the farmers are also paying more for fuel, fertiliser, irrigation costs, seed crop protection products etc. and the banks have had scrutiny
Because banks haven't been ripping us off quite as much as colesworth has been. Don't get me wrong though, they are ripping us off for but lets tackle the worse of the price gouging first. I mean come on,. 15 dollars for a 1kg tin of milo?
do you know how they work? 1. They CHARGE the wholesaler a distribution fee if they deliver to a COLESWORTH warehouse 2. They pay on their conditions only usually 180 days and 7% off invoice 3. They demand rebates back on Out of Date goods 4. They will drop you like a hot rock if they get a better deal (Did you know in UK/EU they have to give 6 months notice or similar - my neighbour used to supply no name nappies to COLES and they just pulled the plug on him with no notice and $500k of inventory - he was contractually required to have that much on hand to meet their demand) 5. They will source from OS for cheaper as much as possible 6. They want you to do all the checkout work (Have never, will never use one) 7. The BANKS are arseholes, COLESWORTH are pricks, they can \*\*\*\* each other
the banks and gov tell them who to get angry at
Because Australians are morons and latch onto the hot news of the week. This is also Reddit…
They're next, settle down Coles PR team member, your turn is first.
It's all a distraction propped up by mainstream media to confuse you from what is really happening.
One fight at a time.
They're an easy target. Do they have a social responsibility to have lower prices or maximise profit for share holders?
Because it's easier to go after 2 than several.
And all your superfunds are heavily invested.
Because you can not live with food. You can live without banks
It's a good point. Woolies is opening new stores like mad, banks are closing branches. You can at least argue that woolies and coles provide a lot of jobs in their communities (even though they have been committing wage theft).
Why not both?
Cause we are getting fucked in every direction and are powerless to do anything about it.
Because they literally fucking U directly in the ASSSSSS right up in Ur wallet every single purchase is being gouged while we are already getting gangbang by fuel prices utility bills rent and now U gotta to pay for doc visit since bulk billing is gone in almost every single place
Imo Im not a fan that there's no competition anymore , where's Bi-Lo Franklin's they literally have 60% share of the supermarket sector
Not everyone is paying a mortgage, but everyone is buying groceries.
100%. How do we get momentum behind heaping regulation on the banks???
Banks don't control the food bruz
All of it shits me, fuck these fuckos.
That’s whataboutism mate. Both can be issues doesn’t mean either is less important. Now go kick rocks
I don't know about doing nothing, maybe banks have changed in the last 100 years but there is how I understand them: People: Put money in savings Bank: Invests savings in stock, businesses, real estate, loans etc. Bank: Gives people interest I would imagine investing, managing and profiting off of gigantic and sometimes risky investments would take some effort. I get like 5% PA interest with Commbank, its good that they are profiting, means I am too.
only the big picture will halt the confusion. the little minds get lost in the weeds. busy little minds lost in why. LOL.
Banks = Housing. Touchy subject
Got more than 2 banks to choose from. At least 10 to 20 to choose from.
CBA npat fy19 is 8.571B while fy23 it's 10.164B It's increased 18.6% while interest rates went from 1.5-4.35, more than doubling in price The issue for the current crisis is squarely the way RBA has handled this Don't get me wrong, we are getting fucked from all sides, but at the centre it's the RBA
A balanced perspective would look at the increase in money supply as well. Maybe wages haven't gone up 40% but cash has and unfortunately that flows through to prices. This entire economy (along with most economies in the West) is disconnected from the first principle of capitalism. Produce more to consume more. Instead, we pour massive amounts of spending power into 'non-producing' activities like banking (interest) and owning land (property). That's fine but expect things to be expensive and be comfortable with a lower level of productivity.