This past Friday, the Australian Competition and Consumer Commission (ACCC) released an interim report from its supermarkets inquiry, declaring grocery retailing in Australia is an oligopoly. That sort of market structure can “limit incentives to compete vigorously on price”, in the words of ACCC deputy chair Mick Keogh.
“We see Woolworths and Coles providing a broadly similar experience to customers through largely undifferentiated product ranges, pricing at similar levels and similar non-price offerings including loyalty programs,” he said.
The commission has also cracked down on what it says are misleading discount offers by the two supermarket giants, launching separate actions in the Federal Court earlier last week.
The alleged conduct involved temporarily increasing the price of certain goods, before advertising them as being offered at a discount rate — despite the discount price being higher than, or equal to, the price before the hike.
With the cost of living continuing to rise in Australia (and the increasing scrutiny of the two supermarket giants’ role in that), Crikey decided to break down some key figures in the latest instalment of Paint by Numbers.
Year Coles opened its first store, in Melbourne: 1914
Year Woolworths opened its first store, in Sydney: 1924
Combined grocery market share by Woolworths and Coles by the 1960s: 31%
Year Aldi arrived in Australia: 2001
Percentage of national supermarket retail sales made by Woolworths and Coles in 2024: 67%
Percentage of national sales by Aldi in 2024: 9%
Percentage of national sales by Metcash-supplied independent supermarkets in 2024: 7%
Number of Woolworths supermarkets and Metro stores in 2024: 1,111
Number of Coles supermarket stores in 2024: 856
Number of Aldi stores in 2024: more than 570
Pages in the ACCC’s interim report: 266
Customers spoken to in the course of the ACCC’s inquiry so far: More than 21,000
Number of products the ACCC alleges Woolworths marketed with misleading discount campaigns over a 20-month period: 266
Number of products the ACCC alleges Coles marketed with misleading discount campaigns over a 15-month period: 245
Price of an Oreo Family Pack Original 370g product at Woolworths before a temporary price hike in November 2022: $3.50
Price of the same product while temporarily hiked up: $5
Price of the same product after being marketed with a “prices dropped” promotion: $4.50
Price increase after the promotion, compared with the original price: 29%
Price of a 16-pack of Strepsils Throat Lozenges Honey & Lemon at Coles before a temporary price hike in October 2022: $5.50
Price of the same product while temporarily hiked up: $7
Price of the same product after being marketed with a “down down” promotion: $6
Price increase after the promotion, compared with the original price: 9%
Profit made by Woolworths in the 2023-24 financial year: $108 million
Writedowns by Woolworths in 2023-24 related to its New Zealand business: $1.6 billion
Profit made the previous financial year: $1.7 billion
Profit made by Coles in the 2023-24 financial year: $1.1 billion
Profit made the previous financial year: $1.04 billion
How much a Woolworths store worker earns in a year: $41,595
How much former Woolworths chief executive Brad Banducci earned in the 2022-23 financial year: $8.6 million
How much a Coles store worker earns in a year: $49,934
How much former Coles chief executive Steven Cain earned in the 2022-23 financial year: $10.2 million
