Supermarket Senate Hearing: How did Woolworths’ Brad Banducci hold up under questioning?

During Tuesday's Senate inquiry about supermarkets’ rising prices and profits, some pretty memorable lines were said by Greens Senator Nick McKim to the (resigned) CEO of Woolworths, Brad Banducci.

Here are a few of the notable ones.

McKim: ‘I'm not interested in your spin or your bulls***.’



McKim: ‘Are you struggling with the ordinary English language meaning of the words that I’m using in my questions?’

Another shocking moment was the reveal of Banducci’s salary.

McKim: ‘How much did you make in the last financial year, Mr Banducci?’

Banducci: ‘Senator, my base salary at Woolworths is $2.6 million. And then I get a short-term bonus and a long-term bonus.’

McKim: ‘What did that add up to? Your total remuneration in the last financial year?’

Banducci: ‘$8.4 million in total, Senator.’


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Do you agree with the results of the Senate hearing so far? Image Credit: Shutterstock



And the point that sparked a conversation around potential jail time for the CEO.

McKim: ‘You repeatedly refused to answer my question on return on equity.’

McKim: ‘A first-year commerce student at university could calculate your return on equity… I put it to you: the reason you don't want to focus on return on equity is because you don't like the story that it's telling, which is that you are basically profiteering and making off with massive profits at the expense of farmers at the expense of your workers and at the expense of Australian shoppers who are price gouging.’



McKim: ‘We're not interested in PR spin. We're not interested in you bulls***ing your way through this committee.’

McKim: ‘We are interested in you answering the questions.’

McKim: ‘Would you please answer this very simple question about the fact that your return on equity is more than two and a half times the return on equity made by Australian banks, which are the most profitable banking corporations in the world?’

The conversation eventually led to the following warning from McKim.

McKim: ‘It is open to the Senate to hold you in contempt, and that carries potential sanctions including up to six months imprisonment for you.’

The Woolworths CEO eventually said he didn't know and would take the question on notice.

Members, we’ll be covering this story in more detail; however, I am keen to hear from you first. How do you feel about the Senate hearing? Did Banducci's salary surprise you?

 
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No his salary did not surprise me. Also Mckim is just grandstanding. He is appealing for votes.
If they want to obtain dtails on the operation of ghe supermarket business this is not the way to go about it.
Cost are rising through government spending causing problems with inflation.
So its not only the supermarkets
 
Never been a supporter of the Greens.
I recall when they would publish their policies on their website, what a load of lunatic and contradictory ideas they support.
No wonder they keep them secret now.

However, despite that and notwithstanding that I agree that McKim is grandstand for votes, I approve of the way he treated Banducci.

What arrogance, an entitled twit with an obscene income, thinking that he could tell the elected representatives of the people what questions he would or would not answer in a public enquiry.

The people are suffering the effects of the cost of living crisis. Some are losing their homes, jobs and even their health or lives, because they cannot afford to pay their bills.

Okay, the Senate Enquiry isn't wide enough, it should include examination of the Federal Government's spending.

But the duopoly of Woollies and Coles is likely a contributing factor and we have a right to know if, and by how much, it is or isn't.

Branducci should pull his head in and answer simple questions when asked, just as any other citizen would be required to do.

All he achieved by refusing was to waist everybody's time and make it look like his company IS guilty of price gouging.
 
I agree with everyone cause im good that way but the question is not how much the greedy bastard makes its how much TAX did he pay no doubt the same pissing amount politicians pay 5 /8ths of sweet F.... All
 
Maybe an enquiry into what led the Tasmanian Liberal government to promise to spend $750 000 000 of our money on building a new footie stadium for the AFL on public land, and a local City Council to use a public park to build a training centre for a Tasmanian AFL footie mob.
 
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I was not surprised at biduchi salary look ar rhe amount of money Joyce got for all but destroying the reputation of Qantas.
A spell in jail might bring some of these people down to earth.
As a pensioner I have noticed the constant increase in prices and buy much food from farmers markets as I can
 
The greens senator was focusing on ROI but that is a measure that is affected by the daily share price that the greens are trying to trash. The ROI for RIO and BHP is much higher again at over 30 but the senator did not want to see that. The ROI is relatively meaningless. I did get a credit in a finance exam for the subject of interpreting a company report. The fact that the greens senator threatened imprisonment was wrong. He simply cannot do it any more than I could imprison the senator. Bad language may be OK on TV but there needs to be decorum in the senate. The senator could face sanctions for his bad language.
 
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Regardless of what political party Nick McKim belongs to, look at the figures. Woolies CEO gets 2.6 MILLION salary then 5.4 Million dollars in Bonuses. Total approximately 8 Million Dollars per year.
Not a bad income when normal people are scratching around to save a dollar on groceries.
 
Unfortunately, this salary doesn't surprise me. It disgusts me! The only word to describe an annual remuneration statement like this, is obscene.

When I think how hard I worked as an Emergency Ward nurse and the danger faced daily by my husband as a firey with NSW Fire and Rescue, the only word that springs to mind to describe these CEOs, is parasites. Sitting in their luxurious offices, courtesy of their piddling degrees in business administration or economics, they're completely out of touch with the struggles faced by ordinary Australians.

Maybe if they paid these clowns a salary commensurate with their experience and expertise - hint: it's not millions - they could pay the farmers, the backbone of our country, a decent amount for their produce. Imagine these grubs rising at 4am daily and engaging in physical work until sunset. Fat chance!
 
Maybe an enquiry into what led the Tasmanian Liberal government to promise to spend $750 000 000 of our money on building a new footie stadium for the AFL on public land, and a local City Council to use a public park to build a training centre for a Tasmanian AFL footie mob.
750 billion Stop your own grandstanding Be truthful in your posts please
 
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He's paid more than the PM. When is this going to be stopped?
Not the best of comparisons, I'm afraid- the PM is on incredibly generous remuneration.

Better to ask how many employess 'on the ground' in his company it would take to equal his salary in wages.
 
Of course it did woolworths has products that are being downsized and the price is getting and the Woolworths CEO is making a killing while the people who shop at woolworths are paying more and more for there groceries.
 
Not the best of comparisons, I'm afraid- the PM is on incredibly generous remuneration.

Better to ask how many employess 'on the ground' in his company it would take to equal his salary in wages.
At approx. $550000, the Pm is not on an incredibly generous remuneration.
Your completely wrong assertion and attempt ar deflection leads me to suspect your agenda.
 
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