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.’

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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[Kelpie]

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

But you can't deny that a pack of ten Kirsch drinks who you can buy at times from a corner store for $ 6.50 a pack and Woolworths is selling the same drinks for $14 or $14.50 a pack is not gouging.
And when Woolworths was selling these pack at $6.50 per pack just before Covid and immediatley afterwards while the Covid was on they immediately went to $14.50. If that is not gouging I don't know anymore.
And you can't then blame that the prices have inceased because, if it was the reality of it all, HOW CAN A CORNER STORE sell those drinks at $6.50 when there is no way known that the little corner store is buying those drinks at a lesser price than what WOOLWORTHS is.

And don't forget that IMHO there could a price collusion between Coles and Woolworths as well. As a matter of facts I am certain.

Sorry, but I disagree with your comment as you are trying to defend the indefesible, especially when you are blaming inflation. I do agree that inflation will raise prices but not to the extent of about 100 to 150%. And that is gouging.
I do not agree with the inflation prices either with farmers and cattle and sheep producers. Let me tell you that I am a cattle producer and I CAN TELL YOU THAT THE PRICES OF CATTLE AREN'T ANYWHERE NEAR WHAT THEY USED TO BE (50% or more less than what we used to receive. I sold some month ago 32 head of good cattle for a little more than $300 to $350 dollar a head when I used to get about $2000 dollars for them), WHILE THESE SUPERMARKETS HAVE KEPT THE PRICES OF MEAT AT AN ALARMING AND UNAFFORDABLE HIGH PRICES to consumers.
YOU CAN BUY MEAT AT YOUR LOCAL BUTCHER SHOP CHEAPER THAT WHAT YOU CAN BUY IT AT THE SUPERMARKETS.......AND THAT IS GOUGING TOO.

Only wish I was allowed or invited to be there during the questioning and let Barducci have it both barrels and see if he had the guts to answer to my queries.

 

[Kelpie]

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.

Fully agree with your last sentence

 

[Kelpie]

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!

"(Sitting in their luxurious offices, courtesy of their piddling degrees in business administration or economics,)"

Are you sure that they ven got that besides their name.?

 

[Frida1944]

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!

Well said - completely agree!

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!

 

[Frida1944]

That salary is beyond obscene. No-one is worth that kind of money. It's time these bonuses were stopped. How can you compare these CEOs' contribution to society and humanity with what the emergency and health services provide, sometimes losing their lives. What an absolute disgrace.

 

[Slicka]

This salary is absolutely obscene, what on earth does he do to get such a huge amount. Please explain?

 

[Rosi Gordon]

Being the CEO of Woollies it would be him that approves all big bonuses so he literally feathered his own nest. Bet he didn't inform his underlings of the full amount while they got practically nothing compared to him. I'd jail him for embezzlement.

 

[stev3281]

i never listen to the BULLS... dished out by WOOLIES & COLES saying about cheap prices. THEY ARE THE REAL RIPPOFF KINGS. the CEOs don't deserve ANYWHERE near the MILLIONS they get.
it only shows they are killing our hip pockets!!

 

[Bridgit]

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....

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.

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

He would pay a motsa in tax - and he does run how many stores, staff etc etc!

 

[Bridgit]

Being the CEO of Woollies it would be him that approves all big bonuses so he literally feathered his own nest. Bet he didn't inform his underlings of the full amount while they got practically nothing compared to him. I'd jail him for embezzlement.

No the board does that.

 

[RosemaryT]

I find it appalling that he has earned that much money as the CEO of Woolworths, no wonder we pay what we do for groceries.
I have changed the way I shop as I can no longer feel any loyalty to Woolworths, I check the special at all the supermarkets in my area and then decide where I will shop. Once I have bought the specials, I go to NQR, then go to Aldi and then to Woolworths for what I can't get at the other two stores.

 

[Jest]

this McKim needs a lesson on using the correct English while interrogating. I find him arrogant and abusive. A typical greenie.

 

[Jest]

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.

do want his job? I don't

 

[Jest]

Surprise me?? I had to pick myself up off the floor ..! It's totally outrageous. What a greedy piece of sh** he is.

he doesn't decide his remuneration. the board so change your anger to them.

 

[Jest]

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

well put. If woollies went belly up just so the public buy cheap we would be in a mess. they are not there to play marbles. Why do these below not get into all the ceo's of all companies? McKim a rude greenie.

 

[Kelpie]

This salary is absolutely obscene, what on earth does he do to get such a huge amount. Please explain?

Price gouging so that the Company will make more profits and then he will collects his share of the profits which are passed on to him as Short and Long Term Bonuses.
Trust me I know how the system works. Not because I hve collected them in the past myself but been a qualified person who knows how the wheels are turning in corporations.

 

[Kelpie]

this McKim needs a lesson on using the correct English while interrogating. I find him arrogant and abusive. A typical greenie.

You are wasting your time in trying to defend the indefensible. Unless os course you are someone greasing the wheels of someone here.

 

[Kelpie]

he doesn't decide his remuneration. the board so change your anger to them.

Look my friend what are trying to prove here.? BS and baseless comments aren't going anywhere fast. Once again I have to tell you and the forum that I really know (based on experience, qualifications and knowledge), how the wheels are turning in corporations.
The rules are set in motion by him and the Board and he then collects his bonuses and that is even if targets aren't fully met.
Once the wheels are set in motion he has only one way to look forward to, and that is to increase prices and that inlcudes PRICE GOUGING, and that includes ripping the farmers off at every opportunity, so that he can collect his bonuses which (AT TIMES THEY ARE COLLECTED EVEN THOUGH THE FULL TARGETS HAVE NOT BEEN MET).
Jest, I give you the opportuntiy to discredit my post now.

 

[Kelpie]

well put. If woollies went belly up just so the public buy cheap we would be in a mess. they are not there to play marbles. Why do these below not get into all the ceo's of all companies? McKim a rude greenie.

Jest,
How can you say that if Woollies went belly up we will stop buying cheap and we would all suffer when Wollies and possibly Coles are the ones increasing prices while possibly even colluding with one another.
I told the forum before that Woolworths is selling drink at about 130 or 150% higher prices than a local corner store. Is that what you mean by saying that we are buying cheap.
Did Woollies dropped the prices of meat when they were buying Cattle and sheep at ridiculously low prices at the suffering of farmers and possibly sending some of them broke.?
YEEAHH pull the oher leg.
In closing I am not a greeny in any ways or form but in this instance I applaud that greeny for giving it to him as he fully deserves it.

 

[Luckyus]

An insignificant minor party tosser trying to big note, and throw his weight about, weigh anchor?