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]

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

And what has all of that got to do with prices of eggs in China.?
The main subject here is about Woollies price gouging not who is running the investigation.
Has Woollies done the right thing or not and has woollies overstepped it's mark in what they have been doing to their customers.
That is the $64k dollars question here, not who is running the investigation.
As I said before in another post, Only wish I was there and ask him some questions myself and see what he would have had to say or if hejust refused to answer me.
What Woollies (And Coles too) did to some of the Farmers is totally beyond comprehension. Some of them might even ended up going broke while the CEO's collected their bonuses.

 

[Kelpie]

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

Incorrect. Although I don't support the Greens in any ways or form, one has to remember that he forms part of the committee engaged to investigate the wrong doings of not just Woollies but also ALDI, Coles and possibly others.
For me Banducci overstepped the mark on countless occasions and he always (TO ME ANYWAY) put his interests and what he can get out off his job without showing much care for his customners NOR FOR AUSTRALIAN PEOPLE.
Look I came here to Australia many moons ago and ever since then I respected their way of life, the customs and tradition and of course their heritage and always will do so. To the contrary, Banducci did the opposite and the last straw for me was when he started interfeering with Politics by promoting something which was or could have been against the Australian people's wishes. And let it be known that I imeediately cancelled by Woolies card, stopped driving even near their supermarkets, and unsubscribed from any of their email even though I am a shareholder which I am now considering to sell my shares with them too.

By doing what he did during Australia Day while only promoting more divisions, IMHO he should quickly pack his bags and head back to where he came from and forget about Australia.

IF HE IS NOT A REAL AUSTRALIAN LIKE HE IS AND DON'T APPRECIATE AUSTRALIAN RULES, CUSTOMS, DAYS OR REMEMBRANCE AND HERITAGE, THEN LEAVE AUSTRALIA TO PEOPLE WHO APRECIATE IT BETTER THAN WHAT HE HAS BEEN DOING AND GO BACK HOME.

SHAME ON YOU BANDUCCI.....SHAME. And let the Senate enquiry continue (I don't care one iota as to whom is running it), and see what they will discover. As they say, GO WOKE GO BROKE. Period.!!