In a recent interview with ABC's Four Corners program, Woolworths CEO Brad Banducci found himself in hot water.

The seasoned executive, who has been at the helm of the supermarket giant for eight years, was confronted with allegations of price gouging and the monopolistic nature of Australia's supermarket sector.

The result? A shocking on-air meltdown that ended with Banducci walking out of the interview.

The Four Corners program, known for its in-depth investigative journalism, was examining the contentious issue of how supermarket behemoths Coles and Woolworths profit from rising prices.

Banducci, along with Coles boss Leah Weckert, was invited to share his perspective on the matter.

Woolworths CEO Brad Banducci reportedly walked out during a heated interview with Four Corners. Image source: Woolworths Group.

The interview took a dramatic turn when reporter Angus Grigg posed a seemingly straightforward question to Banducci.

Referencing Rod Sims, the former Head of the Australian Competition and Consumer Commission (ACCC), Grigg asked, 'Rod Sims says that we have one of the most concentrated supermarket [sectors] in the world, is he lying?'

Banducci's response was swift and defensive.

'It's not true—it is not true,' he retorted, attempting to argue that the industry is, in fact, 'an incredibly competitive market'.

When Grigg tried to reiterate the question, saying, 'I'm sorry, the former head of the [the] ACCC says…', Banducci interrupted him, dismissively stating, '[He's] retired'.

Grigg, taken aback, defended Sims' expertise and integrity, saying, 'I don't think you would impugn his integrity and his understanding of competition law [because he's retired],' and reminding Banducci that Sims had only retired 18 months ago.

Banducci, realising his misstep, asked if his comment could be removed from the interview. 'I shouldn't have said that,' he admitted, requesting the footage be cut.

Grigg, however, stood his ground.

'We're on the record, you've said it…let's just move on,' he said.

'I think I'm done, guys,' Banducci then declared, standing up and walking off the set.

Grigg, surprised, responded, 'Really, you're walking out?'

You can watch the full video below:

Video source: TikTok/@abcnewsaus.​

Reflecting on the incident later on ABC's News Breakfast, Grigg described Banducci's reaction as 'pretty startling'.

He added, 'I think it shows you that, there you have the boss of the largest supermarket chain in the country really unwilling to face too many questions. It shows how little scrutiny they've had over the years, and I think that's a really big problem.'

Banducci reportedly returned to complete the interview.

In Australia, Coles and Woolworths control a staggering 65 per cent of the grocery market.

Last year, both companies were ordered to appear before a senate inquiry investigating allegations of price gouging, a practice that hits shoppers already grappling with a cost-of-living crisis.

Coles reportedly blamed suppliers and farmers for the rising costs and revealed that they have been receiving an average of more than 70 requests weekly for price increases from suppliers and farmers.

Furthermore, increased energy, labour, logistics, and packaging costs all contribute to the rising prices of goods, according to Coles.

You can read more about this here.

Key Takeaways

• Woolworths CEO Brad Banducci walked out of an ABC interview after being questioned about Australia's supermarket sector concentration.
• The interview was part of the Four Corners program which is examining the profit margins of Coles and Woolworths amid rising prices.
• Banducci disputed the claim by former ACCC Head Rod Sims that Australia has one of the most concentrated supermarket sectors in the world.
• Coles and Woolworths, which control 65 per cent of Australia's grocery market, were ordered to appear at a senate inquiry over allegations of price gouging.

What are your thoughts on Mr Banducci walking out during the interview? Have you felt the pinch of rising grocery prices? Share your thoughts and experiences in the comments below.

 

[JimmyFlatrock]

ColesWorth executives reflected their contempt and arrogance for Australians in the 4 Corners program. Their demeanour was one of either silent and completely unashamed control over the situation or that of a petulant child, well used to getting their own way. That's both towards Australian suppliers to their companies and Australian consumers who must endure their uncompetitive monopoly as a way of life due to the weak and gutless policies of respective governments over the years.

Such short-sightedness by previous governments needs to be fixed after the review into their practices is completed. Australians should expect the current government to act swiftly to break up the monopoly, mindset and business practices of the two giants so that suppliers can operate in a fair and reasonable business environment and consumers can actually benefit from genuine competition in the Australian retail grocery space.

The singular most telling aspect of the 4 Corners program was the use of the made up 'ColesWorth' to describe the 2 behemoths. 4 Corners exposed them for what they are. Such levels of pure greed is not good and never has been, if only for it being unsustainable, if nothing else. It's the practice of bonus payments that is driving the greed and disconnect against Australians.

 

[Robbo3006]

There all crooks, a crooked head with a crooked ear doing a crooked job.

 

[ARL]

The executives are arrogant and uncaring and our government is cowed and taking no action. They all need to go.

 

[ARL]

The CEO's showed their arrogance and lack of empathy. Our government should be ashamed of their delays and inaction on addressing this monopolistic behaviour

 

[Shane O'Neill]

What a thieving prick wouldn't lay straight in bed ripping of the consumer and screwing the farmers profit driven arsehole

 

[ARL]

These CEO'S do not get how offensive their behavior and attitude is. They have learnt nothing from the demise and debacle of Joyce at Qantas and nay find their time is limited.

 

[kenrconn]

The recent news of Banducci resigning from Woolworths adds further speculation about what goes on behind the big companies closed doors. His attitude during the interview tells much about the man and also about the business.

 

[LeahI]

These CEO'S do not get how offensive their behavior and attitude is. They have learnt nothing from the demise and debacle of Joyce at Qantas and nay find their time is limited.

Banducci resigned today. But doesn't step down until September so he'll be squeezing as much out it in the mean time to feather his retirement package all the more.

These CEO'S do not get how offensive their behavior and attitude is. They have learnt nothing from the demise and debacle of Joyce at Qantas and nay find their time i

 

[trakn]

They treat us with contempt because we let them.
Look around check out the little guys. Many places have much cheaper realistic prices .
We've become a very lazy society ,
super markets and others take advantage of this. We want pre cut portions pre-packaged but we don't want plastic .
Buy whole ,buy loose store properly and you'll be surprised by how much you can save.

 

[LeahI]

One of the best examples I know of the small guys sticking it to Woolies is Atherton IGA. This place absolutely nails it. Cabinets and shelves fully stocked. Prices a smidge higher than a big supermarket but the produce is infinitely better. Staff everywhere. No self serve. I think the local Woolies is struggling. Product example:- whole local rib fillet $28 per kg. We travel over an hour just to go there.

 

[Mr Chips]

Lots of good shopping tips and a major quantity of criticism, all fair enough I suppose. My question is, what if the Government finds at the end of a very expensive investigation that they feel that the two big retailers are making too much profit, exactly what should they do about it? If they tell them that they have to reduce their prices is this not contrary to the pricing laws? If they do reduce their profit, or give more money to charities or the poor, will this cause the retailers to cut back on staff and facilities? Remember, whatever they do to the large supermarkets, the same must apply to the smaller chains. I think it will be another situation where the consumer suffers more than anyone not to mention the workforce.

 

[IAN3005]

ColesWorth executives reflected their contempt and arrogance for Australians in the 4 Corners program. Their demeanour was one of either silent and completely unashamed control over the situation or that of a petulant child, well used to getting their own way. That's both towards Australian suppliers to their companies and Australian consumers who must endure their uncompetitive monopoly as a way of life due to the weak and gutless policies of respective governments over the years.

Such short-sightedness by previous governments needs to be fixed after the review into their practices is completed. Australians should expect the current government to act swiftly to break up the monopoly, mindset and business practices of the two giants so that suppliers can operate in a fair and reasonable business environment and consumers can actually benefit from genuine competition in the Australian retail grocery space.

The singular most telling aspect of the 4 Corners program was the use of the made up 'ColesWorth' to describe the 2 behemoths. 4 Corners exposed them for what they are. Such levels of pure greed is not good and never has been, if only for it being unsustainable, if nothing else. It's the practice of bonus payments that is driving the greed and disconnect against Australians.

Narcissists.... most CEOs are narcissistic psychopaths and sociopaths.....

 

[ARL]

Lots of good shopping tips and a major quantity of criticism, all fair enough I suppose. My question is, what if the Government finds at the end of a very expensive investigation that they feel that the two big retailers are making too much profit, exactly what should they do about it? If they tell them that they have to reduce their prices is this not contrary to the pricing laws? If they do reduce their profit, or give more money to charities or the poor, will this cause the retailers to cut back on staff and facilities? Remember, whatever they do to the large supermarkets, the same must apply to the smaller chains. I think it will be another situation where the consumer suffers more than anyone not to mention the workforce.

Our politicians are unlikely to do anything. To the LNP greed is good, for Labor, too scared to do anything. Break them up and bring in a super profits tax

 

[ARL]

Narcissists.... most CEOs are narcissistic psychopaths and sociopaths.....

Sadly true

 

[JimmyFlatrock]

They treat us with contempt because we let them.
Look around check out the little guys. Many places have much cheaper realistic prices .
We've become a very lazy society ,
super markets and others take advantage of this. We want pre cut portions pre-packaged but we don't want plastic .
Buy whole ,buy loose store properly and you'll be surprised by how much you can save.

I agree about checking out the "little guys". Not sure about the 'lazy society'. That may be true to a degree, but I think the bigger issue is being time poor for a lot of people and having to go with convenience.

The solution is to smash the duopoly's business model which is anti competitive and not fit for purpose in todays Australia. Break the businesses down and force the sale of assets to create a more even share for at least 4 strong competitors to operate in Australia.

It should be a privilege to be allowed to operate a business that is supplying groceries to the Australian public, not an entitlement to shaft suppliers and customers for the sake of a personal bonus dollar. Bonuses need to paid out with a lesser accent on profitability and shareholder demands and more on good customer service as a starting point.

 

[IAN3005]

Sadly true

I have worked closely with them so I know..luckily I wasn't intimidated by them and that unsettled them and led me to be the only one who didn't "play the game" which led to my demise.... LOL

 

[JimmyFlatrock]

Lots of good shopping tips and a major quantity of criticism, all fair enough I suppose. My question is, what if the Government finds at the end of a very expensive investigation that they feel that the two big retailers are making too much profit, exactly what should they do about it? If they tell them that they have to reduce their prices is this not contrary to the pricing laws? If they do reduce their profit, or give more money to charities or the poor, will this cause the retailers to cut back on staff and facilities? Remember, whatever they do to the large supermarkets, the same must apply to the smaller chains. I think it will be another situation where the consumer suffers more than anyone not to mention the workforce.

I think, overall, the Govt reviews into the state of grocery supermarkets in Australia (I think there are 4 on the go) should be more about the imbalance of competition. A fix here is the thing that will see anti-competitive pricing put under the most pressure.

I think Littleproud is on the right track here, when he speaks of how to fix the real problem. Although he is concerned about the farmers side of it. I think Albo will need to do a whole lot more than just think Coles-Worth will bow to public pressure and do the right thing. If he believes that, he really needs to get some decent Advisors.

I agree any review focused just on profitability and pricing will get nowhere. They are merely symptoms of the real cause of unrealistically high supermarket prices.

 

[Janice McKay]

Can't face the real truth and that is they are ripping off customers ever since the pandemic. And they continue to do that. People are just fed up with supermarkets and if we could we would buy from another source.

 

[ARL]

I think, overall, the Govt reviews into the state of grocery supermarkets in Australia (I think there are 4 on the go) should be more about the imbalance of competition. A fix here is the thing that will see anti-competitive pricing put under the most pressure.

I think Littleproud is on the right track here, when he speaks of how to fix the real problem. Although he is concerned about the farmers side of it. I think Albo will need to do a whole lot more than just think Coles-Worth will bow to public pressure and do the right thing. If he believes that, he really needs to get some decent Advisors.

I agree any review focused just on profitability and pricing will get nowhere. They are merely symptoms of the real cause of unrealistically high supermarket prices.

Problem is Albo does not do much for fear of a bad reaction