recorded profits in excess of $1 billion with a nearly 5 per cent increase on the previous year.
"For people who go to the grocery store and pay $200 for a cart, that's adding insult to injury," he said. "You only need grade school math to realise if a company's profits grow, it means their revenue went up more than their costs," he said. "There is a system-wide problem arises because these companies have got huge market share, huge pricing power and it's not just consumers but their own workers and sometimes their own suppliers suffer because of it," he said.
Australia's inflation sits at 7 per cent, which the Reserve Bank of Australia said is driven by consumer spending including at supermarkets, wages and a low unemployment rate.
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