Skip to content
CharitiesAidWelfare, Political

Woolworths and Coles profits must be taxed, as Australians struggle with cost-of-living crisis: Oxfam

Oxfam Australia 2 mins read

As Coles Group and Woolworths announce their full-year profits for 2024, Oxfam Australia is calling for urgent action to address the growing inequality in Australia by better taxing the excessive profits of big corporations. 

Oxfam Australia Chief Executive Officer Lyn Morgain highlighted the injustice of the supermarket duopoly’s profits as the cost-of-living crisis continues.  

“It’s unacceptable that while everyday Australians are struggling to put food on the table, Woolworths and Coles continue to report staggering profits. It’s clear the Australian people are fed up with it. We need the government to step in and directly address the failures in the system that allow this toxic situation to continue,” said Ms Morgain. 

Woolworths and Coles dominate the supermarket sector in Australia, holding a combined market share of 65.5%. The Allan Fels inquiry into price gouging revealed that market power and a lack of competition are driving up prices for consumers. Woolworths was also found to have misled customers with loyalty schemes and unclear discounting practices. 

“While this year Coles and Woolworths did not generate the crisis profits spikes we saw in 2021 and 2022, they still raked in huge profits that many in the community are deeply concerned by with food prices so high. 

“According to Oxfam analysis of profits made in 2021 and 2022, Woolworths alone raked in $5.6 billion in crisis profits, at the same time as inflation soared and the COVID19 pandemic and Ukraine war was at its peak. This high profit situation has moderated slightly, but not fundamentally changed, which is unacceptable, ” she said.  

Oxfam Australia is calling on the government to introduce a ‘crisis profits tax’ in preparation for the next cycle of crisis profits and a tax on excessive corporate profits, as recent Oxfam commissioned YouGov poll revealed that 80% of Australians believe it’s unfair to allow big corporations to exploit tax loopholes.  

“A tax on the excessive profits of big supermarkets like Woolworths and Coles would not only discourage price gouging, but also help boost the budget during tough times and provide much-needed funds to address inequality and ease cost-of-living pressures,” said Ms Morgain. 

"We welcome the Greens contribution to the debate on tax reform, particularly with respect to closing the tax loopholes for the mining industry and an excess profits tax in big corporations. We need bold proposals to make our tax system fairer, ensure we have more funding for public services and reduce the inequality created by unbridled and excessive corporate profits,” she said. 

For interviews, contact Lucy Brown on 0478 190 099 / lucyb@oxfam.org.au

Notes to editor 

Crisis profits’ are defined as earnings significantly higher than what would have been achieved under normal conditions. 

Read Oxfam Australia Cashing in on Crisis report. 

 

Media

More from this category

  • Environment, Political
  • 24/11/2024
  • 19:43
Solutions for Climate Australia

After two weeks of chaos, inadequate COP29 climate finance deal “leaves us where we started”

MEDIA RELEASE Sunday 24 November Baku, Azerbaijan For immediate use COP29 has ended as it ran. Held hostage by the interests of high-income countries and a petrostate presidency; scarred by deep divisions; and with an unjust finance outcome that fails to progress the COP28 agreement to transition away from fossil fuels. “We flew across oceans but high-income countries and the Azerbaijani COP presidency didn’t seriously seek ambition,” said Erin Ryan, Senior International Campaigner at Climate Action Network Australia. “An annual finance goal ofUSD $300 billion signed off, might sound superficially like a large number. But when spread globally for what…

  • Political
  • 24/11/2024
  • 06:00
RAIL, TRAM AND BUS UNION

NORTHERN BUS DRIVERS TO STOP WORK ON WEDNESDAY

Metro Tasmania bus drivers will escalate their protected industrial action this week. Metro Tasmania’s Burnie-based bus drivers will stop work for two hours on…

  • Contains:
  • Federal Election, Political
  • 22/11/2024
  • 09:05
Family First Party

NZ move against puberty blockers prompts renewed call for Australia to act

The Family First Party today renewed its calls for LGBTIQA+ gender experimentation on children to cease after New Zealand became the latest country to pull back on prescribing puberty blockers. The NZ Ministry of Health yesterday joined the UK Government in acknowledging there is “no good evidence” that puberty blockers help gender-confused children and in putting in place measures to protect children from further harm. Family First’s team of Senate candidates for the up-coming federal election - Lyle Shelton (NSW), Bernie Finn (Victoria) and Christopher Brohier (SA) – are campaigning for the protection of children from Australia’s regime of child…

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.