As Australia’s cost of living crisis deepens, the soaring profits of supermarket giants Coles and Woolworths are leaving a bitter taste for many consumers. The retail giants have reported substantial earnings, sparking criticism from advocacy groups like Oxfam Australia, which argue that these profits come at the expense of struggling families.
Amid rising inflation and increasing grocery bills, Coles and Woolworths have both posted robust financial results. While these profits might be celebrated by shareholders, they have raised eyebrows among those grappling with higher living costs. Oxfam Australia has been particularly vocal, accusing the supermarkets of profiting from Australians’ hardships.
“The profits these companies are making are a slap in the face for those struggling to afford basic necessities,” said an Oxfam Australia spokesperson. The criticism highlights the growing frustration among consumers who feel squeezed by the rising cost of essential goods, even as big retailers continue to thrive.
The debate underscores a broader concern about corporate responsibility during economic downturns. While businesses need to remain profitable, there is increasing pressure for companies like Coles and Woolworths to balance their financial success with social responsibility, especially when their customers are feeling the pinch.
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