Fiery exchange in a senate inquiry into supermarket praice and competition Woolworths chief executive Brad Banducci is accused by Greens senator Nick McKim of cherry-picking figures on profitability. Source: Parlview.
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00:00 You've repeatedly refused to answer my question on return on equity. I feel compelled to advise you
00:06 that it is open to the Senate to hold a witness in contempt
00:12 when they refuse to answer a legitimate question.
00:16 I also feel compelled to advise you that that opens up a range of sanctions,
00:24 personal sanctions, that can be applied against you if that's what the Senate decides to do.
00:31 Having said that, I ask you again, is your return on equity in the last financial year about 26%?
00:43 Senator, I've answered the question many times.
00:48 You have not answered the question, Mr Banducci.
00:51 Honestly, I'm not interested in your spin or your bullshit. This is a Senate inquiry.
00:58 Answer the question. Was your return on equity 26% in the last financial year,
01:04 which is more than two and a half times the average ROE enjoyed by Australian banks,
01:09 which are the most profitable banks in the world? Is that true or not?
01:13 Senator, I sit before you very respectfully saying we will measure ourselves return on investment.
01:19 I'm very respectfully not answering the question.
01:21 Total shareholder returns, both of them around 10% of the market.
01:25 You want to cherry pick your measure of profit?
01:30 off.
01:31 [BLANK_AUDIO]