00:00After years of allegations about price gouging, Australians are shopping around.
00:07We often do the Aldi shop first and then top up with things we can't get from Aldi.
00:11Woolworths and Coles are replicating Aldi's home brand strategy
00:15and both of them made announcements about price drops on hundreds of products
00:19ahead of their annual results this week.
00:22It's a highly competitive market right now in groceries and food overall.
00:26The battle is playing out though in private label.
00:29Woolworths results out today showing a 5% growth in their exclusive brands.
00:34Interestingly, that premium tier of Coles Finest has been our fastest growing tier at 13%.
00:40With all of this talk about lower prices,
00:43you'd almost forget that Coles and Woolworths are still battling it out
00:47with the consumer watchdog over allegations of fake discounts.
00:50And when it comes to home brand,
00:52the ACCC also recently noted that that's where they make their margins.
00:57Both majors posted around $1 billion in profit each.
01:02It would be great if they passed on some of those rewards to the customers.
01:05It has been a very disruptive year and so there is work for us to do to rebuild customer trust.
01:11As fresh inflation figures out today show that grocery price rises are still hovering around 3% annually.
01:18And so this will be a very early time.
01:19And so we'll be in the next video,
01:20we'll see you next time.
01:21We'll see you next time.
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