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Happy Tuesday!
Are you starting to feel like you’re crawling to the end of the year? I get you.
I don’t have much advice, other than to take advantage of Taco Tuesday today. Treat yourself.
I've got 10 seconds
The quote
"I didn't realise people didn't know... I saw the article, and I was like, ‘Oh I guess I came out today.’... I am for the girls." - Singer Billie Eilish on 'coming out' in her cover story with Variety.
The stat
39
The age of Andrew Coombs, a retired rugby union player in Wales, who says he has just been diagnosed with dementia. He is one of 295 retired players bringing a legal claim against the sport’s governing bodies over brain injuries they alleged occurred during their careers.
Today in history
2013: Nelson Mandela, the first President of South Africa to be elected in a fully representative democratic election, died at the age of 95.
I've got 30 seconds
Some headlines from this morning:
Gold Coast has pulled out of its bid to host the Commonwealth Games in 2026 due to a lack of government funding. The Mayor of Gold Coast, Tom Tate, said that the community’s vision for the games did not “align with the vision of the state or federal governments”. This comes after Victoria pulled out of the bid in July.
A volcano has erupted in Indonesia, leaving 11 climbers dead and 12 people still missing. Mount Marapi in West Sumatra erupted on Sunday, with ash reaching as high as three kilometres. 49 climbers were evacuated from the area, and searches for the missing people have been paused after a second, smaller eruption occurred on Monday.
I've got 1 minute
Labor MP Peta Murphy has passed away, Prime Minister Anthony Albanese has announced.
Murphy was the member for the Victorian seat of Dunkley.
Two weeks after being sworn into Parliament in 2019, Murphy received a second cancer diagnosis after initially being diagnosed with breast cancer in 2011.
Murphy had been serving in Parliament until last week. Albanese called Murphy the "most inspiring of colleagues" and the "very best kind of friend".
I've got 2 minutes
Coles and Woolworths will front a Senate Inquiry into claims they’re overcharging customers during a cost of living crisis.
The retailers control roughly two-thirds of Australia’s supermarket sector. Each company reported profits of more than $1 billion this year.
The probe will investigate if Coles and Woolworths are pricing products unfairly – an accusation both retailers have rejected.
Food prices
According to the latest data, inflation (rising prices) increased overall by 4.9% between October 2022-2023. Food and non-alcoholic beverages rose by 5.3% during that time – down from a peak of 9.6% in September 2022.
Note: 'Falling' inflation doesn't mean falling prices, it means prices are rising at a slower rate than before.
Despite easing from the 2022 peak, food inflation is still higher than overall inflation.
Coles and Woolworths blamed rising grocery bills on operating and supply chain costs. However, the National Farmers' Federation (NFF) said it’s not clear what costs the supermarkets are referring to.
"We know what Australians are paying at the checkout, and we know what we’re receiving as farmers – but who clips the ticket in the middle is shrouded in secrecy," NFF President David Jochinke said.
Profits
Coles and Woolworths both reported significant profits for the 2022-23 financial year. Coles’ after-tax profit was $1.1 billion. Woolworths’ was $1.6 billion.
Both reported increased sales for the recent July to September quarter.
The supermarkets are likely to face questions over these profits and the rising cost of products during the Senate Inquiry, with "price gouging" expected to be a key area of the Inquiry.
What is price gouging?
Price gouging is when companies unreasonably increase the cost of their products.
Greens Senator Nick McKim said Coles and Woolworth's dominance gives them power to "dictate prices". He described this as a "duopoly" that's led "to unfair pricing and stifled competition."
The Australian Council of Trade Unions launched a price gouging inquiry earlier this year. It said 30% of the submissions it received flagged supermarkets as their main concern.
Inquiry
The Senate Inquiry into Coles and Woolworths has been launched by the Greens with support from the Labor Government.
Along with price gouging, the inquiry will also look into key areas like discounts, increases to the price of essential grocery items, and the high profits posted by the supermarkets during a cost of living crisis.
The inquiry is expected to commence hearings early next year.
Response
A Coles spokesperson told TDA it's always looking at ways to reduce the cost of its items. They added that Coles is "not immune to the increased cost of doing business".
Woolworths told TDA it understands Australians are feeling strained by the cost of living. It said it’s "working to deliver relief" in their grocery shop.
Both retailers said they’re participating in a number of other parliamentary inquiries into the cost of living.
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Give me some good news
Scientists have discovered that Chinstrap penguins have thousands of microsleeps each day during breeding season, so they can stay alert to look after their baby chicks.
The Korean Polar Research Institute studied a Chinstrap colony in Antarctica for two weeks, and found the species' countless microsleeps (of around 4 seconds each) added up to an average of around 11 hours sleep a day.
Sounds efficient!
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A TDA tidbit
What word would you say has defined this year?
Several dictionaries have released their ‘word of their year’ and I need to discuss.
The most recently announced word of the year was ‘rizz’ from Oxford Dictionary. Never heard of it? It is a shortened version of “charisma”. With over 32,000 votes, it knocked out contenders like “situationship” and “swiftie”.
For Merriam-Webster’s Dictionary, ‘authentic’ was their word of the year. This was for several reasons, including the rise of artificial intelligence (the opposite of authenticity) and the desire for celebrities to show their true selves (no, really).
For Collins Dictionary, ‘AI’ was their word of the year, calling it “the next great technological revolution”.
Macquarie Dictionary awarded ‘cozzie livs’ as their word. Don’t worry, we were also confused by this — it’s short for cost of living…obviously.
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