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News.com.au
26-05-2025
- Business
- News.com.au
‘I don't apologise': Bunnings boss responds to ABC claims
Wesfarmers chief executive Rob Scott has hit back at an ABC Four Corners documentary accusing Bunnings of pressuring suppliers, stifling competition and inflating prices, saying he 'does not apologise for trying to build a successful business'. The episode aired last week and put the beloved Australian hardware giant under scrutiny, highlighting supplier complaints and examining the chain's $19bn revenue and $3.2bn profit in 2024, figures that equate to a 16.8 per cent profit margin, nearly double that of supermarket giants Woolworths and Coles. Speaking on Sky News' Business Weekend, Mr Scott defended Bunnings' operations and rejected the suggestion that the company engaged in unfair practices. 'We pay our team members more than well above the award rates, the relationships we have with our thousands of suppliers are very strong and longstanding,' Mr Scott said. 'Now, occasionally, businesses make mistakes and when they do make a mistake, it's important that they own it and face into it.' Mr Scott also acknowledged that Bunnings' presence in certain retail precincts could put pressure on competitors but maintained this was ultimately a benefit to customers. 'There is pressure on the competition, but at the end of the day someone has to be there for the customer, right?' he said. 'Someone has to offer great value to customers and remembering as well that I don't apologise for trying to build a successful business in Bunnings.' He added that the company was contending with major global retailers and remained focused on maintaining local jobs and opportunities. 'We are fighting tooth and nail against some very big and fierce international competitors in the retail space and we would rather that those jobs and those opportunities stay within Bunnings,' he told Sky News. The ABC report also flagged concerns from suppliers who alleged the company marked up products significantly to boost profits, with critics claiming Bunnings' pricing strategy was misleading. In response, Bunnings said its margins weren't directly comparable with supermarkets because of the nature of its stock and slower product turnover. Bunnings' business practices are also expected to come under further scrutiny as part of a federal Senate inquiry into the market power of so-called 'big box' retailers, including Ikea and Costco. In a statement following the Four Corners broadcast, Bunnings managing director Mike Schneider said the company 'strongly rejects any suggestions made in the program that we engage in anti-competitive behaviour, bullying, underpayment of our team or that we seek to limit consumer choice or the application of our price guarantee. 'We want to reaffirm our commitment to the values that have guided our business for decades which is in direct contrast to the characterisations made by the ABC.'
News.com.au
22-05-2025
- Business
- News.com.au
‘Opportunities' for Australian firms in China despite tariffs chaos, RBA deputy governor says
Australian business are seeing 'opportunities' in China despite the manufacturing behemoth faltering amid mounting economic woes, according to one of the Reserve Bank of Australia's top minds. Andrew Hauser last month travelled to China to take the temperature of Australia's largest trading partner. The RBA deputy governor's trip coincidentally fell a week after Donald Trump's April 2 'Liberation Day' tariffs, which involved the US President slapping blanket tariffs of at least 10 per cent on most foreign goods, including from Australia. As experts predicted, Beijing kicked back with reciprocal imposts on American goods, prompting a tit-for-tat that peaked with the Trump administration declaring 145 per cent levies on Chinese goods. 'Nearly everyone we spoke with felt the Chinese economy was at last turning a corner in the months leading up to 2 April,' Mr Hauser said in an address to the Lowy Institute on Thursday. From the Chinese Communist Party's upper echelon pledging to supercharge stimulus and stabilise the property market to the market-shattering launch of DeepSeek, he said there was optimism in the air. 'For anyone visiting China, the ever-present abandoned housing developments and stationary cranes provide a potent reminder of the challenges the Chinese economy has been through,' Mr Hauser said. 'But an improvement in sentiment, if it persists, would itself be an important economic development, after such a long period in the doldrums. 'And harder data also support the view that domestic demand growth had begun to strengthen in the first quarter of 2025.' Aussie companies 'upbeat' on China Mr Hauser said he was surprised by how 'upbeat' Australian business leaders in China were during a roundtable. He spoke with Australian firm operating across China's retail, agriculture, banking, finance, law, steel, healthcare, manufacturing and commercial property sectors. 'The recovery in sentiment in early 2025, and confidence that the authorities would 'do what it takes' to sustain the economy was part of it,' Mr Hauser said. 'But there was also a sense that recent developments in trade policy could enhance their competitive position in Chinese markets.' The positivity extended to 'companies active in steel and iron ore'. Iron ore is Australia's largest export to China. While iron ore volumes were tipped to grow to 930 million tonnes by 2025-26, earnings from its exports have been forecast to fall from $138bn in 2023-24 to $107bn this financial year, and then down further to $99bn in 2025-26, according to the Department of Resources. Much of that has been on the back of China's steel industry slowing due to its struggling construction and real estate sectors, which make up about two thirds of the country's total economic activity. The Politburo's stimulus announcement in September last year included refinance options aimed at boosting liquidity that would theoretically bump up property purchases. Mr Hauser said Australian firms 'saw few threats to the scale and cost advantages of Australian ore relative to other producers in the near term'. 'Their central expectation was for Chinese steel output to remain relatively robust, remaining at or near one billion tonnes a year in the near term,' he said. 'A large majority of Chinese steel is consumed domestically; and demand has been sustained in recent years by a pivot from property-related uses towards manufacturing and infrastructure.' The confidence was also fuelled by the expectation stimulus would 'continue to involve steel-intensive infrastructure investment, despite the pivot to consumption'. China's surprise at sale of Trump tariffs But Mr Hauser flagged concerns, saying the US President's April tariffs and the escalation that ensued 'came as a genuine shock to most of those we spoke with'. 'Significant increases were of course expected – but there was surprise along three dimensions,' he said. 'On scale, the typical expectation had been for a 25-50 percentage point increase: anything over 60 was judged to be an effective embargo. 'On speed, expectations of a rolling increase, or a negotiation period, were dashed. 'And on scope, the huge tariffs on China's southeast Asian neighbours were seen as being aimed at cutting off trade and production chains that linked China to the United States via third countries.' The Trump administration eased tariffs against Beijing last week after high level trade talks yielded a 90-day pause. US officials agreed to lower the tariffs on Chinese goods to 30 per cent, while the Chinese dropped tariffs on American goods to 10 per cent, down from 125 per cent. The White House has sought to frame it as a win for Mr Trump, but the speed at which the duties were unwound has led analysts to believe both sides were hurting. Mr Hauser said that while the Chinese were surprised, they also had 'striking confidence that China was going into this trade war with a strong hand'. The confidence was driven by 'a deep belief in the authorities' commitment to deliver the growth target of 'around 5 per cent' a year', he said. He also said there was 'a general expectation that a large share of the economic costs of US tariffs would fall on the United States itself, and a determination not to cushion that impact'. 'Nearly half China's exports to the United States are products for which the United States has limited alternative external suppliers, including lithium batteries, computers, smartphones and video game consoles,' Mr Hauser said. 'The pass-through of US tariffs to US consumer prices for such goods is likely to be high – perhaps explaining why many were quickly exempted. 'Much of the rest of China's exports are products for which the United States is not a dominant source of demand, so could to some degree be divertible to other markets.' He added there were 'real doubts about how much manufacturing currently done in China would relocate to the United States', echoing viral AI depictions of what a re-industrialised US might look like.
Globe and Mail
16-05-2025
- Business
- Globe and Mail
Green Acres Mowers Broadens Inventory to Over 10,000 Parts, Enhancing Access to Affordable Mower Maintenance
Green Acres Mowers, a reliable Australian family-owned business that specialises in parts for outdoor power equipment. The company has announced an important increase in its inventory online, with over 10,000 items. This milestone demonstrates Green Acres Mowers' commitment to providing customers with quick access to top-quality, cost-effective parts for a broad range of lawn mowers and other outdoor power equipment. Since its founding at the beginning of the year 2009, Green Acres Mowers has earned a reputation for its reliability and professionalism with over 40 years of expertise in the field. Green Acres Mowers' latest expansion will ensure that both professionals and homeowners will find the exact part they need, without having to endure long lines or high costs. Simplifying the Search for Spare Parts Navigating through broken or worn-out mower parts can be frustrating, but Green Acres Mowers makes it easier with a user-friendly online platform. Customers can quickly search for parts using their equipment's make and model, with detailed descriptions to ensure the right fit. "We understand how annoying it is when your mower breaks down, especially right when you need it most," says the CEO of Green Acres Mowers. "Our goal has always been to take the stress out of repairs by offering a massive selection at prices that won't break the bank. With over 10,000 parts now available, we're confident we can help just about anyone get their equipment back up and running." For those unsure about which part they need, Green Acres Mowers' expert team is just a call or email away. The company prides itself on personalized customer service, helping track down even the hardest-to-find components. Price Guarantee & Hassle-Free Returns In a market where spare parts are typically sold at a substantial cost, Green Acres Mowers stands out by offering a Best Price Guarantee of 5. If customers discover the same merchandise at a lower cost elsewhere, the company will beat the price in 5% increments, making sure customers always get the best price. Returns are also simple due to a partnership in partnership with Australia Post. If an item isn't correct, buyers can return it to the manufacturer without hassle. "We don't just sell parts--we solve problems," says the head of marketing. "Whether it's helping someone find an obscure belt or making returns effortless, we want every interaction with Green Acres Mowers to be simple and stress-free." Looking Ahead With this expansion of inventory, Green Acres Mowers continues to consolidate its position as the most trusted supplier of parts for outdoor power equipment in Australia. The company is committed to affordability, ease of use, and exceptional customer service. For more details, visit their website or reach out to them directly. About Green Acres Mowers Established in 2009, Green Acres Mowers is a family-owned Australian business specialising in outdoor power equipment parts and accessories. With over 10,000 stocked items, the company provides affordable, high-quality parts for most makes and models. Their 5% Best Price Guarantee and easy returns policy make them a trusted choice for homeowners and professionals alike. Media Contact Company Name: Green Acres Mowers Contact Person: David Smith Email: Send Email Address: PO Box 2516 City: Burleigh, BC State: QLD 4220 Country: Australia Website:
