What we learned: Monday, 12 May
With that, we will wrap the blog for the evening. We’ll be back first thing tomorrow, with all eyes on the Liberals who are due to pick a new leadership team.
Until then, these were today’s biggest developments:
David Littleproud has defeated a challenge from conservative senator Matt Canavan to be re-elected leader of the National party, and Kevin Hogan has been elected as deputy leader. Bridget McKenzie has been elected as leader of the Nationals in the Senate.
The prime minister, Anthony Albanese, has unveiled a new cabinet ministry. Tanya Plibersek lost her environment portfolio to Murray Watt to take up social services, a move he said she was “very positive” about.
Elsewhere, Michelle Rowland has become the new attorney general, Amanda Rishworth has moved to employment and workplace relations and Anika Wells has moved to communications.
Albanese has also confirmed has been invited to the inauguration of the new pope this week and intends to attend.
And tight contests have been declared in four seats. Greens MP Elizabeth Watson-Brown has retained Ryan, Kooyong will remain with independent Monique Ryan, Labor is projected to retain the ACT seat of Bean and the Sydney north shore seat of Bradfield will remain with the Coalition.
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Supermarket shares fall after Woolworths announces price cuts on almost 400 products
Share prices of the major supermarkets fell today after Woolworths announced price cuts on almost 400 products.
Woolworths shares fell by 49 cents or 1.47% on Monday to $32.77, while shares in rival Coles dropped by 21 cents or 0.93% to $22.27.
Shareholders appear to be reacting to a cut in profit margins if Coles reacts to Woolworths’ announcement and competition intensifies.
The Woolworths chief executive officer, Amanda Bardwell, wrote to customers on Monday to say many popular products, including from the supermarket’s own-brand range, would have their prices reduced until at least 2026.
In the note, seen by Guardian Australia, Bardwell said:
Individually, each lower shelf price might not seem like a dramatic difference, but they will add up to real savings.
Families spending $150 on their weekly shop could now save on average about $15 a week when buying Lower Shelf Price products.
The major supermarkets have been under pressure to help customers with cost-of-living pressures, after the release of the Australian Competition and Consumer Commission’s report from its year-long inquiry into the sector.
The competition regulator found the major chains increased their profit margins during a period marked by rapidly rising household costs.
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