Another leading Australian food company has been sold to overseas interests.
Tassal has been sold to Canadian seafood giant Cooke, for $1.1 billion.
It joins other iconic ‘Australian’ brands such as Arnott’s, Foster’s, Uncle Tobys and Golden Circle that are held by offshore interests.
According to The Sydney Morning Herald, the Tassal sale means all three of Australia’s top salmon producers are now in foreign hands.
Fund manager John Sevior told the SMH it was disappointing for investors to see Australian companies continue to be sold to overseas interests.
“This is just part of a long-running global consolidation that’s been pretty much one way traffic for 30 years,” Mr Sevior said.
Read: More Australians than ever struggling to pay grocery bills
Consumers moving to cheaper products
It will be no surprise to anyone facing the escalating cost-of-living crisis that consumers are gradually making the move to cheaper groceries.
As part of the release of Woolworths’ end-of-year results, chief executive Brad Banducci noted the shift.
“Inflation is beginning to impact all aspects of our customers’ shop and we are seeing a gradual change in customer shopping behaviour,” Mr Banducci said.
“We are seeing some customers trade down from beef into more affordable sources of protein and trade across from fresh vegetables into more affordable frozen and canned offerings.”
Coles management echoed that sentiment.
“The need for the group to evaluate and respond quickly to a changing operating environment has never been more important as we focus on ensuring value for customers in an inflationary environment,” said Coles Group chair James Graham.
Which all sounds fine and dandy and sympathetic to customers until you realise Coles’ net profit rose 4.3 per cent, which represented $724 million, and Woolworths had a net profit of $1.9 billion.
Read: Petrol prices to increase again as tax cut ends
This week’s best deals
IGA
Sensible: Epsom salts, half price at $1.80. You might think this an odd choice, but hear me out. Epsom salts have a variety of purposes from providing a good soaking bath to giving your garden a bit of a boost, although the jury is still out on that last claim. Whatever, for under $2 you can afford to find out its many uses at your leisure.
Indulgence. Fat Bastard wine 750ml varieties, $15. Yes, I am totally putting this in here for the name, but some marketing genius has also added a free pair of socks with every bottle sold to add to the dodginess factor. So wine with a pair of socks adorned with Fat Bastard in large lettering. I might buy a case.
See the catalogue here.
Woolworths
Sensible: Iceberg lettuce $1.90. Lettuce is back to realistic prices so let’s go salad crazy as the weather warms up.
Indulgence: New York steak with garlic sage butter, $14. Woolworths seems to think labelling porterhouse a New York steak will somehow make it fancier but it will probably only end up in customer confusion. Still, if your dad loves a steak, or what the hell, even if you love a steak, these single serves with flavoured butter are a bit of an easy treat.
See the catalogue here.
Aldi
Sensible: Pork mince $3.99kg. Sooo cheap. Ridiculously cheap. Stock-your-freezer-for-the-next-six-months cheap. Make , it’s easy, and at this price, yep, cheap.
Indulgence: Dad stuff. There are last-minute Father’s Day presents aplenty at Aldi this weekend. From bike gear to camping accessories. In typical random Aldi style there are also some off-the-wall lines such as a Homer Simpson T-shirts truck and scroll saws that are sure to keep every dad happy, or at least scratching his head.
See the catalogue here.
Read: Nine hacks to make food last longer as prices soar
Coles
Sensible: Spring cleaning catalogue. Urgh, I mean spring cleaning has its appeal because things dry easier in the warm weather, but then again, it’s cleaning. Take some of the sting out of the drudge with this catalogue packed full of bargains. The only good thing is nothing here goes off so you can stock up at these excellent prices.
See the cleaning catalogue here.
Indulgence: Darrell Lea Dad’s Bag, $15, save $20. This always gets a run for Father’s Day at our house. A big bag full of Darrell Lea treats, many including liquorice items. There’s so much stuff dads often don’t even miss a package or two that may have been ‘lost’ to other family members.
See the catalogue here.
Recall: Coles and IGA have recalled a range of ready-made meals due to fears they have been contaminated with listeria.
The Raw Nation Wholefoods items recalled are: Crudo Cheekie Pumpkin 275g, Crudo Chicken Caesar 200g, Crudo Vietnamese Bowl 275g, Crudo Jamaican Jerk 250g, Crudo Oriental Chicken 275g, Bocadilla Classic Chicken Pasta 275g.
Listeria is a nasty bacterial infection. Do not eat any of these products and return them to the place of purchase for a full refund.
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