Coles CEO Leah Weckert has conceded the retailer wants to shift the conversations on prices with suppliers as commodity values decline. Consumers expect prices to come down in the supermarket aisles as commodity values fall and Weckert expects the entire supply chain to be part of a joint effort to meaningfully reduce prices in supermarkets.

Weckert maintains Coles’ net profit margin of 2.6% is an accurate representation of profits and in line with retailers overseas, and not earnings before interest and tax, which rose 1.8% YOY to $1.9bn in the latest annual results.