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Leon and Garry talk to the IGA National Board Chairman, Mick Daly, about the grocery industry and the Australian retail environment. In particular, he has much to say on the success of Metcash, IGA’s principal wholesaler, against competitors Woolworths and Coles, and the looming showdown with the ACCC over Metcash’s plans to acquire the Franklins supermarket chain.
Leon and Garry talk about the Australian share market and its worst May performance in 26 years, driven largely by the panic in Europe. This may explain why the RBA has kept interest rates on hold. However, the respite might be short lived with Australian exports surging by the most in three decades and inflation gathering pace. Australian GDP grew by 0.5% for the first three months, driven largely by Government spending.