Original article by Jessica Yun
Brisbane Times – Page: Online : 19-Nov-24

Woolworths managing director of property Ralph Kemmler has appeared before the ACCC’s supermarket inquiry, with Kemmler denying that it engages in land banking, which it defines as accumulating land for future retail or industrial sites. The ACCC has a different definiton of land banking, defining it as the accumulation of land for the purpose of blocking competition, and ACCC counsel assisting Naomi Sharp SC asked Kemmler whether a section in its 2023 internal balance sheets titled ‘sites held for strategic reasons’ was a reference to land banking, to which Kemmler replied that he did not believe so.

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