More on Woolworths CEO Brad Banducci's testimony to the Senate and the financial metrics at the centre of the controversy. 

Johannes Faul: So the code of conduct for the food and grocery industry really sets out guidelines on how suppliers and their accounts, so their customers, their wholesalers and retailers in Australia, how which standards they should apply to and lays out how they engage with one another. Right now, that's a voluntary code of conduct. It is an important code of conduct. It helps small suppliers in the way they can engage with larger off-takers, the retailers and wholesalers.

So the proposal is to make it mandatory. So for those retailers and wholesalers that are affected by it and for which it is supposedly going to be mandatory, have already signed the voluntary code of conduct. So there's no change there. So the four retailers affected or wholesalers/retailers are Woolworths, Coles, Aldi and Metcash. In terms of the impact, one of the changes, big changes, will be coming out of this review is that there is going to be penalties attached. So far, there aren't penalties attached to misconduct. And the proposal foresees that there will now be penalties, including severe or very high penalties for severe breaches. So that also introduces the risk for those companies that they might, if they don't conduct themselves appropriately, be paying a heavy fine very potentially.

So we don't foresee that. They already have processes and mechanisms in place to be compliant with the voluntary code. So there's no change there. And we don't even foresee additional costs for compliance or administrative costs coming their way, given that they've already implemented it. So all up from our point of view for investors in Woolworths (ASX: WOW), Coles (ASX: COL) and Metcash, this interim report has an immaterial impact on those companies.