Investors have welcomed today's news that Wesfarmers plans to spin-off supermarket giant Coles and create a separately listed business that would rank among the 30 biggest on the Australian stock market.
Australia's food and grocery prices have to come down further because they are "crazy" compared to the rest of the world, Coles managing director John Durkan says.
Wesfarmers chief executive Richard Goyder has taken a substantial pay cut with a halving in his short-term incentive payments after a year in which his Coles-owning conglomerate took a hefty hit to profits.
