As the supermarket giants release their annual profits this week, Woolworths and Coles are cutting the prices of hundreds of items, including meat and dairy products.
The cuts are part of their seasonal deals. For 12 weeks, the former is reducing the prices of more than 360 products.
In addition, Coles is also holding special offers on 600 products in September.
Meanwhile, Woolworths is reducing the prices of hundreds of products, including household staples, pantry items, and fresh proteins, through November 26.
The company is also launching a new range of lower-priced products that will be available all year round.
In its annual report released earlier this month, Coles reported that its statutory net profit had increased by 2.1 percent to $1.1 billion for the financial year ended June 30, 2019.
Meanwhile, Woolworths is expected to post a profit of around $1.67 billion for the year.
The company attributed its success to its effective inventory management and growth in supermarket sales.
Online sales have also increased, with the supermarket reporting a 30 percent growth in its grocery e-commerce transactions.
Anna Croft, the chief commercial officer of the company, said that the Spring Value pricing was helping customers stretch their budgets.
Through September, customers can expect to see more than 600 products being offered on the company’s website and in stores.
Paul Harker, the chief commercial officer of Woolworths, said that the company’s price cuts are helping its customers manage their budgets as the weather gets warmer.
He also noted that the company was launching a new range of lower-priced products to provide its customers with more options.