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Contemporary Business Report Assessment Task PDF Example

Contemporary Business Report: Assessment Task
“Evaluate the contribution this business has had on the Australian economy and
Australian society in the last two years.”
Executive Summary
Australian Economy
Australian Society
-Support Farmers
-Innovative Online Shopping
How does Woolworths affect the Economy and Society within Australia
Executive Summary
This report contains the ways in which Woolworths, owned by Woolworths Group Limited
has affected the Australian economy and society in the last two years. Within this report it
discusses the way the economy has been influenced by Woolworths, points such as
Employment, Income, and Taxes will be discussed in depth. Along with this the report will
also inform you of how Australia’s society has been changed and shaped. That will also include
how Woolworths has helped society discussing points such as how they are trying to improve
Sustainability, their Support to Australian Farmers, and their Innovative Online Shopping.
Woolworths and the Australian Economy
In the last two years the Corona Virus has had its effects on Australia, its economy, people,
and Woolworths. Through all this Woolworths has still had a major effect on the Australian
economy, its contribution including employment, income, and taxes.
Employment is a large factor in improving the economy, as well as overall Gross Domestic
Production (GDP, The total monetary or market value of all the finished goods and services
produced within a country’s border), an increase in GDP can cause a likely increase in jobs and
is also likely to cause a wage rise. Gross Domestic Production (GDP) can be largely affected by
consumer spending (The total money spent on final goods and services by individuals and
households for personal use and enjoyment). Woolworths is currently one of the largest
companies in Australia, with 995 stores across Australia, Woolworths provides jobs for around
over 200,000 people. Woolworths has a range of different positions suited for people of all
ages, backgrounds, cultures, and genders, they are also currently striving to put more women
into positions of leadership. Woolworths is all about equality and making their employees
comfortable at work to ensure it is a safe and healthy workplace. Positions at Woolworths can
be casual, part-time, or full-time.
Employees receive an income when they offer up their services or labour in exchange for
money. When an employee receives an income they are more than likely to spend it, making
them contribute to the economy (consumer spending). Woolworths offers an average wage of
around $21.13 an hour as a base, which is marginally higher than the minimum hourly wage in
Australia. A Woolworths employee’s salary can average on around $40, 000, which is around
32% below the national average. Having employees can have an impact on Australia’s Gross
Domestic Production (GDP). GDP is essential to the economy and how it's measured.
Taxes are when the government charges their citizens and businesses, to create a revenue which
is then used to fund their budgetary demands, as well as providing finance for their private and
public projects around the county. Without taxes our government would be unable to provide
and contribute to specific sectors in our country such as the Health sector, our Education
sector, and finally the governance sector. These sectors are of utmost importance in a county,
and without taxes most governments would not be able to function as well nor be able to fund
them. Taxes generally also contribute to GDP. Woolworths being a business in Australia,
means that it has certainly paid taxes and those taxes then contributed to the economy, and the
people of Australia. In 2021, Woolworths paid a total of $738 Million dollars in tax, this being
much higher than the $650 Million they paid in the previous year.
Woolworths and the Australian Society
Woolworths has been contributing to Australian society in the last two years through their
continuous support to the farmers, their sustainability plans and their innovative online
Woolworths has been working hard to drive itself and Australia to a brighter and greener
future. So far, Woolworths has made a list of achievements, Woolworths has made changes to
over 500 products in their stores and swapped their plastic packaging for recyclable, paper
packaging, currently Woolworths has removed approximately 9,000 tonnes of plastic waste
from circulation and it seems the number keeps going up. By replacing plastics such as cotton
swabs stick to paper or bamboo fibres woolworths has made great changes. Woolworths has
made changes in the bags they use, by removing plastic bags and replacing them with paper
bags Woolworths has stopped the circulation of around 9 billion bags. In order to promote
battery and phone recycling Woolworths has placed recycling boxes specifically for them in
1,000 stores across Australia. With big goals in mind Woolworths is aiming to be 100% green
energy by 2025. And they are working hard toward their goals, so far having purchased a wind
Support Farmers
Woolworths has shown continuous support for the Australian farmers, throughout times such
as drought seasons. Recently Woolworths has introduced a new Dairy Innovation Fund, to
support Australian dairy farmers. This fund will deliver a total of $5 million in grants up to
$100,000 each for a course of three years, to support the farmers in their supply chain. Along
with this Woolworths also has an Organic Growth Fund, to help support farmers with organic
projects. Woolworths will be funding this with over $30 million for a total of five years. This
funding is available to Australian farmers in the forms of interest-free loans, as well as financial
grants. In the recent drought, Woolworths had introduced the drought relief milk and so far it
has accumulated a total of $4.5 million in relief grants to 285 drought affected farmers.
Innovative Online Shopping
In recent times we have needed an increase in ways to shop without face-to-face contact, and
Woolworths has been working on bettering the ways you can shop with them. Starting with
their online shopping, where shopping is made easy, and you can choose if you want your
order delivered or to pick it up. With the flexibility and comfort that comes with their Ecommerce stores, their sales have shot through the roof, sales going as far as doubling going
from $480 million to $961 million through their app. Woolworths has introduced its first
micro-automation technology in the back of their e-commerce stores, in hopes to speed up
their online order delivery times. The technology has been designed to be able to sort and
move up to 10,000 grocery products, while this machine is helping team members still hand
picking fresh fruits, vegetables, and meats off the store floors. Woolworths has even gone as far
as to introduce drive-thru options for around 412 stores.
In conclusion, Woolworths is one of the largest supermarket chains in Australia. This makes it
clear that it would have a large impact on Australia’s economy and its society. Woolworths has
helped the economy through its contribution to employment, income and taxes. And through
its support to farmers, sustainability, and its innovative shopping it has improved and
impacted Australian society.
Reference List
Woolworths Hourly Pay, Payscale, 2022
BBC News, 11 November 2021
What is GDP and how is it measured? - BBC News.
Jason Fernando, 28 January 2022
Gross Domestic Product (GDP) Definition
Nicolas A . Pologeorgis, 04 August 2021
Employability, the Labour Force, and the Economy
The Investopedia Team, 31 October 2021
Consumer Spending Definition
Woolworths, (Not Dated)
Our Sustainability Initiatives | Discover at Woolworths
Green Building Council of Australia, 27 June 2019
Woolworths reaches a sustainability milestone | Green Building Council of Australia
Woolworths Group, 2021
Woolworths Group, (Not Dated)
Our purpose & key priorities - Woolworths Group
Woolworths Group, 24 March 2020
Update on impact of coronavirus (COVID-19) - Woolworths Group
Woolworths Group, 2020
Woolworths Group, 2021
Woolworths Sustainability Report 2021
Indeed.com, 2022
Team Member yearly salaries in Australia at Woolworths Supermarket.
Tax Policy Centre, (Not Dated)
How do taxes affect the economy in the short run? | Tax Policy Center.
Tax Policy Centre, (Not Dated)
How do taxes affect the economy in the long run?
David, 24 November 2014
The Importance Of Taxes
The World Bank Group, (Not Dated)
Why it matters in Paying Taxes - Doing Business - World Bank Group
William Mcbride, 18 December 2012
What Is the Evidence on Taxes and Growth? | Tax Foundation
Woolworths, 23 April 2021
Woolworths to make battery recycling easier with national network of 1000 collection bins
Woolworths, 23 July 2021
Woolworths Supermarkets Wins Finder Green Supermarket of the Year 2021 Award
Dean Webster, 30 January 2019
Woolworths delivers drought relief to farmers - Ballarat Times
Woolworths, (Not Dated)
The Woolworths Organic Growth Fund
Woolworths, (Not Dated)
Woolworths Dairy Innovation Fund | Discover at Woolworths
Aimee Chanthadavong, 9 October 2020
Woolworths speeds up online grocery orders with automated fulfilment technology | ZDNet
Tess Bennett, 4 November 2020
Woolworths doubles Australian e-commerce sales - Strategy - Software - iTnews