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Coles took its website and app offline on Saturday after a Reddit post about a pricing error went viral, sending 24-packs of premixed drinks to as little as $27 down from $130.
Sophie Ng & Pick & Scroll News
August 24, 2026
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Good morning. Coles took its website and app offline on Saturday after a Reddit post about a pricing error went viral, sending 24-packs of premixed drinks to as little as $27 down from $130.
The post racked up over 180,000 views and Coles has since cancelled the orders and started refunding anyone who was charged.
Even so, they weren’t able to stop those that went to Dan Murphy’s to price match the product while it was live.
All the headlines and more below...
BIG MAC PRICES HAVE JUMPED 60% IN A DECADE TO $8.50
The burger climbed 6.25% in the 12 months to June 2026, while consumer prices rose 3.8% and wages 3.2% over the same period. The 50 cent jump from $8 to $8.50 marks the biggest increase in years, with the last comparable spike in 2023 when the price jumped 55 cents from $6.70 to $7.25. A Big Mac that cost $5.30 in 2016 now sells for $8.50, a 60% rise that outpaces both general inflation and wage growth.
The Economist's Big Mac Index tracks burger prices across dozens of countries to compare currency purchasing power. At $8.50, Australia sits in the upper-middle of the global range - cheaper than Switzerland at $13, where strict food standards and high wages push costs higher, but well above Taiwan and Indonesia at $3.50. Converted to US dollars, an Australian Big Mac costs US$6.03 against US$6.22 in America, suggesting the Australian dollar is undervalued by 4.3%.
McDonald's Australia reported $7.5B in total network sales across 1,070 stores in the 2025 fiscal year, up 7.33%, while net profit held flat at $232M. Customers are switching to chicken as inflation bites, with McDonald's expanding its McCrispy range and introducing McWings, while chicken quick-serve sales in Australia are projected to exceed $4B by 2032.
AUSTRALIAN NEWS
The Australian Transport Safety Bureau has launched an investigation after 2 Qantas jets were mistakenly cleared onto intersecting taxiway routes at Sydney Airport amid ongoing controller shortages. LINK
First home buyers have increased government-backed loan applications as the only cohort expanding borrowing while property investors retreat from Australia’s housing market amid interest rate rises and tax changes. LINK
ALDI'S MARKET SHARE SLIPS AS IT CUTS ONE-FIFTH OF PRODUCT RANGE
Aldi is slashing around one-fifth of its product range, including the middle-aisle specials it became known for, as profit fell almost 20% to $337.4M in the year to June 2026. Sales rose just 4.8% to $13.94B, down from 10% growth the year before. Woolworths and Coles have both gained market share in recent months despite being 9.3% more expensive than Aldi on average in July, according to JPMorgan, a gap that has widened from around 7.5% late last year.
Aldi has moved away from stocking well-known brands in favour of its own-label products. Consumer surveys from July showed falling perceptions of Aldi, while Coles and Woolworths remained stable. Shoppers are also buying less private label and fewer discounted products.
Aldi cut prices on 300 products this year, including permanent reductions across its meat range last month and price drops on cheese and deli items in July.
COMPANY NEWS
ARN Media reported that its legal battle and fallout from the axed Kyle and Jackie O Show have cost more than $55M, driving a 14% revenue slump and a $28.3M net loss. LINK
Guzman Y Gomez reported a $26.7M statutory net loss after a $67.3M hit from exiting its loss-making US operations, while non-US sales rose 17.9%. LINK
Meta has allegedly paid Australian parenting influencers with about 3 million followers to promote Instagram teen safety tools while lobbying against the federal under-16 social media ban. LINK
Inghams reported a 61.5% fall in full-year profit as the Middle East conflict drives $30M in extra costs and it warns chicken prices will rise amid $130M inflationary pressures. LINK
P&G has undertaken a 3-year “full reboot” of its Australia and New Zealand operations to reset for future S-curve growth as it returns to an integrated house-of-brands model. AUS
Global tech giants including Meta, Anthropic, Amazon and Google are imposing tougher data centre lease terms in Australia, with delay and outage penalties converted into substantial rent subsidies and credits. AUS
Lanolips has launched a limited-edition collaboration featuring the scents of Allen’s lollies. AUS
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