Prime Minister Anthony Albanese, who attended the distribution centre’s unveiling, said Coles’ latest investment highlighted the confidence big businesses had in the national economy.

“The driver of jobs will always be the private sector.” “What we see around us here is the benefit of new technology driving productivity,” he added.

Penrith mayor Todd Carney said the Coles warehouse will deliver about 500 new jobs to the region, and would help farmers and producers get their goods out to the market.

“With [Western Sydney] airport coming on board in two years’ time, it’s important we have these facilities available,” he said. “These are really big investments in western Sydney to make sure we have jobs in the future.”

With customers pushing to save on their grocery shop amid cost of living pressures, Weckert said Coles’ budget home-brand range has enjoyed strong growth.

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“[They’re] common items that you see in most households. It’s brightly coloured in the yellow, which means it’s a real signpost as you’re walking down the aisle, it’s easy to identify.

Australians, when they see yellow, think of value because we’re so used to seeing special tickets, so it’s taken a little bit of a cue from that,” the Coles boss said.

“We are definitely putting that range in because we know customers are looking for as many options as they can find to substitute products that are more affordable.”

The major supermarkets have come under scrutiny over the past year amid rising inflation, with many customers incensed at their billion-dollar profits amid cost of living pressures.

Coles and Woolworths will both face greater regulation after the Albanese government said it would adopt all of Dr Craig Emerson’s 11 recommendations in his review of the food and grocery code of conduct, which will see the code made mandatory, a new anonymous supplier and whistle-blower complaints pathway and higher penalties for breaching the code.

The ACCC has also been ordered to conduct a year-long inquiry into the pricing practices in the supermarket sector and is due to hand an interim report to the federal government by August 31.

Coles will reveal its 2024 financial year results on August 27.