Coles chairman James Graham told shareholders it was disappointing to see cost-of-living issues being politicised, and that Australia’s second-biggest supermarket owner would not give up on winning the trust of its customers.

At Tuesday’s annual general meeting in Melbourne, Mr Graham reflected on a challenging environment over the past 12 months, defined by household budget pressures and rising input costs levied on suppliers. This has escalated into a Federal Court action brought by the competition regulator against Coles and Woolworths, where they are accused of sham discounts.