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Woolworths and Coles fooled customers into buying everyday groceries by using fake discounts across almost every aisle of the supermarket, with some promotional prices actually 39 per cent above the regular shelf price, according to new court documents laying bare the breadth of the conspiracy.

Meanwhile, more than $1.2bn was stripped from the value of mining giant Mineral Resources as its board entered crisis talks with investors following shock revelations around its governance and the conduct of its talisman founder and managing director Chris Ellison. 

And corporate insolvencies are at fresh highs after the worst start to any financial year on record as a deterioration in the economy coupled with a crackdown on unpaid tax by the Australian Taxation Office forces the closure of more businesses.