Jack Cowin, the billionaire owner of Hungry Jack’s and chairman of Domino’s Pizza, has indicated that a weakening Australian economy and tighter household budgets have slowed the burger chain’s recent double-digit growth, though he remains confident in its competitive positioning as consumers seek lower-cost food options.

Cowin, who controls about 85 percent of the approximately 500 Hungry Jack’s outlets through his company Competitive Foods, reported that revenue for fiscal 2026 reached A$2.68 billion, reflecting a 6.7 percent increase from the previous year. However, this growth represents a significant moderation compared with the sustained double-digit rises experienced over the past five years.

The business has faced considerable cost pressures, including a A$20 million rise in staff expenses, A$12 million increase in freight costs, and A$10 million hike in raw material prices. These factors contributed to a decline in net profit to A$92.8 million in 2026, down from A$103.2 million in 2025.

Despite these headwinds, Cowin emphasized that Hungry Jack’s has refrained from heavy discounting to maintain profit margins, and continues to compete effectively against supermarket pricing. “Both the pizza business and hamburger business are at the bottom end of the pricing scale,” he said, highlighting the affordability of their offerings compared to other retail options.

Cowin credited part of the chain’s resilience to its approach of paying store managers some of the highest wages in the industry, coupled with profit-sharing arrangements. The entrepreneur, who founded Hungry Jack’s in Australia in 1971 after emigrating from Canada, retains a 98 percent ownership stake in Competitive Foods.

Regarding the broader economic outlook, Cowin expressed uncertainty over the impact of a potential interest rate hike expected to be announced imminently but suggested that the fast-food sector may avoid the worst of any consumer pullback. “Our business is still running ahead of last year, and Domino’s business is showing signs in Australia of positive growth,” he noted.

Domino’s, in which Cowin holds a 26 percent share and where he assumed the role of executive chair in mid-2025 following the abrupt departure of the former CEO, has faced its own challenges during the economic downturn. The ASX-listed pizza chain reported a loss of A$134 million in 2026 amid operational difficulties.

Reflecting on the current inflationary environment, Cowin drew comparisons to economic conditions in the 1970s and earlier decades, emphasizing that the current situation is comparatively mild. “Corporate interest rates were in the mid-20 percent range back then, so this is a picnic,” he said. Cowin expressed cautious optimism that the economy will adjust over time, noting, “The economy is cyclical… the sun will come up.”