It’ll be an ongoing battle between which supermarket can offer the lowest prices. This time it's Woolworths who is taking a step further by slashing up to 33 per cent off on fresh and big brand products.

The Every Day value price cuts, which will be launched on Wednesday, will see MSA Australian beef rump steak reduced from $18.93 to $13.50 – a $5.43 saving and the largest that could be made as part of this new program. Other significant savings customers will make is on International Roast Coffee (500g) that will now be priced at $11 from $16.29 and Garnier HerbaShine colour varieties from $14.99 to $10.

Woolworths claims the price cuts could potentially save families almost $400 over the next year and that customers will find between 40 and 50 price cuts in each aisle.

Tjeerd Jegen, Woolworths managing director, said the Every Day Value price reductions is in response to customer feedback which highlighted finding savings in family budget is more important than ever.

“While we know that Woolworths is consistently cheaper than Coles on a comparable basket across the store, we are constantly looking for new ways to offer our customers ways to save,” he said.