Sales down at Harvey Norman as cost of living bites
Harvey Norman is confident its strong balance sheet can see it through a consumer slowdown, even as falling sales cause profits at the retailer to tumble.
Economy, Business and Finance
Snowy Hydro confirms project’s six-fold cost blowout
Snowy Hydro says its Snowy 2.0 project will now cost $12 billion, six times more than was originally forecast for the energy scheme.
Big loss renews Australia Post’s open letter for reform
Australia Post has renewed a plea to update its charter after the government-owned enterprise lost $384 million delivering letters in the past financial year.
Transport tsar reveals Minns friendship, Labor links
The NSW transport secretary has denied there is any conspiracy behind his appointment and declared Chris Minns a friend, which the premier later downplayed.
Senate push to force minister’s hand on flight decision
The government will face a push to reveal documents pertaining to the decision to block Qatar Airways from flying extra routes after being lobbied by Qantas.
Confidence edges higher but consumers remain wary
A pause on interest rate hikes has failed to substantially lift consumer spirits with a key index remaining below levels seen during COVID-19 lockdowns.
Casino operator Star posts $2.4b loss despite tax boost
Embattled gambling company Star Entertainment Group has recorded a $2.44 billion full-year loss after it was hit by regulatory and legal action.
Aust stocks rise for second day after US relief rally
The local share market was on track for its second day of gains at midday, with Wesfarmers hitting its highest level since February 2022.
Qantas boss defends profit as senators press on prices
Qantas chief Alan Joyce acknowledges Australians are doing it tough as he defends the airline's billion-dollar profit and suggests cheaper tickets solutions.
Latest Fortescue CEO backs ‘crazy vision’, dividend cut
Fortescue Metals Group has booked a lower full-year profit after a writedown, slashed the final dividend and shocked investors with another new CEO.
Matildas mania nets retail goals after scoreless sales
The Women's World Cup has boosted spending on catering and takeaway food following a flat end-of-year sales period for retailers.
Industry cost pressures ‘subdue’ demand for mining tech
Imdex says while short-term conditions are subdued the tech firm continues positioning for stronger battery minerals demand requiring miners to dig deeper.
Ampol reveals plans to build hydrogen service stations
The company behind Australia's largest network of service stations has partnered with a US firm to offer hydrogen refuelling facilities.
Company profits raise concerns over living costs
Hefty profits reported this week by a trio of major Australian companies, including Qantas, are feeding into public debate about the rising cost of living.
Qantas soars to $2.5b profit, plans share buyback
Qantas has posted its first full-year profit after incurring $7 billion in losses during the pandemic, and has ordered two dozen new Boeing and Airbus aircraft.
Nine cops 38 per cent profit hit as ad revenue slips
Profits at media company Nine Entertainment have dropped after a record result the year prior as the industry battles declining ad revenue and the threat of AI.
Australian shares on track for third day of gains
The ASX was up 0.2 per cent at midday, with strong gains for tech stocks after Nvidia posted a "jaw-dropping" earnings beat.
Ardent settles shareholder suit over Dreamworld tragedy
Dreamworld's parent company has settled a shareholder lawsuit that claimed losses following the deadly accident at the Gold Coast theme park in 2016.
Aust shares climb for third day as sentiment rebounds
The ASX has finished up 0.5 per cent, with more strong gains for tech stocks after Nvidia posted a "jaw-dropping" earnings beat.
Builder sues $3.6 billion resort for cost ‘breaches’
The builder delivering Brisbane's new Queen's Wharf resort and casino has sued the project's backers claiming more than $400 million in additional costs.
Qantas should not pay back pandemic money: Chalmers
Despite Qantas posting a record profit, Treasurer Jim Chalmers says the airline should not have to pay back money it received during the height of the pandemic.
Lithium leader Pilbara posts electrifying $2.4b profit
Pilbara Minerals reports a 326 per cent surge in net profit to $2.4 billion as the world rapidly electrifies and demands a secure supply of sustainable lithium.
Kmart sales up as cost-conscious shoppers hunt bargains
Record annual earnings at Kmart have helped propel Wesfarmers to a $2.5 billion full-year profit, as consumers become more cost-conscious.
Dreamworld owner Ardent back to profit after bumpy ride
Theme park operator Ardent Leisure has marked its recovery from a fatal accident at Dreamworld and COVID-19 with its first full-year profit since 2016.
Australia’s nervous watch for any great fall of China
Mounting economic headwinds in China, where growth is slowing, will have major ramifications for Australia, Treasurer Jim Chalmers has warned.
More varroa mite hive infestations found in NSW
New infestations of varroa mite in the Riverina and Sunraysia regions of NSW have prompted an emergency order barring beehive movements in the affected zones.
Virgin slams govt for rejecting extra Qatar flights
Virgin Australia's chief executive has spoken out against the federal government after it rejected Qatar Airways' bid for more flights to Australia.
China, interest rate hikes putting handbrake on economy
Treasurer Jim Chalmers says headwinds in the Chinese economy are impacting Australia's economic growth.
Wealth of data to shed light on Australian economy
A speech by the incoming Reserve Bank boss and a wealth of data will provide rich insight into the state of the Australian economy.
Tax on the frontline as calls grow for bolder reform
Independent MP Allegra Spender has promised to keep tax reform front and centre of the national debate, accusing the major parties of playing politics.
Matildas mania kicks retail goals after flat EOFY sales
The Women's World Cup has boosted sales along with a jump in spending on catering and takeaway food following a flat end-of-year sales period for retailers.