RBA Holds Rates at 4.35 per cent
24 September 2024
The Reserve Bank of Australia (RBA) has decided not to raise or lower the official cash rate of 4.35 per cent. Governor Michele Bullock maintains that inflation needs to drop further before any interest rate cut can be considered. Australia’s inflation rate is currently 3.8 per cent (for the June quarter), but the RBA wants it under 3 per cent. More details on the RBA’s rate decision can be found in its Media Release.
ACCC Takes Legal Action Against Coles and Woolworths
23 September 2024
The Australian Competition and Consumer Commission (ACCC) has launched legal proceedings in the Federal Court against both Woolworths and Coles – Australia’s largest supermarket chains. The ACCC alleges that consumers were misled at different times over “discount pricing claims” on 266 products at Woolworths and 245 products at Coles. The ACCC has further information on its website.
Australia's Most and Least Trusted Brands
13 September 2024
Market research company Roy Morgan has released its findings on Australia’s most and least trusted brands. For the 2023/24 financial year, Roy Morgan has anointed Bunnings as Australia’s most trusted brand, followed by Aldi, Kmart, Toyota, and Apple. On the other hand, the least trusted brand in Australia is Optus, followed by Qantas, Facebook, Coles, and Woolworths. The fall of Woolworths has been spectacular, given it was ranked Australia’s most trusted brand in the 2022/23 period. Further information is available on the Roy Morgan website.
Woolworths Group Sales Up 3.7%
28 August 2024
Woolworths Group Limited has reported a "normalised" increase in sales revenue of 3.7% for the 2023-24 financial year. Sales were $67.9 billion, compared with nearly $64.3 billion for the previous financial year. However, Woolworths Group posted a low net profit after tax (NPAT) of $108 million due to the impairment (write-down) of its New Zealand operation. Taking out this impairment, Woolworths Group's NPAT was $1.7 billion.
Coles Group Reports $1.1 Billion NPAT
27 August 2024
Coles Group Limited - the ASX-listed company behind Coles Supermarkets, Liquorland, First Choice Liquor, and Vintage Cellars - has reported a $1.1 billion net profit after tax (NPAT) for the financial year ending 30 June 2024. Total sales revenue was $43.5 billion - up 5.1% on the previous year's result.
Aviation White Paper Released in Australia
26 August 2024
The Australian Government released its Aviation White Paper in Canberra today. Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King laid out the government's vision for the aviation sector going forward. Highlights of the white paper include the creation of an independent Aviation Industry Ombuds Scheme and a Charter of Customer Rights. The Aviation White Paper is available on the department's website.
Free Website Builder from VentraIP
22 August 2024
Well-known Australian hosting company VentraIP has recently released a free website builder called VIPsites. The solution is available to anyone with a domain name registered through VentraIP. Further information is available on the VentraIP website.
3G Network Closure Looms
22 August 2022
A reminder to owners of 3G and some 4G mobile handsets in Australia that Optus and Telstra will start turning off their 3G networks from 28 October 2024. TPG Telecom / Vodafone has already retired its 3G mobile network. Further information can be found here.