Cormann in final two for OECD leader race
CANBERRA, AAP – Mathias Cormann is one of two final candidates in the international race to become the next secretary-general of the OECD. The ex-federal finance minister’s chances of taking the top job improved overnight on Monday following the withdrawal of Greece’s candidate. Mr Cormann will now face off for the leadership of the 37-member…
Record profits; Petrol spikes to over $1.60/litre
Record profits; Petrol spikes to over $1.60/litre Petrol Prices; Used vehicle market; Business Indicators Fuel prices: Last week the national average price of unleaded petrol rose by 1.7 cents a litre to 132.8 cents per litre (c/l) according to the Australian Institute of Petroleum. Pump prices have spiked to over $1.60 a litre as discounting…
Weakest annual growth in business loans in 9 years.
Private Sector Credit; COVID-19 business survey Lending: Private sector credit (effectively outstanding loans) rose by 0.2 per cent in January (consensus: +0.3 per cent) to be up 1.7 per cent over the year. Business credit fell by 0.1 per cent to be up 0.5 per cent over the year – the weakest annual growth rate…
Stockland enjoys bumper land sales
MELBOURNE, AAP – Listed property giant Stockland is capitalising on increased confidence in the east coast housing market, inking thousands of residential sales and increasing its half-year dividend. The company reported a statutory profit of $350 million for the half year to December and will pay shareholders 11.3 cents per share. Its residential development division…
Emissions rise as virus restrictions ease
CANBERRA, AAP – Australia’s emissions rose slightly last quarter, driven by a transport rebound as coronavirus restrictions eased across the country. The government’s latest emissions data covering the September quarter reveal a 1.7 per cent increase compared to the previous period. Emissions decreased by 4.4 per cent in the year to September, largely thanks to…
Qantas suffers $1 billion loss in pandemic
CANBERRA, AAP – Australia’s flagship airline Qantas suffered a billion dollar-plus loss in profits in the first half of its trading year, dogged by both domestic and international travel restrictions due to the coronavirus pandemic. The airline endured an underlying loss before tax of $1.03 billion and a $6.9 billion drop in revenue, noting the…
NBN Co says $19b just ‘hypothetical’
CANBERRA, AAP – Estimates of Australian taxpayers saving up to $19 billion if fibre to the premises broadband had been built have been dismissed as “hypothetical” by NBN Co. A 2013 review of the National Broadband Network set out an option for a “radically designed FTTP” rollout, a company spokesperson told AAP. “The hypothetical savings…
Oil Search suffers loss, improves safety
CANBERRA, AAP – Shares in Australian share-listed Oil Search, which operates all of Papua New Guinea’s oilfields, has jumped over seven per cent despite posting a huge loss in 2020. Releasing its annual results on Tuesday, Oil Search said it suffered a $US320.7 million ($A405.3 million) loss for the full 2020 year. This was a…
Criminal charges laid against Allianz and AWP
Allianz Australia Insurance Limited (Allianz) has been charged with seven counts, and AWP Australia Pty Ltd (AWP) with one count, of making false or misleading statements regarding the sale of Allianz domestic and international travel insurance products. ASIC alleges that between 2016 and 2018, Allianz and AWP published information online, including on Allianz’s domestic, basic…
More Grocon companies enter administration
MELBOURNE, AAP – Another 45 companies affiliated with the collapsing Grocon building empire have gone into administration. The administrators were appointed on Monday to oversee Grocon Group Holdings Pty Ltd, Grocon Constructors (NSW) Pty Ltd and 43 other development-specific companies, many of which appear dormant. It follows 42 Grocon companies being placed into administration late…
