Former Qantas executive Olivia Wirth has been appointed the new chief executive of Myer on the same day the department store revealed a staggering net profit of more than $50m. Previously the chief executive of Qantas Loyalty, Ms Wirth will take on the role of chief executive and executive chairContinue Reading
A cashless society seems imminent, but one surprising statistic shows Aussies are bucking the trend. The decline in the use of cash has been widely reported, with about 13 per cent of payments now made in cash, compared to 30 per cent in 2019. Banks have shuttered about 1600 branchesContinue Reading
Australian retailers are dropping prices ahead of Christmas in a move to address the pressing cost-of-living crisis in the country. Retail giants Coles and Woolworths announced huge savings on holiday essentials, catering to Aussies preparing for Christmas feasts. Coles is offering more than 50 per cent off various Christmas productsContinue Reading
While a record number of construction firms traded as insolvent in the 2022-23 financial year, as many businesses were established in the sector than exited, new data has shown. A total of 73,405 construction businesses ceased their operations in the 12 months to June 2023, yet 73,013 new firms alsoContinue Reading
Billions of dollars worth of clothes, appliances, toiletries and furniture risk being sent to landfill as Australians watch their dollars amid the cost of living crunch. New data from charity Good360 reveals a plunge in retail sales, exacerbated by high inflation, could be creating Australia’s “next environmental crisis”. The nationalContinue Reading
Australia’s latest inflation figures are proof that the Reserve Bank has “increased interest rates too far” and the hikes have been largely ineffective in bringing down inflation. Inflation is decelerating according to the latest figures from 6 per cent in the year to June, down from 7 per cent inContinue Reading
Australians battling the cost of living crisis are cutting back on non-essentials – especially furniture and clothes. The Australian Bureau of Statistics (ABS) monthly household spending indicator report, released Tuesday, shows overall household spending was up 3.3 per cent in May, compared to the same time last year. But it’sContinue Reading
Best & Less has become the latest retailer to report deteriorating sales as the cost of living crisis bites into consumer spending. The discount variety retailer has recorded a more than 13 per cent drop in its sales from May to June, and it expects its half-year profit to flopContinue Reading
Experts have revealed one glaring sign that a global recession is fast approaching, with a “big question mark” now hanging over us all. The demand for diesel fuel has long been considered a significant clue regarding the health of the world’s economy, given it is used to power major industriesContinue Reading
More Aussie businesses are collapsing now than before the pandemic as “zombie companies” are flushed out of the system — and experts warn it will “get worse before it gets better” as consumers tighten their belts. The latest insolvency statistics released by the corporate regulator on Tuesday showed 831 businessesContinue Reading