Feb 26, 2018

Where’s the profit surge from Australian companies going?

Australian companies are enjoying a bumper reporting season. So where is all the money going? Into investment and wage rises? Yeah, not so much.

Glenn Dyer and Bernard Keane

Crikey business and media commentator / Politics editor

Rio Tinto CEO Jean-Sebastien Jacques.

While Malcolm Turnbull was preparing for and undertaking an otherwise pointless trip to the United States to generate some positive publicity for corporate tax cuts, Australian business was demonstrating how his arguments about the need for them simply don't stack up.

The December 31 corporate reporting season that ends this week will have been one of the best, if not the best, for listed Australian companies since the financial crisis erupted a decade ago -- and all under Australia's supposedly onerous company tax regime. The half-year reports (and full-year for some groups, such as Rio Tinto, Oz Minerals, Coca Cola Amatil and Adelaide Brighton) has been marked by more companies than expected reporting higher profits.

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8 thoughts on “Where’s the profit surge from Australian companies going?

  1. graybul

    It’s only a few days ago . . . that Buffet in the good ol’ USA to his credit revealed that his business had received $37 Billion corporate tax refund without a single individual standing up from his desk or uncapping his/her pen.
    Keep this up Mal and Donald . . . . and we’ll all wind up in tears!

  2. brian crooks

    turnbull howling into the wind on tax cuts and nobody listening and taking advice from trump on how to run an economy is like asking Dracula to manage the blood bank, this is what you get when you elect narcissistic imbeciles, thanks Australia

    1. Susan Anderson

      Sorry to be anal but its Narcissistic sociopaths or in the case of Abbott, Common Sociopath, which fits with his contrived and very false ‘salt of the earth mateyness’

  3. AR

    There was Talcum on his hind feet at Question Time (was he wearing a Kevlar vest, Rodent-style, beneath his coat as protection against Barnyard’s dagger stares?) proclaiming the Good News to all, hot from US Treasury that the recent, very Drumpf tax slash had already delivered more jobs & higher wages.
    Take about rapid, foaming akshun!

    1. AR

      …oops, apologies for over extended Bold.

  4. Draco Houston

    “When Pauline Hanson talks more sense than you, you might want to stop and think how silly you’re looking.”

    She’ll vote for it in exchange for magic beans. Who cares.

  5. old greybearded one

    Rio really does make you laugh. We’ll go somewhere else will we? No iron ore anywhere on the bloody planet like the stuff in the Pilbara. The good ore is so rich in iron you can bloody well weld it. Like you said the only decent asset they have and if they don’t want it someone else will. Bloody rent seeking wankers.

    1. AR

      Definitely, OGO – let them take their (arse)holes elsewhere.
      Maybe Barnyard could find somewhere such as his sponsor’s dream where the miners work for $2 a day.

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