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Australian companies see profits slashed as inflation soars

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Australian companies are feeling the pinch as inflation soars and profits are slashed

As inflation soars and wage bills increase, Australian companies are well and truly feeling the pinch.

New statistics reveal profits are down right across the private sector.

Australian companies saw a 12 per cent drop in profits in the three months to September. This is the biggest fall since the 1990s.

This comes on the day the nation’s Reserve Bank is expected to announce another interest rate hike.

This will be the eight consecutive rise.

As profits fell across a broad range of industries, Australia’s Treasurer Jim Chalmers says the country’s economy isn’t immune “from the impact of a global energy crisis and high, persistent inflation”.

“We are absolutely focused on doing what we responsibly can to ease cost-of-living pressures in ways that don’t add to inflation, and to build a more resilient ­economy”

Chalmers also warns China’s recent Covid outbreak will only put “further strain on global supply chains”. He believes this only  “increases uncertainty heading into the new year”.

“Our economic plan has been carefully designed to deal with the inflation challenge in our ­economy. To avoid putting ­upward pressure on interest rates,” Chalmers said.

Soaring energy prices are just continuing to put pressure on businesses. Salaries were also up 11 per cent in the quarter.

It’s likely this has a lot to do with the number of Australians who are employed right now and the higher wages and incentives companies are offering to attract and retain staff.

But not all industries are seeing a decline.

The Hospitality sector is booming, with earnings up by 64 per cent over three months as Australians ramp up travel following two years of Covid disruptions.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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Business

Amazon employees walk out to protest office policies

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Staff at warehousing giant Amazon have walked off the job to protest the company’s return-to-office program

Over 1,900 Amazon employees pledged to protest globally over proposed changes to the company’s climate policy, layoffs and a return-to-office mandate.

The activist group behind the rally is known as Amazon Employees for Climate Justice (AECJ), who are seeking a greater voice for employees.

“Our goal is to change Amazon’s cost/benefit analysis on making harmful, unilateral decisions that are having an outsized impact on people of color, women, LGBTQ people, people with disabilities, and other vulnerable people,” organisers said.

Over 100 people gathered at the heart of Amazon’s Seattle headquarters on Wednesday. The company said it had not witnessed any other demonstrations.

AECJ said the walkout comes after Amazon made moves “in the wrong direction”.

The company recently has recently overturned a desire to make all Amazon shipments net zero for carbon emissions by 2030.

The company maintains a pledge on climate change.

Amazon spokesperson Brad Glasser told Reuters the company is pursuing a strategy to cut carbon emissions.

“For companies like ours who consume a lot of power, and have very substantial transportation, packaging, and physical building assets, it’ll take time to accomplish.”

AECJ protesters also sought support for the 27,000 staff, who had lost their jobs in recent months —around 9 per cent of Amazon’s global workforce.

The company has also mandated a return-to-office program.

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Business

The Great Resignation vs. The Great Burnout

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As employees recover from the height of the pandemic, the Great Resignation has come to light

 
The pandemic saw the term ‘the great resignation’ coined as thousands of people resigned from their jobs across the U.S. in 2021 and 2022.

Karin Reed, the author of ‘Suddenly Hybrid said the great resignation was a period of employees taking control of their future.

“A lot of people realised in their current environment they were not happy with what they were doing with their job. They chose to vote with their feet and go elsewhere,

In other parts of the world, a spike in resignations was not reported.

However, a higher degree of workers began reporting post-Covid burnout, as they made a return to the office.

“There’s been a blurring of the lines. You have work that’s not confined by a physical space.

“Instead of closing the computer and walk away, our computer is in the next room.”

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Business

When will airfares begin to fall?

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As the global aviation market rebounds, airlines are changing their service offerings

 
Over 46 million workers in the global aviation sector lost their jobs as global aviation came to a grinding halt at the onset of the pandemic.

However, Geoffrey Thomas from AirlineRatings.com said passengers have returned to airport terminals and boarded flights in droves.

“When travelled returned, many of us wondered what sort of low airfares will we have to be charged to entice people back onto airplanes.”

In February 2023, total traffic (measured in revenue passenger kilometres) rose 55.5 per cent when compared to February 2022.

Globally, traffic is at 84.9 per cent of February 2019 levels.

“It was a stampede, the likes of which we have never seen before,” Mr Thomas said.

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