Woolworths held its annual general meeting, Coles released a trading update, and the Australian share market traded slightly down as hopes for a pre-Christmas interest rate cut faded. Here is how the trading day unfolded on our business blog.
Woolworths held its annual general meeting, while Coles issued a trading update the day after quarterly CPI data was released, noting that food inflation was falling.
Optus interim CEO Michael Venter issued a statement apologising to people affected by inappropriate sales tactics by the telco. He adds that this is part of the $8-10 billion in investments AGL is making over the next decade just to keep earnings at last financial year's levels.ACCC chair Gina Cass-Gottlieb has told ABC senior business correspondent Peter Ryan
"The outlook for the retail sector is fairly mixed. Cost-of-living pressures continue to weigh on Australian households, with budgets still tight. Those cost-of-living pressures are being offset by strong population growth, which has supported retail spending over the past year.and so will the range of federal and state government policies designed to provide temporary support to households.
. Clearly the level of consumer spending is still sufficiently high to keep inflation above the RBA's 2-3% inflation target, particularly after accounting for the impact of government subsidies." , down from a 1% per cent rise in the June quarter, based on data from the latest Consumer Price Index, which was released by the ABS yesterday.
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