How corporate profits are making inflation worse
7am
00:00
Corporate Profits - What Kind of Profits Are We Seeing?
Australia's biggest bank has unveiled a record-breaking profit as rising interest rates provide an opportunity to boost the bottom line. Coles reported a $643 million profit in the last half of last year, which was 17% up on the year before. Woolworths announced its profit was up $907 million or 14%. The supermarket giant says it's benefiting from Australians cutting fast food and restaurants and spending more on groceries to eat at home. Between the two of them, these two supermarkets account for around 70% of the grocery trade.
Play episode from 04:29
Transcript
