‘The Right Types of Promotions’: Woolies Lures Customers Back with Lower Prices
Woolworths has halted a multi‑year sales slump by slashing prices and expanding weekly specials, driving a 3.4% revenue increase to $37.1 billion in the first half of FY 2026. The retailer added over 350 items to its Lower Shelf Price range, now covering 800 everyday essentials, and reported group earnings up 14.4% to $1.66 billion. Net profit rose 16.4% to $859 million, prompting a 15.4% dividend hike and an 11% share‑price jump. The Australian Competition and Consumer Commission will examine the promotional tactics in an upcoming court hearing.
CBA Cuts 300 Jobs as It Prepares Workers for an AI-Driven ‘Shift’
Commonwealth Bank of Australia announced the elimination of 300 positions, primarily within its technology division, as part of a broader workforce reshaping. The cuts coincide with a $90 million, three‑year upskilling initiative designed to ready staff for an AI‑driven shift over...
The End of the Boozy Chinese Banquet Hits Australia’s Largest Winemaker
Treasury Wine Estates’ push back into China has been derailed by a government crackdown on extravagant banquets and tighter grey‑market controls. The winemaker announced it will pull 400,000 cases from China and 500,000 from the United States to regain pricing...
Why the Stakes Are so High in the Coles ‘Fake Discounts’ Case
Australia’s largest supermarket chain, Coles, faces a consumer‑law case over alleged fake discounts. The ACCC alleges the retailer used high‑low pricing to mislead shoppers about price cuts. The lawsuit was sparked by a wave of Reddit‑driven outrage that highlighted questionable...
Surge in ANZ, CBA Helps Drive ASX Higher; AMP, Temple & Webster Tumble
Australian equities rose 0.3% to 9,043.5 as a surge in bank stocks lifted the S&P/ASX 200. ANZ Bank reported a $1.9 bn profit for the December quarter, sending its shares up 8.5% and sparking gains across Commonwealth, Westpac and NAB. In contrast,...