Australia’s jobless rate remained steady at 4.1 per cent in January, with employment figures rising by 17,800. Meanwhile, Goodman Group, known for developing global logistics hubs, is increasingly focusing on building digital infrastructure in response to high demand for data centres. In corporate news, Ellerston Capital is set to acquire whitegoods giant Winning Appliances from the Winning family, who have operated the business for over a century.
Telstra reported a 9 per cent jump in net profit, enabling the telecommunications provider to expand its share buyback program and increase dividend payments to shareholders. This growth is attributed to solid cash earnings and job cuts. Medibank has reaffirmed its guidance, and Hub24 has lifted its target. However, Wesfarmers has issued a warning about uneven consumer spending, despite posting a substantial profit rise. The Perth-based conglomerate noted that sales at Kmart were weaker than expected during the first half.
Globally, tensions are rising as the US reportedly considers a military campaign against Iran, potentially influencing market sentiment. Elsewhere, Meta CEO Mark Zuckerberg faced scrutiny in a Los Angeles court regarding claims that Instagram is addictive to minors. In other tech news, Snap CEO Evan Spiegel criticised Australia’s age restriction law, suggesting it may backfire, while French President Macron criticised social media platforms’ defense of “free speech”.
