<
https://www.theguardian.com/australia-news/article/2024/jun/19/australias-biggest-companies-made-nearly-100bn-in-crisis-profits-amid-covid-and-ukraine-war>
"Australia’s 500 biggest companies made $98bn in “crisis profits” off the back
of the Covid-19 pandemic and Russia’s war on Ukraine, new analysis has found.
In 2022 and 2023, companies including Woolworths, Hancock Prospecting, National
Australia Bank, AGL Energy and Harvey Norman reaped billions of dollars in
profits, more than 20% above their 2018 to 2021 average, according to a new
report by Oxfam Australia.
Oxfam calculated these extra profits, known as crisis profits, using
methodology employed by the European Union in determining corporations’
“windfall profits” under an emergency taxation measure during the 2022 energy
crisis.
Under that measure, the solidarity contribution, the EU asked fossil fuel
companies to return at least 33% of taxable surplus profits for the 2022 and
2023 financial years to governments to help fund energy affordability and
address supply shortages.
In Australia during that period, iron ore mining companies accounted for the
vast majority of crisis profits, raking in $34bn in 2022 and $5.7bn in 2023.
Supermarkets and grocery stores made $5.7bn in crisis profits in 2022, with the
vast majority of that – $5.64bn – made by Woolworths alone, Oxfam found."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
