profit

Power and gas prices are set to rise by a huge 16–19% on July 1, bringing a profit bonanza to the big three electricity companies — AGL, Origin and Energy Australia.

This unpopular price hike comes in the context of record low wage growth, record high housing prices and record levels of household debt.

The federal government is covering for the price hikes by blaming state governments for ruling out unconventional gas (Victoria), or moving too fast to renewables and not planning ahead (South Australia).

We're all familiar with the old maxim: “the rich get richer while the poor get poorer”. It is said as often with resignation as it is as a call to action.

Left unquantified it remains abstract but it is much easier to get worked up when the sheer scale of material inequality is in front of your face. Hence the growing outcry surrounding Oxfam's recent annual reports on global inequality that clearly demonstrate the concentration of world resources in the hands of the 0.1%.

Profits have soared for the operator of Australia's detention camps for asylum seekers in Papua New Guinea on Manus Island and on Nauru.

Broadspectrum, which used to be called Transfield Services, announced it had trebled its net profit for the first half of the year to $25.1 million.

Broadspectrum has been awarded a 12-month extension on its contract providing operational, welfare and security services to asylum seekers on Nauru and Manus Island. It has told investors it is the "preferred tenderer" for a new five-year contract it hopes to sign this year.

Subscribe to profit