分类： business

A small uptick in Australian consumer confidence recorded in July is at serious risk of being erased by a new wave of rising fuel costs, shifting global oil market dynamics and looming interest rate changes, new economic surveys have revealed.

The closely watched Westpac-Melbourne Institute Consumer Sentiment Index registered a 4.1% improvement between June and July, pushing the overall reading to 83.9 points. Despite this month-on-month gain, the index remains firmly in negative territory – any score below 100 signals a majority of consumers hold pessimistic views about the future, and the current reading sits near 50-year record lows.

Matthew Hassan, Westpac’s head of Australian macro-forecasting, explained that the modest July improvement stemmed largely from consumers breathing a sigh of relief after worst-case economic scenarios – including extreme energy price spikes, aggressive interest rate hikes and widespread job losses – failed to materialize. “Some of the July improvement looks to be relief that ‘worst-case’ scenarios – around energy prices, interest rates and jobs – are not playing out,” he noted, adding that “however, family finances are clearly under intense pressure and the outlook is uncertain.”

The temporary drop in national fuel prices was the single largest driver of the confidence bump. During the survey period, average retail petrol prices across Australia fell to $1.60 per litre, fully reversing the price surge triggered by the outbreak of conflict in the Middle East earlier this year. Consumers also reported slightly less anxiety about their personal financial outlook over the coming 12 months and growing confidence in job security, with Hassan adding that “while they are still downbeat on the economy, consumers are more comfortable about the labour market outlook.”

Even with these small gains, consumer willingness to make large discretionary purchases remains stagnant: the subindex tracking attitudes toward buying major household goods held broadly steady at depressed levels, indicating households are still holding back on big spending.

Crucially, the positive fuel price trend that supported the July gain was already reversed just days after the survey concluded. Global oil prices jumped 15% in the following days, climbing above $US84 per barrel, and new pressures are set to push pump prices even higher in the coming months. AMP economist My Bui projected that the confidence uptick will almost certainly be wiped out in next month’s reading, as the temporary benefits of stable interest rates and lower fuel prices fade. “Fuel prices look to increase further throughout July and August with the reintroduction of fuel excise and higher global oil prices, while we think the Reserve Bank has a high chance of raising the cash rate in August,” she explained.

Geopolitical instability is adding extra uncertainty to the outlook. Hassan warned that consumer sentiment remains highly vulnerable to developments in the Middle East, noting that “sentiment also remains hostage to developments abroad, with daily responses showing a significant weakening as the situation in the Strait of Hormuz deteriorated over the course of the survey week.”

In contrast to the gloomy household outlook, separate data from National Australia Bank (NAB) shows Australian business confidence has staged a notable recovery in recent months. The NAB Monthly Business Survey recorded a 9-point rise in business confidence in June, bringing the index to -5 points. While confidence still remains in negative territory, the reading marks a major rebound from the sharp drop recorded in March amid escalating Middle East tensions. Business conditions held steady at +3 points for the third consecutive month, matching earlier stable readings.

NAB chief economist Sally Auld explained that fading fears over the economic impact of Middle East conflict and easing cost pressures have driven the uptick in business sentiment. “Business confidence has now recovered much of the sharp decline we saw in March, reflecting some easing of concerns around energy markets and as broader geopolitical risks have tempered,” she said.

Auld added that businesses are reporting lower-than-expected inflation expectations tied to Middle East tensions, alongside improving profitability and broadly stable trading conditions. From a policy perspective, the survey offers encouraging signals for inflation management: the sharp spike in input cost growth recorded in March has largely reversed, and price increases have moderated across most Australian industries. “Labour costs remain elevated and margins are still under pressure, but the broader trend is toward easing capacity constraints and more moderate price growth,” Auld noted.

A major Australian energy retailer is set to issue hundreds of thousands of dollars in compensation after Australia’s competition regulator confirmed the company overcharged thousands of households on a misleadingly marketed plan. The Australian Competition and Consumer Commission (ACCC) has ordered Origin Energy to refund a total of $270,000 to 4,500 residential customers who were incorrectly billed on the provider’s so-called “ongoing savers” plan.

The investigation into Origin’s pricing practices launched after consumer advocacy group Choice submitted formal complaints, raising alarms that energy suppliers across the country were using confusing, misleading plan names to falsely advertise cost savings to households. ACCC Commissioner Anna Brakey explained that many customers who signed up for the “ongoing savers” plan ultimately ended up paying higher rates than customers on Origin’s basic, no-frills plan, directly contradicting the value promised by the plan’s branding.

“Energy plans are inherently complex, with layered usage and supply charges that make it challenging for the average consumer to accurately compare potential savings across offerings,” Brakey noted. “It is the core responsibility of retailers to deliver clear, accurate information about their plans so consumers can make fully informed choices that fit their household budgets.”

Under the remediation order, each affected household will receive an average refund of approximately $60, though impacted customers have the option to apply the amount as a credit to their future energy bills instead of claiming a cash refund. In an official statement following the regulator’s announcement, Origin Energy acknowledged the error and apologized to the affected customers, who make up just 0.5% of all customers enrolled in the “ongoing savers” plan. The company added that the average overcharge per affected household sat at roughly $28, and that it has already implemented internal pricing adjustments to prevent a repeat of the error, with refund disbursements currently underway.

Beyond the Origin Energy case, the ACCC used the announcement to issue a broader warning to all Australian energy consumers: long-term loyalty to a single provider rarely benefits the customer, and instead pads the bottom lines of energy companies. The watchdog urged all households to proactively shop around for cheaper energy plans, noting that consumers can request a better rate directly from their current provider. Under Australian regulations, retailers are legally required to disclose how a customer’s existing plan pricing stacks up against the national regulated price safety net.

Brakey encouraged consumers to take advantage of free, government-run energy comparison tools to find plans aligned with their specific usage needs, adding that the gap between the cheapest and most expensive energy plans on the market remains substantial, leaving hundreds of dollars in potential annual savings on the table for inactive customers.

After building a 20-year legacy crafting award-winning South Australian red wines, Heartland Wines has entered voluntary administration, leaving the future of the well-known regional wine label uncertain.

Founded in the early 2000s by a collective of industry leaders including celebrated winemaker Ben Glaetzer, Scott Collett, Grant Tilbrook, Geoff Hardy and Vicky Arnold, Heartland Wines built its reputation on producing premium yet approachable red vintages sourced from two iconic South Australian wine growing regions: Langhorne Creek and the Limestone Coast. Over its two decades in operation, the label launched popular products including Director’s Cut Shiraz and Heartland One, focusing on iconic varieties such as Shiraz and Cabernet Sauvignon, and built distribution across domestic and international markets.

On June 15, the company officially appointed Daniel Lopresti and Anna Agostino from insolvency firm Clifton Hall as voluntary administrators, in a move initiated by Heartland Wines’ own leadership under Section 436A of Australia’s Corporations Act, according to official notices filed with the Australian Securities and Investments Commission.

The next steps for the winery will now be determined by its creditors, who will vote on three potential outcomes: allowing the business to continue operating via a structured deed of company arrangement, returning control of the company back to its board of directors, or winding up the business entirely. For consumers and industry observers, the administration of the well-regarded regional label highlights ongoing economic pressures facing small and medium-sized wine producers in Australia’s competitive global wine market.

Against a backdrop of escalating geopolitical conflict between the United States and Iran that sent global oil prices soaring and dragged most international equity markets lower, Australia’s domestic sharemarket defied broader headwinds to notch a marginal positive close in Monday’s trading session.

The benchmark S&P/ASX 200 squeezed out a tiny 2.50-point gain, equal to 0.03 percent, to settle at 8808.50, while the broader All Ordinaries index posted a barely perceptible 0.70-point drop, or 0.01 percent, to end the day at 9003.00. The Australian dollar also softened against the U.S. dollar, falling to 69.29 U.S. cents by market close.

Trading was deeply split across the market’s 11 sectors, with five closing in positive territory. Solid gains in consumer discretionary stocks and the nation’s largest retail banks offset a sharp downturn in the technology sector, which pulled the overall market back from larger gains. Leading the upward momentum in consumer discretionary was retail conglomerate Wesfarmers, which climbed 1.81 percent to $91.32. The Lottery Corp added 1.46 percent to close at $5.56, and electronics retailer JB Hi-Fi rose 1.09 percent to finish at $78.95.

Australia’s big four national banks emerged as one of the day’s strongest performing groups. Commonwealth Bank of Australia gained 0.69 percent to hit a round $170.00, Westpac Banking Corp added 0.99 percent to reach $36.90, National Australia Bank climbed 1.11 percent to $40.05, and Australia and New Zealand Banking Group outperformed its peers with a 1.14 percent rally to close at $36.46.

The main drag on market performance came from technology stocks, which collectively slumped 2.57 percent after a weak lead-in from overseas tech markets. Cloud accounting firm Xero led the downturn, dropping 4.31 percent to $70.24. Logistics technology firm WiseTech Global fell 2.00 percent to $33.32, and data center operator NextDC declined 3.16 percent to $13.50.

The escalating exchange of military strikes between the U.S. and Iran dominated market sentiment through the session, driving a near five percent spike in international Brent Crude prices, which rose to just over $79 U.S. per barrel, equal to roughly $113.99 Australian. Iran launched missile and drone attacks on bases linked to the U.S. across Bahrain, Kuwait and Jordan, while the U.S. military carried out coordinated strikes on Iranian military infrastructure, including air defense systems, coastal radar outposts, and missile and drone facilities. Over the weekend, Iran announced it would close the strategically critical Strait of Hormuz, a key chokepoint for 20 percent of global oil supplies, until further notice, though U.S. Central Command confirmed the waterway remained open to transit.

Vivek Dhar, head of commodities and sustainability research at Commonwealth Bank, explained that the oil price jump stemmed from market uncertainty over the future accessibility of the strait. “Over the past week, oil prices have traded in a tight range between $75 U.S. and $80 U.S. per barrel,” Dhar noted. “This price range signals that markets broadly expect the Strait of Hormuz will remain open for oil tanker transit, so investors have heavily discounted Iran’s claims that it has closed the waterway.”

In individual corporate news, fashion retailer City Chic was one of the day’s top performers, with shares surging 27.78 percent to $0.069 after the firm upgraded its underlying earnings before interest, taxes, depreciation, and amortization guidance to a range of $11.5 million to $12.5 million, representing an 80 to 95 percent jump compared to the same period last year. Aged care provider Regis Healthcare fell 2.53 percent to $6.16 after chief financial officer Rick Rostolis announced he would retire at the end of August, capping a more than 40-year career across multiple ASX-listed firms. Outdoor advertising firm Ooh!media jumped 4.07 percent to $1.54 after confirming it had received three non-binding takeover proposals from private equity groups Pacific Equity Partners, I Square Capital, and Oaktree Capital Management. The leading proposal values the firm at $871.6 million. Mining firm Regis Resources slipped 0.92 percent to $60.46 after it announced it would abandon its planned acquisition of junior miner Vault Minerals, clearing the way for rival bidder Genesis Minerals to proceed with its own takeover offer for Vault. Following the announcement, Genesis shares climbed 3.70 percent to $5.88, while Vault Minerals added 0.82 percent to close at $4.91.

Once a rising Australian challenger to global activewear giants Lululemon and Nike, popular inclusive fashion label Stax has formally entered voluntary liquidation, leaving thousands of customers uncertain about unfulfilled orders and unusable gift cards, according to official updates from the Australian Competition and Consumer Commission (ACCC).

The liquidation process comes after National Australia Bank (NAB), Australia’s one of the big four banking groups, appointed receivers from FTI Consulting earlier this year to recover outstanding debt owed by the brand. Following this step, the ACCC confirmed that joint liquidators Brian Silvia and Michael Hird from Cascap Advisory have been appointed to oversee the wind-down of multiple Stax corporate entities. Unlike receivers, whose primary mandate is to recover funds for specific creditors (in this case NAB), liquidators are tasked with selling off all remaining assets of the insolvent business and distributing proceeds evenly across all outstanding creditors.

Founded in 2015 and formally registered in Western Australia in 2017, Stax grew from a small grassroots startup to a major competitor in the global activewear market. The brand built a massive cult following across Australia for its signature “buttery soft” leggings, fashion-forward designs, and industry-leading inclusive sizing, operating both an e-commerce platform and two physical boutique stores in Sydney and Liverpool. At its peak operational height, Stax generated more than AUD 30 million in annual revenue and employed more than 160 workers across the country. Just one month before entering liquidation, Stax’s co-founders Dan and Matilda Murray made a last-ditch effort to keep the business solvent, selling off its retail store assets and luxury personal vehicles including a Lamborghini and a Porsche.

In an official public statement posted to Stax’s website, the brand confirmed that a large number of pending customer orders will not be fulfilled, and the company is no longer able to honor outstanding gift cards or store credit notes. Receivers first took control of Stax operations on June 24 to assess the business and negotiate with key stakeholders to explore options for continued trading, but those talks have not resulted in a rescue deal to date.

Customers who purchased items in pre-sale promotions on or before June 24 face particular uncertainty: the company noted that most pre-ordered goods were not held in domestic stock, instead relying on overseas suppliers to manufacture and ship inventory to Australia. Order fulfillment for these purchases depends on cooperation from the full supply chain, including overseas manufacturers, freight forwarders, and third-party logistics providers, many of which are also owed outstanding payments by Stax. For all other undelivered orders placed before June 24, delivery is similarly contingent on reaching a new agreement with the third-party logistics firm, which is an unsecured creditor of the insolvent Stax group.

At this stage, the business is also unable to process any returns or exchanges for customers, and all unused gift cards and credit notes will not be accepted for future purchases. “We recognise how disappointing this will be for affected customers and we are sorry for the impact this has. Should this position change, we will provide updates promptly,” the statement read. As of the latest update, liquidators are continuing their assessment of the business’s remaining assets and creditor claims, with further updates expected as the wind-down process progresses.

Against a backdrop of ongoing national cost-of-living pressures and shifting economic expectations, new data from Australia’s MLC Real Retirement Report has upended common generational stereotypes, revealing that Generation Z is now the most financially confident cohort in the country — even as they report the highest levels of frustration with their current financial circumstances. The annual report, which surveys thousands of Australians to gauge attitudes toward workforce exit and long-term financial security, draws a nuanced picture of young Australians’ relationship with money: while systemic barriers and early career challenges leave many struggling to hit their savings targets, Gen Z is proactively taking control of their financial futures far earlier than previous generations.

According to the report’s findings, 45% of Gen Z Australians report feeling confident or extremely confident in their personal financial knowledge, outpacing Millennials, Gen X and Baby Boomers by a clear margin. This confidence translates into forward-thinking planning: many Gen Z respondents already expect to retire as early as age 63, and are actively leveraging strategies to grow their retirement savings, including switching superannuation funds to access better returns or lower fees, using salary sacrificing to boost pre-tax contributions, and seeking professional financial guidance tailored to their long-term goals.

Renee Howie, chief customer officer at MLC, attributed Gen Z’s distinct approach to financial planning to the unstable socio-economic environment they have come of age in. Rather than waiting for external systems or employers to secure their retirement, Howie explained, young Australians have embraced personal agency over the factors they can control, most notably their superannuation savings. “They’re not waiting for it to be done to them. They’re actually taking control and wanting to build their financial security for the future themselves,” Howie said in an interview. “There is a lot more control that they have in their super than they might have in other external factors that affect their financial capability today.”

The report also identifies a major shift in core financial priorities for Gen Z: for the first time, financial freedom and retirement security have overtaken home ownership as the primary savings goal for many young Australians. Howie noted that this shift aligns with Gen Z’s focus on autonomy, explaining that financial independence is ultimately a goal centered on control over one’s own life and future. “It means that they have an interest, they’re planning for the long term, they’re making choices around their investments,” she said.

Despite this unprecedented proactivity and confidence, the report also highlights significant challenges facing Gen Z on their path to a comfortable retirement. Only 45% of Gen Z respondents believe they are currently on track to meet their retirement goals, while just 30% have actually started putting aside dedicated retirement savings. Gen Z also reported higher levels of frustration with their current financial situation than any other generation, with 37% saying they feel held back by systemic cost-of-living pressures that make consistent saving difficult.

Still, Howie struck an optimistic tone about Gen Z’s long-term prospects, pointing to the rise of financial influencers (or “finfluencers”) on social media and the expanded availability of free digital financial education tools as game-changing advantages for young people. These resources give Gen Z early access to money management skills that older generations often did not learn until mid-career, creating a foundation for healthy long-term saving habits. “Gen Z also get to see what their peers are doing through the likes of social channels, and so the education is leading them to consider their own circumstance,” Howie said. “Not only are they actively switching member funds, they’re also more predominantly going into products that enable them to have a little bit more control and a little bit more choice.”

In an aggressive push to capture a larger share of the business customer market, Australian and New Zealand hardware retail giant Bunnings has launched PowerPass Pro Rewards, the most comprehensive update to its trade-focused PowerPass loyalty program since 2011. The new tiered rewards scheme, tailored specifically for tradies and small-to-medium-sized enterprises (SMEs), introduces a multi-layered benefits package including in-store credits, fuel rebates, and access to Qantas frequent flyer points for qualifying members. The rollout marks one of the most substantial retail loyalty expansions targeting trade customers in the region in recent years.

The program is structured around six ascending membership tiers: Member, Essential, Plus, Elite, Ultimate, and Black, with increasingly valuable benefits unlocked as members’ annual spending increases. Under the core earning structure, members collect Pro Rewards Dollars that can be redeemed for future purchases at Bunnings: customers who spend $2,000 receive $100 in store credit, with an additional $50 awarded for every extra $1,000 spent. Eligible members also gain access to discounted fuel rates via the Shell Card Lite platform, plus exclusive offers from program partners and a suite of digital business tools.

Qantas Points, one of the program’s most high-value perks, are reserved for members in the top three tiers (Elite, Ultimate, Black), who can earn points through their existing Qantas Business Rewards memberships. A host of additional launch partners have signed on to the scheme beyond Qantas and Shell, including Commonwealth Bank, Ultra Tune, Zeller, Beaumont Tiles, InstantScripts, PointsBuild, and MYOB, expanding the range of extra benefits available to participating businesses.

Bunnings Managing Director Mike Schneider explained that the full program redesign was driven by direct feedback from trade customers, who sought more than just point-of-sale discounts. “PowerPass Pro Rewards is about delivering greater value for our customers today, while creating a platform that allows us to better support them into the future,” Schneider said. “We’ve listened closely to our customers, who told us they wanted more than a discount at the register – they wanted to be recognised for their loyalty and rewarded in ways that genuinely support their business.” He added that the program is designed to deliver value that extends beyond on-the-job expenses: “With fuel discounts, travel rewards, Pro Rewards Dollars and benefits that grow over time, the program will help customers unlock more value from every dollar they spend and use it well beyond the job site.”

The launch also introduces upgraded digital functionality within the existing PowerPass mobile app, allowing members to track their reward progress, spending, and available benefits in real time. Andrew Glance, Chief Executive of Qantas Loyalty and Customer, noted that trade and business customers in construction, repair, and maintenance are already among the most engaged users of Qantas Business Rewards. These groups typically earn 30% more Qantas Points on average than other business users, with most points accumulated through partnered on-the-ground spending like retail purchases. “Our member base is incredibly diverse, ranging from tech start-ups to family-owned construction companies, all looking for ways to reduce their operating costs,” Glance said. “We expect most business members will use the points earned at Bunnings to offset future travel costs, or to reward their hardworking employees.”

To celebrate the nationwide launch, Bunnings will host the PowerPass Pro Challenge event at its Alexandria location in Sydney on Saturday, July 25. Around 60 participants will compete in a series of practical, trade-focused challenges – including a Scan & Go Sprint, toolbox and power tool assessment, paint race, Qantas travel challenge, and Shell Card obstacle course – with progressive eliminations leading to a final head-to-head round. Prizes include three $10,000 fuel vouchers and a collective pool of 900,000 Qantas Points for top competitors.