AACo operating profit lifts 14 per cent to 58.4 million
Australian Agricultural Company Chief Executive David Harris says demand for Australian beef is 'building' globally.
Australia's oldest and biggest cattle producer, AACo, has had a strong year, notwithstanding the threat of US tariffs on Australian beef exports and the threat from the Greens to ban live cattle exports.
The company said on Thursday operating profit was $58.4 million, up 14 per cent, with revenue growing 15 per cent to almost $388 million.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News AU
42 minutes ago
- Sky News AU
NT cattlemen dealt blow in compensation push over Gillard government live export ban after judge shoots down $600 million claim
Northern Territory cattlemen have been dealt a blow in their bid for compensation over the Gillard government's decision to ban live cattle exports in 2011. The federal court has ruled the government is only liable for the loss of income suffered in one year, not three years as sought by the cattlemen. Former Labor agriculture minister Joe Ludwig announced the ban on June 7, 2011. It was lifted on July 6 the same year, but cattlemen argued the impact of the decision lasted far longer as the relationship between Australia and Indonesia soured. The ban followed an investigation by Animals Australia and Four Corners into the treatment of cattle in Indonesian abattoirs, that prompted large protest rallies in Melbourne and Sydney. The cattlemen launched a class action over the decision arguing it had cost them up to $600 million across the supply chain. In 2020, Federal Court justice Steven Rares ruled in favour of the lead applicant, the Brett Cattle Company. Justice Rares found Senator Ludwig had acted recklessly when he implemented the ban, as he awarded the company $2.94 million in damages. For the past five years, the cattlemen and the federal government have been locked in legal argument about how much compensation should be paid to the other members of the class action. The government made an offer of $215 million to settle the case, saying the ban had only affected the export of about 88,000 head of cattle in 2011. The cattlemen rejected the offer, arguing the ban impacted the number of cattle Indonesia would except from 2011 until 2013 as they sought up to $600 million in compensation. But late on Thursday, Justice Thomas Thawley ruled the quota of cattle accepted by Indonesia had only been impacted in 2011. He said a drop in the quota in 2012 and 2013 was due to the Indonesian government's policy to pursue greater self-sufficiency in its beef market, not because of the fallout from the Australian government's 2011 ban. His decision means the amount of compensation awarded is likely to be closer to the government's $215 million offer, than the $600 million the cattlemen had sought. Justice Thawley placed a 48-hour embargo on the publication of the full reasons for his decision. In a statement NT Cattlemen's Association chief executive officer Romy Carey acknowledged the court's decision. 'While the judgment marks a significant milestone in a legal battle that has spanned more than a decade, we are still working through the detail and assessing its full implications both for the families directly affected and the wider cattle industry,' she said. 'At the request of the Commonwealth, the Federal Court has placed the reasons for judgment under a 48-hour embargo. 'Accordingly, we have not yet been provided with access to the full decision and will refrain from further comment until we are in a position to respond responsibly and with the complete facts before us.'
AU Financial Review
an hour ago
- AU Financial Review
Shein shifts Australian marketplace to Singapore, raising tax question
Shein, the Chinese online fast fashion giant that has expanded rapidly with low prices and an enormous range of merchandise, has set up a new vehicle in Singapore that will run its Australian marketplace, raising questions about whether the company will use the structure to avoid goods and services taxes. The new entity is known as Wonderflow Support, and will support the company's broader business, Shein said. Shein has one of the most downloaded mobile apps in the world and has grown quickly as a favoured destination for online shoppers, in particular Gen Z consumers.
The Advertiser
an hour ago
- The Advertiser
State budget targets police numbers, new housing
HIGHLIGHTS OF THE SOUTH AUSTRALIAN BUDGET LAW AND ORDER *$172 million for 326 extra police by 2030-31 *$46.8 million for red light, mobile phone and point-to-point cameras *$72.4 million over five years for 116 extra prison beds *$24 million for prosecutions staff, forensic testing, more sheriff's officers and child protection legal work *$29.6 million for 98 extra regional police security officers by 2028-29 SUPPORTING THE ECONOMY *$650 million Whyalla steelworks package *$73.4 million drought support package *$50 million venture capital fund *$30 million national collaborative research infrastructure strategy *$20 million powering business grants *$19.6 million defence sector support HOUSING *$552 million to directly support the construction of 2935 homes in northern, southern and central Adelaide and help vulnerable people find housing HEALTH *An extra $1.9 billion over five years to support increased capacity in hospitals, including $117 million for mental health services, $77 million for state cancer network, $45 million for a new Mt Barker Hospital and $42.9 million to support older people to transition to residential aged care to reduce bed block INFRASTRUCTURE *$27.3 billion over four years for major projects, including joint federal projects such as the $15.4 billion South Rd tunnels to complete the North-South transport corridor and the $3.2 billion new Women's and Children's Hospital *$656.3 million for high-productivity vehicle network over 10 years for upgrades between the South Eastern Freeway and the Sturt Highway *$250 million to remove the Curtis Rd level crossing at Munno Para, to reduce traffic congestion in the northern suburbs *$80 million over five years for Main South Rd safety upgrades between Myponga and Yankalilla EDUCATION *$70 million for a Birth-Year 6 school in Adelaide's north, with 60 preschool places and 400 school places *$40 million for heating and cooling upgrades at schools. *$27.7 million over four years to fast track the rollout of three-year-old preschool, with an extra 2000 places available from 2026 *$171 million for low interest loans for non-government schools and not for profit early childhood care providers to build capacity for three-year-old preschool COST OF LIVING *$20.7 million over four years to cut the cost of bus and train 28-day passes to $10 a month, a saving of $18.60 a month, equating to 25-cent fares for school travel ENVIRONMENT *$71.1 million over three years for River Murray measures to remove barriers to the delivery of environmental water to floodplains and wetlands *$20.9 million over three years for councils to reduce reliance on River Murray water by investing in alternative water resources and infrastructure *$14 million for replenishment of sand on Adelaide beaches REGIONS *$45 million for emergency fruit fly response *$44 million over four years to replace a coastal research vessel *$11.8 million over five years for biosecurity response measures HIGHLIGHTS OF THE SOUTH AUSTRALIAN BUDGET LAW AND ORDER *$172 million for 326 extra police by 2030-31 *$46.8 million for red light, mobile phone and point-to-point cameras *$72.4 million over five years for 116 extra prison beds *$24 million for prosecutions staff, forensic testing, more sheriff's officers and child protection legal work *$29.6 million for 98 extra regional police security officers by 2028-29 SUPPORTING THE ECONOMY *$650 million Whyalla steelworks package *$73.4 million drought support package *$50 million venture capital fund *$30 million national collaborative research infrastructure strategy *$20 million powering business grants *$19.6 million defence sector support HOUSING *$552 million to directly support the construction of 2935 homes in northern, southern and central Adelaide and help vulnerable people find housing HEALTH *An extra $1.9 billion over five years to support increased capacity in hospitals, including $117 million for mental health services, $77 million for state cancer network, $45 million for a new Mt Barker Hospital and $42.9 million to support older people to transition to residential aged care to reduce bed block INFRASTRUCTURE *$27.3 billion over four years for major projects, including joint federal projects such as the $15.4 billion South Rd tunnels to complete the North-South transport corridor and the $3.2 billion new Women's and Children's Hospital *$656.3 million for high-productivity vehicle network over 10 years for upgrades between the South Eastern Freeway and the Sturt Highway *$250 million to remove the Curtis Rd level crossing at Munno Para, to reduce traffic congestion in the northern suburbs *$80 million over five years for Main South Rd safety upgrades between Myponga and Yankalilla EDUCATION *$70 million for a Birth-Year 6 school in Adelaide's north, with 60 preschool places and 400 school places *$40 million for heating and cooling upgrades at schools. *$27.7 million over four years to fast track the rollout of three-year-old preschool, with an extra 2000 places available from 2026 *$171 million for low interest loans for non-government schools and not for profit early childhood care providers to build capacity for three-year-old preschool COST OF LIVING *$20.7 million over four years to cut the cost of bus and train 28-day passes to $10 a month, a saving of $18.60 a month, equating to 25-cent fares for school travel ENVIRONMENT *$71.1 million over three years for River Murray measures to remove barriers to the delivery of environmental water to floodplains and wetlands *$20.9 million over three years for councils to reduce reliance on River Murray water by investing in alternative water resources and infrastructure *$14 million for replenishment of sand on Adelaide beaches REGIONS *$45 million for emergency fruit fly response *$44 million over four years to replace a coastal research vessel *$11.8 million over five years for biosecurity response measures HIGHLIGHTS OF THE SOUTH AUSTRALIAN BUDGET LAW AND ORDER *$172 million for 326 extra police by 2030-31 *$46.8 million for red light, mobile phone and point-to-point cameras *$72.4 million over five years for 116 extra prison beds *$24 million for prosecutions staff, forensic testing, more sheriff's officers and child protection legal work *$29.6 million for 98 extra regional police security officers by 2028-29 SUPPORTING THE ECONOMY *$650 million Whyalla steelworks package *$73.4 million drought support package *$50 million venture capital fund *$30 million national collaborative research infrastructure strategy *$20 million powering business grants *$19.6 million defence sector support HOUSING *$552 million to directly support the construction of 2935 homes in northern, southern and central Adelaide and help vulnerable people find housing HEALTH *An extra $1.9 billion over five years to support increased capacity in hospitals, including $117 million for mental health services, $77 million for state cancer network, $45 million for a new Mt Barker Hospital and $42.9 million to support older people to transition to residential aged care to reduce bed block INFRASTRUCTURE *$27.3 billion over four years for major projects, including joint federal projects such as the $15.4 billion South Rd tunnels to complete the North-South transport corridor and the $3.2 billion new Women's and Children's Hospital *$656.3 million for high-productivity vehicle network over 10 years for upgrades between the South Eastern Freeway and the Sturt Highway *$250 million to remove the Curtis Rd level crossing at Munno Para, to reduce traffic congestion in the northern suburbs *$80 million over five years for Main South Rd safety upgrades between Myponga and Yankalilla EDUCATION *$70 million for a Birth-Year 6 school in Adelaide's north, with 60 preschool places and 400 school places *$40 million for heating and cooling upgrades at schools. *$27.7 million over four years to fast track the rollout of three-year-old preschool, with an extra 2000 places available from 2026 *$171 million for low interest loans for non-government schools and not for profit early childhood care providers to build capacity for three-year-old preschool COST OF LIVING *$20.7 million over four years to cut the cost of bus and train 28-day passes to $10 a month, a saving of $18.60 a month, equating to 25-cent fares for school travel ENVIRONMENT *$71.1 million over three years for River Murray measures to remove barriers to the delivery of environmental water to floodplains and wetlands *$20.9 million over three years for councils to reduce reliance on River Murray water by investing in alternative water resources and infrastructure *$14 million for replenishment of sand on Adelaide beaches REGIONS *$45 million for emergency fruit fly response *$44 million over four years to replace a coastal research vessel *$11.8 million over five years for biosecurity response measures HIGHLIGHTS OF THE SOUTH AUSTRALIAN BUDGET LAW AND ORDER *$172 million for 326 extra police by 2030-31 *$46.8 million for red light, mobile phone and point-to-point cameras *$72.4 million over five years for 116 extra prison beds *$24 million for prosecutions staff, forensic testing, more sheriff's officers and child protection legal work *$29.6 million for 98 extra regional police security officers by 2028-29 SUPPORTING THE ECONOMY *$650 million Whyalla steelworks package *$73.4 million drought support package *$50 million venture capital fund *$30 million national collaborative research infrastructure strategy *$20 million powering business grants *$19.6 million defence sector support HOUSING *$552 million to directly support the construction of 2935 homes in northern, southern and central Adelaide and help vulnerable people find housing HEALTH *An extra $1.9 billion over five years to support increased capacity in hospitals, including $117 million for mental health services, $77 million for state cancer network, $45 million for a new Mt Barker Hospital and $42.9 million to support older people to transition to residential aged care to reduce bed block INFRASTRUCTURE *$27.3 billion over four years for major projects, including joint federal projects such as the $15.4 billion South Rd tunnels to complete the North-South transport corridor and the $3.2 billion new Women's and Children's Hospital *$656.3 million for high-productivity vehicle network over 10 years for upgrades between the South Eastern Freeway and the Sturt Highway *$250 million to remove the Curtis Rd level crossing at Munno Para, to reduce traffic congestion in the northern suburbs *$80 million over five years for Main South Rd safety upgrades between Myponga and Yankalilla EDUCATION *$70 million for a Birth-Year 6 school in Adelaide's north, with 60 preschool places and 400 school places *$40 million for heating and cooling upgrades at schools. *$27.7 million over four years to fast track the rollout of three-year-old preschool, with an extra 2000 places available from 2026 *$171 million for low interest loans for non-government schools and not for profit early childhood care providers to build capacity for three-year-old preschool COST OF LIVING *$20.7 million over four years to cut the cost of bus and train 28-day passes to $10 a month, a saving of $18.60 a month, equating to 25-cent fares for school travel ENVIRONMENT *$71.1 million over three years for River Murray measures to remove barriers to the delivery of environmental water to floodplains and wetlands *$20.9 million over three years for councils to reduce reliance on River Murray water by investing in alternative water resources and infrastructure *$14 million for replenishment of sand on Adelaide beaches REGIONS *$45 million for emergency fruit fly response *$44 million over four years to replace a coastal research vessel *$11.8 million over five years for biosecurity response measures
