Latest news with #BusinessWeekend
Sky News AU
2 days ago
- Business
- Sky News AU
Beach Energy boss Brett Woods slams Victoria's gas policy after Santos CEO Kevin Gallagher likens state to North Korea
Another CEO of a major Australian energy company has torn into the Victorian government's gas policy after the state was compared to North Korea last week. Victoria's handling of gas development and the state government's attitude towards investment came under fire when Santos chief executive Kevin Gallagher lashed out at a conference in Brisbane. 'If I think about Queensland, South Australia, Western Australia – these are very supportive, very development-friendly jurisdictions,' Mr Gallagher said. 'Victoria? North Korea. They're different altogether.' On the sidelines of the same conference, Beach Energy CEO Brett Woods said getting gas projects approved in Victoria had 'been a challenge'. 'Victoria still have had quite a negative policy in terms of what the role of gas is in the state,' Mr Woods said on Sky News' Business Weekend. 'I think the recognition now, with industry shutting down and foreclosures and other things, (is) that they need more gas. 'We're ready to help, we just want to get after our projects so we can move them forward.' Victoria continues to be the most gas-dependent state in the country as the fuel is critical for warming homes and businesses during winter. However, a green energy focus, depleting offshore gas supplies and historical moratorium banning gas exploration, which was lifted in 2022, means Victoria faces looming shortfalls and may have to begin importing liquefied natural gas in the coming years. Mr Woods said red tape and delays meant it took more than 40 approvals to get a single gas well online in Victoria. 'That was challenging. It took considerable time,' he said. 'That really challenges our ability to continue to explore and invest. I think in recent months we've seen positive energy out of Victoria to see more gas, so that's been great. 'But when you have these challenges, it's hard to bring shareholders and boards along to the journey about deploying company capital.' Victoria was formerly a major gas powerhouse and exported the fuel source to NSW and South Australia, however, concerns about the future of gas in the state are now common. The Australian Competition and Consumer Commission earlier this year warned about winter shortfalls in south-eastern states, while the Australian Energy Market Operator (AEMO) projects shortfalls during peak demand from 2028. AEMO also forecasted annual supply gaps from 2029. While some smaller players look for gas onshore, the major players are avoiding this and looking towards more development of offshore gas. ExxonMobil and Woodside have recently approved a $350m investment to launch new drilling projects in the Bass Strait, while ConocoPhillips will spend more than $100m on drilling two exploration wells in the area.
Sky News AU
3 days ago
- Business
- Sky News AU
Labor's unrealised gains tax sparking 'real panic' for small businesses, Chartered Accountants ANZ's Tony Negline warns
There is a 'real panic' over Labor's plan to double the tax rate on super funds above $3 million and target unrealised capital gains, a leading self-managed super fund expert has declared. Join to watch the full interview on Business Weekend at 11am (AEST). Labor's plan to hit unrealised capital gains has sparked concerns amongst small business owners and farmers who hold assets in their SMSFs. If the change is legislated, they will be forced to pay 30 per cent tax on the assets' increase above the $3m threshold despite not reaping the paper gain from it. Chartered Accountants ANZ's super and financial services leader Tony Negline said 70 per cent of his company's members did not favour the policy, with many concerned about the taxing of unrealised gains. 'We think unrealised gains is a major issue,' Mr Negline said. 'It's a terrible issue for farmers because the value of farm properties, in some cases, is going up dramatically, but the increase in cash flow is not matching that. 'So they're then saying, 'How do I pay this tax bill?' 'Small businesses, such as farmers (or) any small business that has their commercial property in their self-managed fund, has got real concerns. 'One of our members described to me yesterday, in some cases, there's a real panic.' Alongside concerns from farmers and small businesses about the tax, others have warned this will hurt startups. Wilson Asset Management's founder Geoff Wilson said investment will tighten and move away from the high-risk sector. 'People will move away from taking risks. They'll restructure their investments. It could be more money into the family home or their children's homes or their primary place of residence or their grandchildren's homes," Mr Wilson told 'More money away from risk capital and supporting corporate Australia - small and medium-sized companies in corporate Australia. It's the lifeblood of Australia.' After Labor's sweeping election victory, the Albanese government now only needs the support of the Greens to get the super tax legislation through the Senate. The Greens called for the threshold to be lowered to $2m, but indexed over time. Labor has tried to get the legislation through the Senate multiple times, at one point attempting to link it with a bill which would have scrapped debit card surcharges and reduce surcharges on credit cards. However, it was opposed by Senators David Pocock and Jacqui Lambie, who joined forces with the Coalition to defeat the proposals.
Perth Now
26-05-2025
- Business
- Perth Now
‘I don't apologise': Bunnings boss responds
Wesfarmers chief executive Rob Scott has hit back at an ABC Four Corners documentary accusing Bunnings of pressuring suppliers, stifling competition and inflating prices, saying he 'does not apologise for trying to build a successful business'. The episode aired last week and put the beloved Australian hardware giant under scrutiny, highlighting supplier complaints and examining the chain's $19bn revenue and $3.2bn profit in 2024, figures that equate to a 16.8 per cent profit margin, nearly double that of supermarket giants Woolworths and Coles. Speaking on Sky News' Business Weekend, Mr Scott defended Bunnings' operations and rejected the suggestion that the company engaged in unfair practices. 'We pay our team members more than well above the award rates, the relationships we have with our thousands of suppliers are very strong and longstanding,' Mr Scott said. Bunnings Warehouse has been accused of stifling competition and inflating prices. NewsWire / Andrew Henshaw Credit: News Corp Australia 'Now, occasionally, businesses make mistakes and when they do make a mistake, it's important that they own it and face into it.' Mr Scott also acknowledged that Bunnings' presence in certain retail precincts could put pressure on competitors but maintained this was ultimately a benefit to customers. 'There is pressure on the competition, but at the end of the day someone has to be there for the customer, right?' he said. 'Someone has to offer great value to customers and remembering as well that I don't apologise for trying to build a successful business in Bunnings.' He added that the company was contending with major global retailers and remained focused on maintaining local jobs and opportunities. 'We are fighting tooth and nail against some very big and fierce international competitors in the retail space and we would rather that those jobs and those opportunities stay within Bunnings,' he told Sky News. Wesfarmers chief executive Rob Scott said he 'does not apologise for trying to build a successful business'. Credit: Supplied The ABC report also flagged concerns from suppliers who alleged the company marked up products significantly to boost profits, with critics claiming Bunnings' pricing strategy was misleading. In response, Bunnings said its margins weren't directly comparable with supermarkets because of the nature of its stock and slower product turnover. Bunnings' business practices are also expected to come under further scrutiny as part of a federal Senate inquiry into the market power of so-called 'big box' retailers, including Ikea and Costco. In a statement following the Four Corners broadcast, Bunnings managing director Mike Schneider said the company 'strongly rejects any suggestions made in the program that we engage in anti-competitive behaviour, bullying, underpayment of our team or that we seek to limit consumer choice or the application of our price guarantee. 'We want to reaffirm our commitment to the values that have guided our business for decades which is in direct contrast to the characterisations made by the ABC.'
West Australian
26-05-2025
- Business
- West Australian
‘I don't apologise': Bunnings boss responds to ABC claims
Wesfarmers chief executive Rob Scott has hit back at an ABC Four Corners documentary accusing Bunnings of pressuring suppliers, stifling competition and inflating prices, saying he 'does not apologise for trying to build a successful business'. The episode aired last week and put the beloved Australian hardware giant under scrutiny, highlighting supplier complaints and examining the chain's $19bn revenue and $3.2bn profit in 2024, figures that equate to a 16.8 per cent profit margin, nearly double that of supermarket giants Woolworths and Coles. Speaking on Sky News' Business Weekend, Mr Scott defended Bunnings' operations and rejected the suggestion that the company engaged in unfair practices. 'We pay our team members more than well above the award rates, the relationships we have with our thousands of suppliers are very strong and longstanding,' Mr Scott said. 'Now, occasionally, businesses make mistakes and when they do make a mistake, it's important that they own it and face into it.' Mr Scott also acknowledged that Bunnings' presence in certain retail precincts could put pressure on competitors but maintained this was ultimately a benefit to customers. 'There is pressure on the competition, but at the end of the day someone has to be there for the customer, right?' he said. 'Someone has to offer great value to customers and remembering as well that I don't apologise for trying to build a successful business in Bunnings.' He added that the company was contending with major global retailers and remained focused on maintaining local jobs and opportunities. 'We are fighting tooth and nail against some very big and fierce international competitors in the retail space and we would rather that those jobs and those opportunities stay within Bunnings,' he told Sky News. The ABC report also flagged concerns from suppliers who alleged the company marked up products significantly to boost profits, with critics claiming Bunnings' pricing strategy was misleading. In response, Bunnings said its margins weren't directly comparable with supermarkets because of the nature of its stock and slower product turnover. Bunnings' business practices are also expected to come under further scrutiny as part of a federal Senate inquiry into the market power of so-called 'big box' retailers, including Ikea and Costco. In a statement following the Four Corners broadcast, Bunnings managing director Mike Schneider said the company 'strongly rejects any suggestions made in the program that we engage in anti-competitive behaviour, bullying, underpayment of our team or that we seek to limit consumer choice or the application of our price guarantee. 'We want to reaffirm our commitment to the values that have guided our business for decades which is in direct contrast to the characterisations made by the ABC.'
Yahoo
26-05-2025
- Business
- Yahoo
‘I don't apologise': Bunnings boss responds
Wesfarmers chief executive Rob Scott has hit back at an ABC Four Corners documentary accusing Bunnings of pressuring suppliers, stifling competition and inflating prices, saying he 'does not apologise for trying to build a successful business'. The episode aired last week and put the beloved Australian hardware giant under scrutiny, highlighting supplier complaints and examining the chain's $19bn revenue and $3.2bn profit in 2024, figures that equate to a 16.8 per cent profit margin, nearly double that of supermarket giants Woolworths and Coles. Speaking on Sky News' Business Weekend, Mr Scott defended Bunnings' operations and rejected the suggestion that the company engaged in unfair practices. 'We pay our team members more than well above the award rates, the relationships we have with our thousands of suppliers are very strong and longstanding,' Mr Scott said. 'Now, occasionally, businesses make mistakes and when they do make a mistake, it's important that they own it and face into it.' Mr Scott also acknowledged that Bunnings' presence in certain retail precincts could put pressure on competitors but maintained this was ultimately a benefit to customers. 'There is pressure on the competition, but at the end of the day someone has to be there for the customer, right?' he said. 'Someone has to offer great value to customers and remembering as well that I don't apologise for trying to build a successful business in Bunnings.' He added that the company was contending with major global retailers and remained focused on maintaining local jobs and opportunities. 'We are fighting tooth and nail against some very big and fierce international competitors in the retail space and we would rather that those jobs and those opportunities stay within Bunnings,' he told Sky News. The ABC report also flagged concerns from suppliers who alleged the company marked up products significantly to boost profits, with critics claiming Bunnings' pricing strategy was misleading. In response, Bunnings said its margins weren't directly comparable with supermarkets because of the nature of its stock and slower product turnover. Bunnings' business practices are also expected to come under further scrutiny as part of a federal Senate inquiry into the market power of so-called 'big box' retailers, including Ikea and Costco. In a statement following the Four Corners broadcast, Bunnings managing director Mike Schneider said the company 'strongly rejects any suggestions made in the program that we engage in anti-competitive behaviour, bullying, underpayment of our team or that we seek to limit consumer choice or the application of our price guarantee. 'We want to reaffirm our commitment to the values that have guided our business for decades which is in direct contrast to the characterisations made by the ABC.'
