Turnbull warns on gas crisis … Kathmandu profits jump 13% … Companies could face gender quotas for boards

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Former prime minister Malcolm Turnbull at the 199th Birthday lunch for the Westpac Banking Group in 2016. Source: AAP/Dean Lewins.

Prime Minister Malcolm Turnbull has warned Australia’s gas supply crisis will have significant lasting impacts, after receiving reports that supply issues are three times worse than previously thought.

Turnbull said on Monday increasing gas prices are a major contributing factor to the rise in electricity costs, and highlighted that reports from the Australian Competition and Consumer Commission and the Australian Energy Market Operator suggest demand for gas across the east cost of Australia will be significantly higher than previously anticipated, reports Fairfax.

“It’s estimated there will be a shortfall … of around 110 petajoules of gas – more than three times the figure we were advised earlier in the year,” he said.

The Prime Minister has called on the major producers to shore up supply for the local market in coming months.

Kathmandu profits up 13.5%

Outdoor adventure retailer Kathmandu has posted a net profit after tax of $38 million for 2017, an increase of 13.5% on last year.

Sales across the store network were up 4.6% to $445.3 million, with the company boasting an eight percent increase in sales through its Australian stores.

However, the closure of three of four UK stores resulted in less positive news for the retailer: “international” sales were down 53% and now amount to just $NZ2.5 million ($3.15 million).

Australian boards unlikely to hit gender targets

Australian listed companies are still a way off from reaching targets to get 30% female representation on company boards by 2018, according to the latest statistics.

The Australian Institute of Company Directors’ (AICD) latest figures on the makeup of company boards reveal that at the end of August, women made up only 25.4% of company directors at public companies.

This is only 0.1% higher than the 25.3% reported at the end of 2016, and AICD chief executive Elizabeth Proust says gender quotas are still on the table, reports the ABC. 

“Quotas are not on the table for now, but clearly all options will need to be considered,” she told the ABC’s AM program.

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