Wesfarmers chief executive Richard Goyder says sales in the retail sector remain sluggish, dashing hopes of a post-election bounce.
“In the last two to three weeks prior to the election there was some impact, probably in discretionary more than non-discretionary,” Goyder says.
“The week after the election was very strong for us, but it went back to normal pretty quickly.
“Australians continue to save, and there seems to be… a fair amount of cash sitting around, so hopefully people will bring their wallets out in the next couple of months.”
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Leighton Holdings subsidiaries leaked tender information in bid to secure contract
According to a report in today’s Australian Financial Review, staff at two Leighton Holdings subsidiaries participated in the theft and leaking of secret tender information as part of a bid to secure a $240 million contract.
It’s the latest in a string of accusations against the construction giant, which include accusations of bribery and cover-up in the Middle East.
Shares modestly up
Meanwhile, the Australian Securities Exchange followed US leads higher this morning.
At 11.30am, the S&P/ASX200 was 0.25% higher to 5368.3, while the broader All Ordinaries index gained 0.23% to 5368.3.
The share market has yet to return to Wednesday’s five-year high.
The Dow Jones Industrial Average is up 0.62% to 15509.21. The Aussie dollar is at US96.26 cents.