Finance

Wesfarmers chief says post-election boost was a temporary blip: Midday Roundup

Myriam Robin /

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.”

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.

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Myriam Robin

Myriam Robin is a reporter for SmartCompany and its sister site LeadingCompany. She has degrees in economics, international studies and journalism. She likes writing about businesses taking risks and doing new things.

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