According to The Australian Financial Review, more than halfway through the earnings season, corporate Australia is shrugging off the gloom of the COVID-19 pandemic, delivering improving profits and looking to the future with more optimism.
Results this week from the three big iron ore miners, big banks, healthcare companies and a swathe of retailers and fast food firms serving the stay-at-home lifestyle point to a corporate sector returning to health after 2020’s lockdowns and restrictions.
Miners are benefiting from strong demand from Chinese steel mills and the energy transition. The stay-at-home economy is booming because of extra pantry stocking, and heavy investment in mini home renovations and DIY projects funnelling vast amounts of cash to retailers exposed to those sectors. That cash would normally have been applied to overseas travel and eating out at restaurants.
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