Australian shares dropped following the release of higher-than-expected CPI figures. Core inflation edged up to 1 per cent in the third quarter, surpassing forecasts. Meanwhile, several of the nation’s largest construction firms, including Hutchies, Richard Crookes, BuildCorp, and Kane, have reported improved full-year earnings, signalling a return to pre-downturn profit levels.
In retail news, Woolworths reported sales figures that management described as “below our aspirations,” despite implementing significant price cuts. The supermarket giant has been under pressure to regain market share from competitors like Coles and Aldi. Elsewhere, Tesla chairwoman Robyn Denholm is campaigning for investor support of CEO Elon Musk’s $1.5 trillion pay package ahead of a shareholder vote on November 6.
In other news, the Albanese government’s $10 billion Housing Australia Future Fund will be subject to an audit amid concerns over project delivery and cost blowouts. Finally, Perth-born architect Richard Hassell is recognised for his pioneering green design work in Singapore, where his firm has transformed the city’s architectural landscape. Woolworths operates a network of supermarkets and retail stores, providing groceries and household goods to consumers. Tesla designs, develops, manufactures, leases and sells electric vehicles, and energy generation and storage systems.