The Australian share market experienced a slight dip near midday AEST, even as certain stocks saw significant gains. Qantas shares soared following the airline’s report of a 15 per cent increase in profit, marking its second-highest profit ever. Qantas is a major Australian airline known for its domestic and international services. The company’s budget carrier, Jetstar, was specifically highlighted for its contribution to the group’s overall performance.
In other news, Treasurer Jim Chalmers announced the removal of approximately 500 nuisance tariffs. These levies, which were previously imposed on goods such as tyres, televisions, and wine glasses, have now been eliminated. This move is expected to reduce costs for businesses and consumers.
Wesfarmers, the conglomerate behind Bunnings and Kmart, announced the upcoming retirement of its chairman. Ken MacKenzie, former chairman of BHP, will be taking over the position. Additionally, Wesfarmers revealed a special dividend for its shareholders. Elsewhere, ChatGPT maker OpenAI is set to establish its first Australian office in Sydney, signalling further expansion for the artificial intelligence company.
