RECAP: News and analysis from ASX companies reporting earning season results today

WA mining veteran, Goldfields stalwart and respected community worker Ian Burston has died aged 87.

Mr Burston was best known as the former boss of Hamersley Iron (now part of Rio Tinto) and was also the inaugural chief executive of the KCGM Kalgoorlie Super Pit from 1989 to 1993.

In his latter years, he was active on the boards of numerous WA companies both as a chairman and a director, including Fortescue Metals Group, NRW Holdings, Kogi Iron, Mincor, Cape Lambert Iron Ore, the Broome Port Authority and the former Portman Mining.

NRW Holdings chairman Michael Arnett said the company was saddened to hear of the passing of its inaugural chairman.

“Ian was one of the operational forefathers of the iron ore and gold mining industries in WA,” he said.

Ian’s contribution to what is the backbone industry of WA over at least six decades cannot be underestimated nor will it ever be forgotten.

There hasn’t been a shortfall in the last six years. I don’t believe there will be next year either.

Redbubble shares have plunged after the print-on-demand online marketplace saw a drop in active customers and said its operating expenses could rise as much as 31 per cent.

The Melbourne company reported on Wednesday that revenue dropped 14 per cent to $483 million in the 12 months to June 30, compared to the prior year on a constant currency basis.

The company reported a $24.6 million net loss, compared to a $31.2 million net profit in 2021/22.

“Given our bottom line outcome, we are not at all satisfied with our result for the year,” Redbubble CEO Michael Ilczynski told analysts.

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Small and medium-sized businesses in Western Australia have recorded above average wage growth compared to July last year, new data shows.

According to the Employment Hero SME Index, wages growth for SMEs in WA was up 8.8 per cent from July 2021.

Wages growth for SMEs in New South Wales (8.1 per cent) and Queensland (8.2 per cent) was also above average.

The median hourly rate for employees in July this year was $34 in WA, $35 in NSW, $32.59 in QLD and $37.45 in the ACT.

In all Australian states and territories, SMEs experienced a boost in employment numbers compared to a year ago but in a uniform trend, employee growth since June 2022 marginally declined.

SMEs in WA and the Northern Territory both fell the most at 0.6 per cent, while SMEs in Tasmania and the ACT experienced a contraction of 0.5 per cent.

SMEs in Victoria, South Australia, and Queensland fell 0.4 per cent, with NSW declining the least at 0.3 per cent.

Employment Hero founder and chief executive Ben Thompson said 72.2 per cent of business leaders stated they supported recent wage increases in the company’s June SME Economic Sentiment Survey.

Woodside Energy is collaborating with construction giant BGC and transport and logistics company Centurion on a renewable hydrogen transport project south of Perth.

The proposed hydrogen production, storage and refuelling station – to be located adjacent to the company’s planned H2Perth site in the Rockingham industry zone – on Wednesday received a $10 million grant from the McGowan Government, which will be matched by Woodside.

If given the green light, the so-called Refueller @H2Perth project will support the early adoption of hydrogen vehicles by BGC and Centurion.

BGC intends to buy and operate five to 10 hydrogen concrete agitator trucks, while Centurion plans to operate two hydrogen prime movers.

Woodside has signed conditional, non-binding offtake memorandums of understanding stating its intention to supply hydrogen to the two companies.

The energy giant is targeting start-up at the Refueller in 2024.

The Reserve Bank of New Zealand has raised the official cash rate by 50 basis points to 3 per cent on Wednesday, in a move widely expected by economists.

It marks the RBNZ’s fourth straight 50bp rate hike in a row, in a tightening cycle that started back in October.

The RBNZ has also published a worsening set of forecasts in its August Monetary Policy Statement, believing the official cash rate will peak at 4.1 per cent in March 2023.

The statement noted that higher interest rates were putting pressure on household spending and house prices.

“Committee members agreed that monetary conditions needed to continue to tighten until they are confident there is sufficient restraint on spending to bring inflation back within 1-3 per cent per annum target range,” the RBNZ wrote in the statement.

Additionally, the bank has predicted a higher unemployment rate than its previous forecasts.

Currently at a basement 3.3 per cent, the jobless rate is expected to rise to 4.5 per cent by the end of next year.

Brambles has booked profits from continuing operations of $US930m despite significant inflationary pressures and pallet availability constraints.

Overall profit after tax reached $US593.3m from sales of $US5.56 billion.

“We achieved double-digit underlying profit growth on a constant-currency basis, which highlights the resilient and defensive nature of the business,” said CEO Graham Chipchase.

“This performance is testament to the efficiency and scale of our network and the capabilities of our global teams to respond rapidly in changing market dynamics to support our customers.”

But the company warned that it expects “challenging macroeconomic and operating conditions experienced in FY22 to continue into FY23, with ongoing supply chain disruptions, inflationary pressures and geopolitical unrest leading to increased market uncertainty and volatility in key regions of operation.”

It declared a final dividend of 12 US cents a share, taking total dividends for FY22 to 22.75 US cents.

Treasurer Jim Chalmers has just released an issues paper for next month’s jobs and skills summit, with boosting job security and wages a key focus.

Other topics to be considered are maintaining full employment and growing productivity, lifting participation and reducing barriers to employment, skills, training and migration and maximising opportunities in future industries.

“There is an overarching focus on women’s experiences of the labour market and the challenge of ensuring women have equal opportunities and equal pay,” Dr Chalmers said.

“I am really pleased to see many employers, unions and other groups already making constructive contributions in the lead-up to the summit.”