It is just the second loss Australia Post has recorded since becoming a government business enterprise in 1989 and sets the scene for an overhaul of the group’s operations, particularly on letter delivery.
Australia Post has swung to a $200 million pre-tax loss for 2023 thanks to the continued decline of snail mail, with chief executive Paul Graham warning more losses are on the way unless there is a rethink on how the group delivers its services.that it would record a loss this year, revealed the scale of the damage on Thursday morning when it confirmed it had recorded a full-year loss of $200.3 million, down from a $55.3 million profit in 2022.
“The delivery frequency of letters remains one of the most significant costs to the business,” the carrier said in a statement on the full-year numbers.Australia Post also flagged the possibility of increasing losses across its corporate post office network as foot traffic into stores declines. The numbers, which represent just the second loss Australia Post has recorded since becoming a government business enterprise in 1989, set the scene for possible major overhauls to Australia Post’s footprint and services, with the government undertaking a review into modernising the postal service with a view of keeping it sustainable.Graham was clear on Thursday that the group needed the support of government to ensure it was sustainable for the long term.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australia Post swings to $200 million loss as snail mail declinesIt is just the second loss Australia Post has recorded since becoming a government business enterprise in 1989 and sets the scene for an overhaul of the group’s operations, particularly on letter delivery.
Read more »
Australia Post swings to $200 million loss as snail mail declinesIt is just the second loss Australia Post has recorded since becoming a government business enterprise in 1989 and sets the scene for an overhaul of the group’s operations, particularly on letter delivery.
Read more »
Australia Post delivers $200m loss, sinks into redThe government-owned business enterprise says losses are forecast to continue unless services are drastically cut back.
Read more »
Australia Post delivers $200m loss, just its second in 30 yearsThe company recorded a steady $8.97 billion in group revenue but a significant $200.3 million in losses before tax in the 2023 financial year.
Read more »
Frozen Redcape sells Queensland pubs for $28m to Star GroupThe buyer of the Aspley Hotel in Brisbane and The Grove Hotel in Mackay is understood to be Star Group, which turns over more than $200 million a year.
Read more »
Australia news live: PM rules out legislating voice if yes fails; Australia Post to reveal huge lossFollow live
Read more »