‘We’re just delaying purchases until we have to make them’: Reporting season is well underway

It’s reporting season, and the results so far are showing in which areas Australians are cutting back – and where they’re spending their money.

“So far, they show steady overall performance despite the economic headwinds,” Mumbrella publisher Adam Lang said on the latest Mumbrellacast, speaking of the financial results since so far on the ASX.

“Sectors like mining and banking are strong while there are challenges in retail and technology. BHP and Rio Tinto reported robust profits from continued demand for iron ore. Commonwealth and Westpac showed resilience with strong margins amid the rising interest rates that are present now. Woolworths and Coles showed that they are facing profit margin pressure, and that’s due to increased costs. I think we all know about increased costs of living and shifting consumer spending.”