Company profits fell 7.6% in the quarter to December 2012 compared to the year before, according to new research by the Australian Bureau of Statistics.
The fall was greater than analysts expected – most had expected profits to fall just 0.9%.
Gross operating profits fell 1% over the same period
Despite profits decreasing, wages and salaries increased 4.8% last year and 1.4% for the December quarter, placing further pressure on businesses.
ABOUT THE AUTHOR
Myriam Robin is a reporter for SmartCompany and its sister site LeadingCompany. She has degrees in economics, international studies and journalism. She likes writing about businesses taking risks and doing new things.
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