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Home News Australia Post’s big loss leaves Fahour begging for reform
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TAGS Ahmed Fahour, Australia Post
Australia Post has reached a “tipping point”, says Ahmed Fahour, as the national mail carrier announces an expected loss for the financial year. The CEO wants government permission to jack up prices.
Australia Post is expecting to make its first annual loss since 1982 — before it was corporatised — as letter volumes fall off a cliff, the government-owned corporation has announced.
Post is struggling to contain losses as the decline in letters being sent accelerated to 8.2% year-on-year, despite parcel services revenue and business parcel volumes rising by 4% and 5% respectively.
Although Australia Post reported a first-half financial year profit after tax of $98 million, it’s expected this will become a loss over the quieter second half of the year. Letters services lost $151 million, a deterioration of 57% on the first half of last financial year.
CEO and Managing Director Ahmed Fahour used the announcement to push for regulatory reform of its letters service to help stem the losses. He said in a statement:
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David Donaldson is a journalist at The Mandarin based in Melbourne. He's previously written for The Guardian and Crikey and holds a masters in international relations.
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