Woolworths has reported an 18% surge in net profit to $1.14bn as its Disney Ooshies collectibles campaign drove a significant sales acceleration, even as Australian households navigate persistent cost-of-living pressures. The supermarket giant's results, released on Wednesday, show supermarket sales climbed 4.6% in the year to June, with growth accelerating sharply since early July when the Ooshies promotion launched. The company estimates the collectibles program alone accounted for roughly a quarter of the post-July growth rate.
In separate developments, an auditor general report tabled in Victorian parliament has revealed the state government secretly implemented a levy on public transport fares to help fund the Suburban Rail Loop and other major infrastructure projects. Meanwhile, the Future Fund's chief executive announced his departure after the sovereign wealth fund delivered a bumper 14.8% return, and authorities continue searching for a pilot whose aircraft crashed into the sea off the Northern Territory coast.
How did Ooshies transform Woolworths' financial performance?
The Ooshies campaign proved a powerful driver of customer traffic and basket size during its eight-week run from mid-July to mid-August. Woolworths' Australian supermarkets division lifted its profit margin to 5.5% from 5.3%, while pre-tax earnings across the division rose $232m to exceed $2.95bn. Group chief executive Amanda Bardwell told reporters that the promotion attracted shoppers who would not normally visit Woolworths, with some customers deliberately adding items to their baskets to qualify for additional collectibles.
We see some customers who certainly might decide to add a few more items to their basket while they're shopping with us so that they certainly qualify for the extra Ooshie. And then we do have some customers who might not shop with us very frequently, who choose to switch to Woolies during that period.
Bardwell characterised the collectibles as offering
a great opportunity to go beyond the routine shopping experience and create that real surprise, delight, community moment. The campaign's success also lifted Big W, Woolworths' department store chain, back into profitability with pre-tax earnings of $64m, reversing a $33m loss in the prior year.
Will Woolworths repeat the Ooshies promotion regularly?
Despite the campaign's commercial success, Woolworths has signalled it will not run collectibles promotions year-round. Bardwell stated that
collectables will continue to be part of our offer, but we don't offer them 365 days of the year. … we don't think we need to be running them all the time.The company's strategy reflects a deliberate approach to maintaining the novelty and excitement that drives consumer behaviour during limited promotional windows. The Ooshies campaign boosted sales growth by up to 2% compared to the same period in 2025, demonstrating the potency of time-limited collectibles in a competitive retail environment.
However, Big W has experienced a sales decline in the eight weeks since the promotion ended, which Woolworths attributed to ongoing cost-of-living pressures on households, particularly budget-conscious customers, and weaker performance in its everyday product range. This suggests the promotional lift may not have translated into sustained behavioural change for all customer segments.
What hidden funding mechanism did Victoria use for the Suburban Rail Loop?
An auditor general report released on Wednesday morning revealed that the Victorian government implemented a previously undisclosed levy on public transport fares across metropolitan and regional Victoria to help fund the Suburban Rail Loop East and other Big Build projects since 2025. The government and Transport Victoria did not publicly acknowledge this revenue-raising measure in their communications about 2025 and 2026 annual fare increases, and as of June 2026 had still not announced it to the public.
The government and Transport Victoria did not acknowledge the new public transport fare levy in their public communications about the 2025 and 2026 annual fare increases. As at June 2026, they still have not announced it.
The auditor general's report found that the government's funding plan for SRL East lacked transparency and contained uncertain revenue sources, particularly regarding its target of generating one-third of project costs through revenue-raising measures. According to the state revenue office, the government's SRL funding approach includes multiple value-capture mechanisms such as land tax, windfall gains tax, Infrastructure Contributions Plans levy, congestion levy and state-initiated development. The SRL Infrastructure Contributions Plan levy is scheduled to apply from 1 January 2027 in the six SRL precincts, indicating that additional revenue-raising measures remain to be implemented.
What concerns does the auditor raise about project delivery?
The auditor general expressed significant concerns about whether the Suburban Rail Loop will be completed by its 2035 target date. The project has already experienced substantial delays of up to six months on early works, and station contracts have not yet been awarded. Based on available evidence, the auditor assessed the project is more likely than not to exceed its publicly disclosed cost estimate of up to $34.5bn, raising questions about both the timeline and final budget for this multibillion-dollar infrastructure initiative.
When will the hidden levy take effect?
The SRL Infrastructure Contributions Plan levy is due to commence on 1 January 2027 in the six designated SRL precincts. This timing coincides with the expiration of the state's half-price public transport fares scheme, which is scheduled to end on 1 January 2027 after running since 1 June 2026. The transition from temporary fare reductions to new levies represents a significant shift in Victoria's public transport funding model.
Future Fund chief executive Raphael Arndt steps down after record returns
Raphael Arndt has announced his departure as chief executive of the Future Fund, Australia's $290bn sovereign wealth fund, following a bumper financial year that delivered a 14.8% return. Arndt has been with the fund for nearly two decades since its establishment in 2006 to help meet public pension liabilities for government workers. He will remain in the role until the end of the year while the board searches for a successor, after which he will return to the private sector.
The Future Fund's strong performance extended beyond the single-year result. The fund reported a 10-year return of 9% per annum, exceeding its 7.1% target. Greg Combet, chair of the Future Fund board of s, described 2025-26 as one of the best years in the fund's history, noting that
this result has also been achieved while investing in national priority sectors with the board having now committed around $3.5bn of new investment into domestic housing, infrastructure and the energy transition. The Future Fund now has almost $20bn of investment in domestic infrastructure held in our portfolio.
Sydney Harbour tunnel partially reopens after vehicle fire
The Sydney Harbour tunnel has partially reopened following a vehicle fire that initially closed the crossing in both directions. Transport for NSW confirmed that northbound traffic has resumed, though southbound traffic remains closed with vehicles diverted to the Harbour Bridge. Motorists have been advised to allow extra travel time, and bus services are experiencing delays as a result of the incident.
Search continues for pilot missing after aircraft crashes into sea
A maritime search is underway for the pilot of a light aircraft that crashed into the sea off a remote island in the Northern Territory. Air Frontier confirmed that its twin-engined Beechcraft Baron aircraft went missing just before midday on Tuesday after departing Gove airport at Nhulunbuy with only the pilot aboard. The aircraft was scheduled to land at the remote Indigenous community of Numbulwar at 11.50am but failed to arrive.
A witness aboard a vessel reported seeing the plane crash into the sea near Isle Woodah, prompting a search led by Northern Territory police. As of Tuesday evening, no aircraft wreckage or persons had been located. The Australian Transport Safety Bureau has been notified and has initiated an investigation into the incident.
Productivity Commission defends GST report amid Western Australia dispute
Angela Jackson, commissioner of the Productivity Commission, has defended the body's interim report into the Goods and Services Tax, which concluded that the deal with Western Australia to increase its GST share was a costly mistake that should be reversed. Jackson's comments came after Western Australia Premier Roger Cook dismissed critics as "east coast clowns" who did not understand the state, warning that any changes would "rip $6bn out of the Western Australia economy".
Jackson told Radio National that Cook's remarks crossed a line. She stated:
We are aiming, of course, to inform public policy debate, which can often get heated. Our view is that a line was crossed in terms of the nature of those comments from the Western Australian premier last month. We welcome debate and we welcome criticism of our work and our report more broadly because it makes our work stronger. But to undermine and I guess attack our integrity, I think is an additional bridge too far.
Jackson also criticised the Prime Minister's earlier statement that there would be no change to Western Australia's GST share while he remains in power, describing his remarks as "disappointing". She emphasised that
it's important for us to indicate that that process will not be influenced by the prime minister's comments, that we are above politics, and that's a very important position that we hold within the public policy landscape in Australia.
Prime Minister pays tribute to Dolly Parton
Prime Minister Anthony Albanese shared a personal tribute to the late Dolly Parton on Wednesday morning, reflecting on her profound cultural impact and recounting a memorable encounter during his tenure as transport minister. Albanese described Parton as having
made our world a better place in so many ways, characterising her as possessing
a personality as strong as it was compassionate, a vivacious woman of great humour and a sense of humanity sustained in no small part by the humble strength of her roots.
Albanese recalled that in 2011, while serving as transport minister, he learned that Parton was considering cancelling her Australian tour after being informed that her custom tour bus exceeded regulatory size limits for Australian roads. He intervened to resolve the matter, allowing the bus to proceed.
Dolly Parton doesn't like flying around, right? So she has a bus that is larger than the regulations and the bureaucrats say is not allowed on New South Wales roads and on roads in Australia, so I intervened and said 'for goodness sake, surely going from A to B with Dolly Parton's bus [should be allowed]'.
Albanese described meeting Parton at the time as
a magical experience, and noted that
what was even better was seeing her among her legions of local fans.He concluded his tribute by encouraging Australians to celebrate her legacy, writing:
There are a lot of broken hearts in Australia and across the world today. Wherever you are, turn your stereo or your phone to Dolly then turn the volume up.
Northern Territory child protection reforms defended by chief minister
Lia Finocchiaro, chief minister of the Northern Territory, defended controversial changes to child protection laws announced in May, saying the reforms were designed to
strengthen care and protection so that the safety of a child comes first.The government's overhaul replaced the Aboriginal child placement principle with a new framework, a change that prompted the NT's children's commissioner to resign in protest, claiming the Finocchiaro government had "sidelined" her.
Speaking to Radio National on Wednesday, Finocchiaro challenged critics by asking:
I challenge any Australian sitting at home listening to this, what would you do when you are faced with a situation where a child is unsafe? Would you leave them just because that child is Aboriginal? It's not right. Every child, no matter what their background, what their religion, what their race, where they come from or where they live, should be supported to live their very, very best life. And that starts with being safe.She concluded by stating:
So we make no apologies for the care and protection reforms we have implemented.
Northern Territory pushes Beetaloo gas for datacentre power
Finocchiaro maintained that the Northern Territory should retain autonomy to determine its energy policy and mix for datacentre development without federal government intervention. She argued that
ultimately, we don't need the federal government coming in heavy-handed and trying to dictate to states and territories how they should be developing datacentres or not and what energy mix they should be using.
Finocchiaro characterised gas from the Beetaloo basin as an
enormous energy resourcethat should be deployed to support datacentre expansion. She stated:
There is no question that the territory can handle datacentres and rapid investment as a result of the Beetaloo basin. It will actually support and underpin economic growth that we are fighting desperately for.While acknowledging concerns about datacentres in southern states amid the east coast energy crisis, Finocchiaro asserted that
the Northern Territory has the answers to all of those problems. We can properly fuel, we can properly provide the energy in abundance to every Australian, to every datacentre, to every ally that needs it.
Federal minister calls for coordinated datacentre approach
Tim Ayres, federal minister for industry and innovation, has called for a "collaborative approach" among all states and territories regarding datacentre development, but stressed that federal intervention is necessary to prevent a "race to the bottom" on electricity and water standards. Speaking to Radio National Breakfast ahead of a national cabinet meeting on Wednesday, Ayres outlined the stakes:
This is a big challenge and a big opportunity for Australia. If we lean back and miss the opportunity that has negative consequences for our economy, our productivity and our security. If we lean in and get this right as one country with one approach rather than eight different approaches, then that offers the opportunity to make sure that artificial intelligence and datacentres and AI training is harnessed here in the national interest in a coordinated and effective way that makes Australia stronger.
Ayres expressed confidence that federal and state rules would not trigger a major constitutional dispute, stating:
These AI standards are all about making sure that Australia maximises the advantage, maximises the right kind of investment in the right places, and that delivers to support our ambitions to build a modern electricity system for Australia.He indicated he does not believe it is "likely" that constitutional conflict will arise if federal and state regulations on datacentres clash.
What standards will apply to new datacentres?
Prime Minister Anthony Albanese is seeking agreement with national cabinet on new datacentre standards at a meeting scheduled for Wednesday. The proposed rules will require datacentres to avoid increasing power prices by bringing renewable energy to the grid to cover their electricity demands, while meeting their own connection costs and minimising water consumption. Developers will also need to ensure their facilities are appropriately sized and located away from schools, homes, potential housing areas and agricultural land.
Industry observers have warned that planned datacentres around Australia may accelerate their approval processes to avoid the stricter rules being proposed, with growing calls for a moratorium on new projects until standards are finalised.
Greens demand action on gendered violence at national cabinet
Greens leader Larissa Waters has called on Prime Minister Albanese to prioritise the epidemic of violence against women during Wednesday's national cabinet meeting, warning that action is needed
before it's too late.The Greens released a statement noting that Australians have been waiting for progress since a national cabinet meeting convened two years ago specifically to address gendered violence, with many commitments from that event remaining "unfinished or ignored".
