Our top business yarns in 2024 that got readers fired up
We’ve had some big yarns this year, from energy to the retail sector, namely Woolworths and Coles. And of course pensions and tax, plus the latest mishaps and shenanigans at the ABC.
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It has been a huge year for business news, led by many issues across the energy, retail and media sectors. A year many bosses would like to forget. We’ve compiled a list of the top yarns that attracted lots of comments from our trusty and tenacious readers.
Victoria’s power outage and energy woes
Energy and skyrocketing costs has been huge news all year. Our yarn in February on AGL Energy restoring full operations at its Loy Yang coal power station within 24 hours after a major storm left some 500,000 homes and businesses without power attracted a lot of interest. It was the most talked about business yarn of 2024, with a whopping 2566 comments. Here’s some of your feedback.
“The Victorian Liberal Party are worse than the Labor/Green Party when it comes to emissions reduction targets.”
“I am hopeful that the future of power generation in this country will be the compulsory rostering on of all green and teal voters onto banks of bikes to provide pedal power to atone for their sin of wilfully and willingly destroying our power grid. Cycle clips and bananas provided.”
“A glimpse of the future When Minister Bowen forces his insane net zero target and shuts down all the coal stations. We will be relying on sunny days, strong winds every day and bajillions of batteries and solar panels to power homes, factories, trucks, cars etc. Sheer madness.”
Another popular yarn was about gas shortages in Victoria and one of Australia’s biggest manufacturers Orica warning in June it will slash jobs and close factories if supplies remain short.
As the political battle rages over Australia’s energy policy, there are also concerns about supplies from wind farms, with output slumping to a five-year low. Here’s what you had to say.
“This mad government has spent many hundreds of billions yep billions to destroy our grid with their stupid ideology. Turf them. Coal, like China, is fine.”
“Stupid Andrews! Stupid Allen! Stupid D’Ambrosio! The collective ignorance of real world experience and cheap arts degrees are on show with these Labor politicians who cannot manage financially this state nor its energy requirements.”
“We have massive undeveloped gas reserves, we have 28 per cent of global uranium reserves and yet we are in an energy crisis. Inexplicable government incompetence at all levels.”
Mike Cannon-Brookes and climate financing
Billionaire Mike Cannon-Brookes’ move in the climate financing space has also attracted a lot of interest. Here’s a quick recap, Mr Cannon-Brookes announced in February that his private investment company will be dedicated to climate financing, and it will accept third party capital, which he said were needed to drive a bigger impact in addressing climate change. But our readers aren’t convinced of its merits, here’s some feedback from our readers.
“Hopefully MCB might eventually contribute to Australia by paying some company tax after all the R&D incentives and tax write offs he’s been enjoying for the last 20 years.”
“The climate isn’t changing much, but the myriad ways to make money from it is constantly changing.”
“I’m just amazed how he’s been able to make billions from Atlassian that has never made a profit, is still bleeding $30m a quarter and that’s not even recognition of full employment costs given the treatment of share options for staff. And then we’re supposed to believe he’s some sort of business and climate change god! Unbelievable.”
Firms to miss climate targets
The Albanese government’s green agenda remains firmly in the spotlight. But the targets aren’t realistic as almost a third of Australian companies don’t expect to meet net zero emissions by 2050, according to a new study in July. Ironical, at the same time Air New Zealand scrapped its ambitious climate targets. And of course, you weren’t surprised at all. Here are your views.
“People must be realising that the “urgency” to meet emission targets is nothing more than an insane, politically contrived fantasy. Achieving them will accomplish nothing except massive damage to our lives.”
“The zero carbon story is a con, it is anti business, smart businesses will walk away, and the woke Boardrooms will continue to hurt the profitability of their businesses needlessly. I will add my voice to the growing number of people who support businesses which don’t kowtow to the woke zero carbon con.”
“And therein lies the anomaly. There is no urgency and, in fact, as CO2 levels are still lower than they were a millennium ago and are still not far above extinction levels, we need more CO2 in our atmosphere, not less, if all things that grow using photosynthesis and those life forms that rely on them, are to survive.”
AirTrunk’s mega $24bn deal
The popularity of data centres continues to rise, thanks to all things digital, with local player AirTrunk sold to international players in a blockbuster $24bn deal in September. Here’s a quick recap. Macquarie Group, PSP Investments and Robin Khuda sold AirTrunk to private equity behemoth Blackstone and Canadian Pension Plan Investment Board, which ranks among the largest-ever acquisitions of an Australian company. And Mr Khuda, who is AirTrunk’s founder and boss, is very bullish on the outlook. Here’s what you had to say.
“Another Australian success story that has the Macquarie tag in the background.”
What an awesome story…..in 6 years build a world leading business with the global tech players as his clients and get a payday of $24bn. Congratulations.”
“Kerry Packer used to say ‘you only get one Alan Bond in your lifetime. Is this the version for 2024?’
Woolworths and Brad Banducci
Retail giant Woolworths has had a rough year, starting with several missteps and gaffes by its then chief executive Brad Banducci. Following a major outcry over its snubbing of Australian Day, the retail veteran announced in February his departure. Here’s what some of our readers had to say.
“Go woke, go broke. Simple as that.”
“Mr Banducci is a good operator and has lifted Woolworths stock price and reputation. It is a pity that ABC Four Corners had to play their ‘Gotcha’ moment. Anyone can misspeak. Can you imagine the pressure he is under every day to run an enterprise the size of Woolies.”
“Why do Australian companies continue to import woke virtue signalling CEO’s that destroy brand value?”
Even Canberra took a shot at Mr Banducci, with jail threats thrown at the beleaguered veteran during a Senate inquiry. Eric Johnston’s comment piece, apply titled ‘Bullsh*t and jail: Canberra are we really doing this?’ in April, attracted a lot of interest from our readers. Most of you expressed dismay at his treatment, here are your musings.
“This enquiry was designed to deflect attention from the real causes of the massive and destructive cost of living increases that are directly caused by the actions and decisions of this ALP government. And who better to run this show trial? Give it to the Greens so the Albo government will not bear the criticism but again avoid the scrutiny by a slack main stream media who won’t join the dots.”
“The great Kerry Packer would have plugged this guy in 10 seconds flat. Our new woke Woollies guy didn’t know how to shoot this lightweight down.”
“A senator swearing at a witness and threatening to jail them for not giving the answer they want is appalling behaviour. Surely McKim should be censured for his disgraceful behaviour.”
And the year continued to get worse for Woolies under the helm of new CEO Amanda Bardwell, as the $37bn company found itself in hot water with the competition regulator, along with staunch rival Coles, in September over misleading price drop claims. As the parties battle it out in the Federal Court, our readers laid the blame on the Albanese government. Here’s a few comments.
“Albanese is putting all the blame for the cost of living on the Supermarkets, mainly Coles and Woolworths. May I suggest that the real culprit is his Labor government with the increased input cost caused by their policies.”
“What a diversion! Don’t look at the real reason for rising grocery prices – the policies of the ALP/Green/Teal coalition – just try to blame someone else.”
“Albanese again exerting himself into private enterprise, in the forlorn hope that beating down on retailers will assist in distracting voters from the cost of living disasters his government has created and his continually outing as a liar.”
ABC, Tingle and Williams
Australia’s public broadcaster always attracts attention, thanks to its $1bn-plus budget and left-leaning bias, and this year there were many issues.
Our yarn in May on ABC’s board members holding emergency talks over political reporter Laura Tingle’s claims that Australia is racist, and Peter Dutton was encouraging the abuse of migrants garnered more than a thousand reader comments (1359 to be exact). Here are just a few.
“Concerns about the level of immigration is not racism. Unless you are the left who want to believe that any comment they don’t like is racist.”
“Got to love a rant from a leftist, woke Labor activist. Albanese isn’t governing anything. The country is worst off than it was 2.5 years ago. 13 interest rate increases, the dollar in the toilet, policies like immigration fuelling inflation and housing issues, killing business with unsustainable wage increases, and don’t get me started on the ridiculous net zero energy policies from Labor or build it in Australia.”
“A handful of sackings for breaching ABC policy might concentrate the minds of those still with jobs.”
And in June, ABC chair Kim Williams’ vision for renewal and funding boost call went down like a lead balloon. Here’s what some of you had to say.
“Kim Williams has just one job: Fix the ABC. Just do it!”
“I think the man is living in cuckoo land, the ABC is nothing more than a propaganda machine for left wing acolytes, who think they are Holy and beyond criticism. I haven’t watched ABC for years, some imported drama is good, but that’s it. Sell it, let them stand on their own two feet. However, Albanese is sure to cater to their needs, which they are not worth promoting.”
“Absolutely not. No more funding for the ABC. It’s been on a death spiral for years. Activism and journalism should not be used in the same sentence when describing journalists who work for a government funded broadcaster. Or any outlet for that matter. Bring back impartiality or defund the ABC.”
Pension system and tax
As the year draws to a close, Australia’s under pressure pension system was a hot topic. James Kirby’s yarn that retirees could pay more tax under an ambitious proposal from the influential Actuaries Institute, in a bid to rebalance the system in favour of younger Australians, fired up a lot of debate. Here’s what some of you said.
“I love all these clowns saying tax people more. How about they start cutting spending. You know, like ordinary people have to do.”
“It galls me that the ‘answer’ to a country’s financial problems is often ‘Let’s create and impose a new tax’. Accepting that logic, you end up giving all your money to the government. How about responsible money management, starting with ‘don’t spend more than you earn’ It’s always worked for me and that’s starting to earn at age 15 – now I’m 80, and I’ll fight any new taxes, be they from local, state or federal governments.”
“All taxation is theft. If you don’t believe that, try not paying it. You will be seized and imprisoned. Your property will be confiscated. The government regards all wealth as theirs, to be redistributed as they see fit.”
Originally published as Our top business yarns in 2024 that got readers fired up
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