Cost-of-living crisis? You wouldn’t know it by looking at these companies’ profits | Greg Jericho
News Source
•Wed, 21 Oct 2026 14:00:22 GMT
📰 What Happened
Columnist Greg Jericho looks at company profits during Australia's cost-of-living crisis. Ampol told the share market its refinery margin more than doubled to US$23.92 in the September quarter. Its half-year net profit jumped 376 per cent to $857.2 million.
Viva Energy's operating profit rose 154 per cent to $774.4 million even though it sold only 1.3 per cent more fuel. Jericho says the companies are not selling much more. They are charging bigger margins.
🔍 The Backstory
Ampol's report blamed Middle East tensions and tight fuel supplies, calling them 'net favourable' for its business. Petrol prices follow global oil markets, but local refineries also set their own margins.
Reserve Bank deputy governor Andrew Hauser was asked at a fireside chat whether companies need to accept lower profits to keep their 'social licence'. Jericho says the bank has said little about record profits while households struggle.
🎯 Why It Matters
Petrol is a weekly cost for most households. If margins, not just world oil prices, are driving prices, drivers are paying more than they need to.
Columnist Greg Jericho looks at company profits during Australia's cost-of-living crisis. Ampol told the share market its refinery margin more than doubled to US$23.92 in the September quarter. Its half-year net profit jumped 376 per cent to $857.2 million.
Viva Energy's operating profit rose 154 per cent to $774.4 million even though it sold only 1.3 per cent more fuel. Jericho says the companies are not selling much more. They are charging bigger margins.
Ampol's report blamed Middle East tensions and tight fuel supplies, calling them 'net favourable' for its business. Petrol prices follow global oil markets, but local refineries also set their own margins.
Reserve Bank deputy governor Andrew Hauser was asked at a fireside chat whether companies need to accept lower profits to keep their 'social licence'. Jericho says the bank has said little about record profits while households struggle.
Petrol is a weekly cost for most households. If margins, not just world oil prices, are driving prices, drivers are paying more than they need to.