Tag Archives: oceania

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Three out of five retailers forced to hike up prices in the next three months

Nearly 60 per cent of retailers in Australia expect to increase prices in the next three months as rising fuel costs and inflation punches a hole in the bottom line of every business.

New data from the Australian Bureau of Statistics (ABS) reveals that retail is the industry expected to be hit hardest by soaring petrol costs, followed by construction, manufacturing, waste services and wholesale trade.

"By industry, results showed 59 per cent of retail trade businesses expect their prices to increase more than normal over the next three months," ABS Head of Industry Statistics, John Shepherd, said.

"The construction (58 per cent) and manufacturing (55 per cent) industries were the next most likely to expect price increases."

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The ABS said nearly all businesses anticipating price increases – a staggering 97 per cent – cited rising fuel and energy costs and increased to the cost of products and services as the main factor forcing prices to grow.

This week's Federal Budget forecast headline inflation will hit 4.25 per cent in late 2022, furthering the pressure placed on small business with tight margins.

Australian Retailers Association (ARA) CEO Paul Zahra said businesses are navigating intense global economic uncertainty.

"Business costs are increasing, as staff shortages and supply chain delays and costs continue to bite, and we are pleased to see the government recognise the immediate inflationary pressures on vulnerable Australians which will have a flow-on benefit to retailers," Mr Zahra said.

"However, business disruption remains an ongoing concern for Australian companies large and small with the conflict abroad creating a ripple of cost pressures for retailers and customers, and at home flooding has displaced thousands of Australians and impacted many businesses."

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Mr Zahra said while the Budget's fuel excise cut would ease delivery costs for retailers, and cost of living payments would likely flow into retail, more needed to be done.

"We cannot have an economic recovery without a retail recovery," he said.

"Whilst retail overall is performing well, the business recovery remains elusive for some including CBD retailers, travel retail, hair and beauty, hospitality and small businesses who require a level of ongoing targeted support.

"Whilst the vast bulk of COVID restrictions have been removed, we're yet to see much of an improvement in terms of foot traffic including the volume of CBD office workers."

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Don't be fooled by the bright coral colours — there's a seriously worrying sign in this picture

A little-known symptom of coral heat stress has been flagged, following confirmation the Great Barrier Reef is suffering from yet another mass bleaching event.

Stark white coral is usually associated with bleaching, however corals under heat stress can actually turn vibrant shades before the algae (zooxanthellae) living within coral tissue are expelled.

Videoographers Woody and Harriet Spark shared footage to their Instagram showing John Brewer Reef, off Townsville in Queensland, in 2020 and 2022.

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Video captured of the John Brewer Reef in 2020 and 2022 shows how much the reef has changed.

In the earlier footage the reef appears grey and brown, while the 2022 footage shows a kalediescope of colours — a sign of coral distress.

"In a desperate bid to protect themselves from ocean heatwaves, some corals 'glow' in fluorescent colours like neon pink, purple, yellow and blue," the Sparks, who have documented bleaching for The Climate Council and marineconservation.au, said.

"Like the way we use sunscreen, corals can use fluorescent pigments to try and shield themselves from excessive UV light.

"It looks stunning, but this is a clear sign that the coral is stressed."

The Sparks said the corals have a chance of surviving should water temperatures drop.

If it doesn't the coral will eventually bleach.

A study published in 2020 also found "colourful bleaching" is indicative of heat or nutrient stress.

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The coral on John Brewer Reef have turned vibrant shades of pink, orange, purple - but this is a sign it's under heat stress.

The study found it "is a recurring phenomenon in reef regions around the globe" and a response to either heat or nutrient stress.

The Great Barrier Reef Marine Park Authority (GBRMPA) confirmed a "widespread" bleaching event was underway earlier this month.

The reefs of Townsville in Far North Queensland are the worst-hit.

This is the sixth mass bleaching event the reef has faced, with subsequent events occurring 1998, 2002, 2016, 2017, 2020.

Images captured show excessive coral bleaching at the Great Barrier Reef's John Brewer Reef.

The latest event has sparked significant concerns for tourism operators, who have already been hard-hit by the pandemic border closures.

It's estimated Great Barrier Reef tourism employs more than 64,000 people full-time and contributes $5.2 billion annually to the Australian economy.

Climate change is the main driver of bleaching events, GBRMPA said.

READ MORE: Once COVID-19 success stories – now seeing massive outbreaks

This Porites sp. was already fully bleached when Mr Crosbie came across it. A lot of coral was starting to appear pale indicating it's under stress.

Augustine Crosbie, PhD candidate at the ARC Centre of Excellence for Coral Reef Studies first flagged concerns about the reef in January 2022, when he reporting early signs of bleaching amid a prolonged marine heatwave.

"Currently there are only early signs of stress, however this is happening much earlier into summer than during past bleaching events," he told 9News at the time.