Australia Post to deliver full-year loss

Australia Post announced its results for the periodJuly – December 2022, showing revenue down 2.4%, and profit down 88.2%.

Australia Post is predicting a full-year loss for 2022/2023.

Letter volumes continue to decline, while the costsof delivering letters continue to rise. The BPR increase that came into effectlast month may go some way to reducing the unprofitability of the lettersbusiness for the full financial year.

Parcel revenues are down compared to thecorresponding six months in 2021, when e-commerce was still riding high thanksto the pandemic.

Australia Post also reported a decline in “retailtransactions” at post offices.

In an effort to reduce costs, Australia Post saysit is introducing “a new operating model for Australia Post’s corporate supportoffice.”