Business stories from the past week, compiled by Jason Maywald:
- Smh.com.au – David Jones throws open doors to next phase
Department store giant David Jones has launched its next generation site at GPT Group’s Wollongong Central. The store features a brand new David Jones Food concept, set to be rolled out across the country. It has a mix of local and international brands across fashion, beauty, accessories home and kids. It also includes 25 new brands.
- News.com.au – Plan for reboot of GST carve up
Treasurer Scott Morrison says Australia’s GST model needs a proper fix, not “band-aid” solutions. This follows initial findings from the Productivity Commission. It found that the current formula used to calculate the GST carve-up was among the fairest in the world.
3. Afr.com.au – Monash IVF, Virtus Health shares flounder
Despite one in six Australian couples experiencing fertility issues, the business of in-vitro fertilization has not delivered expected returns many shareholders were expecting. Australia’s largest listed IVF providers, Monash IVF and Virtus Health, have both suffered over the past 12 months. Their share prices are off 37 per cent and 25 per cent respectively.
4. Dailytelegraph.com.au – Aldi set to face fierce new competitor
Woolworths, Coles, Aldi and other grocery giants will soon be competing against Kaufland. Kaufland, part of the giant Schwarz Group from Germany – one of the world’s largest retailers – has paid $25 million to buy a huge site on Anzac Highway in Forestville.
5. News.com.au – End of the line for Toyota in Australia
Toyota has closed its last factory in Australia, ending 54 years of manufacturing. The factory, located in Altona, had approximately 2500 workers. It’s reported around 40 per cent of the blue collar workforce has found a new job and about 15 per cent were set to retire.