Inditex SA, the world’s largest clothing retailer, reported first-quarter profit that topped analysts’ estimates as the Zara owner kept a rein on expansion costs by relying more heavily on e-commerce for growth.
Prime Minister Tony Abbott defended the budget and said Australians were put “on notice” about spending cuts before the last election, as polls showed his approval ratings and support for the government slumping.
Australia’s governing Labor party recorded its best polling performance in six months as Prime Minister Julia Gillard seeks to overcome public opposition to her carbon tax and stave off a leadership challenge.
Australians will weigh the ruling Labor Party’s record of preserving economic growth against opposition attacks on its trustworthiness and competence in an election that polls call so close no party may win a majority.
Australian Prime Minister Julia Gillard’s tax on iron ore and coal profits raised A$126 million ($130 million) in its first six months, trailing targets and denting her economic credibility seven months before a federal election.
Vicki Dowler comes from a family that’s backed Labor for decades as the party of the working class in Western Sydney. Her plans to defect at the next election show the work remaining for Labor to revive its prospects after ditching former Prime Minister Julia Gillard.