Billabong International Ltd., Australia’s largest surfwear company, posted its fourth consecutive half-yearly loss after A$65.6 million ($59 million) of one-time costs compounded a 4.6 percent fall in sales.
Meriton Pty, Australia’s biggest apartment developer, plans to double its debt this year from about A$300 million ($268 million) to buy land amid record low interest rates and soaring demand for apartments.
Echo Entertainment Group Ltd. Chief Executive Officer John Redmond will step down after only about a year in the role, the casino company said today as it reported a 31 percent slump in first half earnings.
After sitting on the sidelines for two years watching home prices plummet, Rina Poke bought her ninth investment property in Australia’s Gold Coast for A$121,000 ($110,388), beating another buyer after a frantic round of bidding.
Tina Ford, an Australian public servant, said she could hardly believe it when her three-bedroom apartment sold this month for A$1 million ($877,000) at an auction in which all 16 registered bidders were ethnic Chinese.
Apartment prices in the luxury beachside Australian town of Noosa Heads have tumbled by a fifth since 2008 as cracks emerge in a housing market that’s so far escaped the rout seen in the U.S., U.K. and Ireland.
Echo Entertainment Group Ltd.’s two largest casinos will be put at risk if a resort that billionaire James Packer wants to build in Sydney and another in Australia’s Gold Coast go ahead, the company said.