Live: KFC's local operator sees net profit surge by more than 500 per cent, Australian shares rise (2024)

• ASX 200+1.03% to 7,813 points
• Australian dollar:+0.06% to 66.60 US cents
• S&P 500:-0.3% to 5,447 points
• Nasdaq:-1.1% to 17,496 points
• FTSE:+0.5% to 8,281 points
• EuroStoxx:+0.7% to 518 points
• Spot gold:-0.38% to $US2,324/ounce
• Brent crude:-0.01% at $US86/barrel
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Prices current around 2:00 pm AEST.

Live updates on the major ASX indices:

The Bureau of Statistics has released the National Health Survey (NHS) 2022, whichis the most recent in a series of Australia-wide health surveys.

It's designed to collect a wide range of information about the health of Australians, including prevalence of health conditions, prevalence of health risk factors (such as smoking and vaping, alcohol consumption, and physical activity), and demographic and socioeconomic characteristics.

It says these are seven insights from the new state and territory health data:

1. 1.Australians are breathing a little easier.Over the last 20 years, the proportion of adult daily smokers has fallen in every state and territory.
2. 2.Adults in the ACT are more likely to have never smoked (67.6per cent) and less likely to be daily smokers (5.9per cent)than any other state and territory.
3. 3.Northern Territorians are getting fitter. One in four, or 24.6 per cent of, people aged 15 years and over in the Northern Territory got enough exercise in 2022, up from 15.5 per cent in 2017–18.
4. 4.Almost one in three adults are drinking more than recommended in the Australian Adult Alcohol Guidelines in the NT(31.1 per cent), WA (29.9 per cent), Queensland (29.4 per cent), and SA (29.3 per cent).
5. 5.Tasmanians are more likely to have at least one chronic condition (58.4 per cent) than any other state or territory. They were also more likely to have self-reported hypertension (16.2 per cent) than any other state or territory.
6. 6.Almost two thirds of Aussies are overweight. More than 60 per cent of all adults were overweight or obese in each state and territory in 2022.
7. 7.Most of us are still not getting enough fruit and veggies. Less than half (45.5 per cent) of NSW adults had enough fruit in their diet, and one in ten (10.5 per cent) Tasmanians had enough vegetables.

As concerns are raised (again) about possible gas supply shortages on Australia's east coast, Josh Runciman, the lead LNG and gas financial analyst from the Institute for Energy Economics and Financial Analysis (IEEFA), has issued this little statement:

"AEMO's forecasts show that gas demand on the east coast is already falling quicker than previously expected.

"However,gas demand isn't falling as quickly as gas supply,which is why AEMO is warning of supply gaps.

"Our research has found that Governments can help to lower gas demand even more by helping households and industry electrify, which could eliminate the risks of supply gaps if we act soon enough.

"Households will also benefit from lower energy bills."

Stories about looming gas supply shortages on Australia's east coast should always have a version of the below graphic attached to them.

It shows the amount of Australiaexports(which accounts for the bulk of the gas we produce), and how little is set aside for residential and manufacturing use:

As explained in Geoscience Australia's Energy Commodity Resources 2023, Australia is a substantial net exporter of natural gas:

"In 2020–21, about 75percent of Australian produced natural gas was exported as LNG.

"Over the past decade, LNG exports from Australia have increased by an average of 15percent a year, with several new facilities commencing production during this period.

"During 2021 Australia’s increase in LNG exports was the seventh highest in the world, after Egypt, the United States, United Arab Emirates, Algeria, Oman and Malaysia.

"In 2021–22 Australia’s LNG exports reached a record high of 4,528PJ (83.2Mt), maintaining our status as the world’s largest LNG exporter.

"The high LNG prices incentivised many LNG facilities to operate at or above nameplate capacity. In 2022, Australia’s LNG export earnings reached $90billion, up 82percent from 2021.

"Nearly all of Australia’s LNG exports were delivered to Asian markets in 2020–21.

"Japan accounted for 41percent (equivalent to 34.1Mt), followed by China (33percent, equivalent to 27.2Mt) and the Republic of Korea (13percent, equivalent to 11.2Mt."

Like its neighbour to the south, and most recently the EU - Canada is moving toward placing a tariff on Chinese-owned electric vehicle brands, which includes brands like BYD and Cherry.

Canada's finance minister,Deputy Prime Minister and Finance Minister Chrystia Freeland announced a 30-day consultation period on the tariff, which will begin on 2 July.

"Canadian auto workers, and the auto sector … are facing unfair competition from China's intentional, state-directedpolicy of overcapacity that is undermining Canada's EV sector's ability to compete in domestic and global markets," Freeland said.

Canada saw a huge increase in Chinese EV imports in just a year, and over the past few weeks politicians have raised concerns about the impact of subsidised Chinese batteries and vehicles on their own burgeoning EV parts sector.

The Australian mind can't NOT think about how China may retaliate - it was a painful couple of years for winemakers and barley growers as they found themselves on locked out of the Chinese market in 2020.

A week after the EU announced its tariff on Chinese EV brands, China opened up an anti-dumping investigation into European pork imports.

Some see Canadian livestock and canola exports as potential targets.

Our public broadcasting cousins at CBC have some great analysis linked below.

The people running the Westpac-Melbourne Institute consumer sentiment survey have a list of questions they ask participants to gauge their mood on the state of the world.

They ask participants about recent news coverage, to see if recent news on issues like the federal budget, taxes, inflation, and employment, are being seen as favourable or unfavourable.

And across the fifteen detailed news topics covered in the survey, there hasn't been one 'net favourable' assessment in two and a half years.

"[It's] the longest run of broadly negative news sentiment since we began running the survey in the mid-1970s," says Westpac senior economist Matthew Hassan.

The latest Westpac-Melbourne Institute consumer sentiment survey reflects how most of us are feeling.

Sentiment rose ever-so-slightly in June, but it was barely enough to register.

According to the survey's methodology, the population is feeling 'neutral' when the score is 100.

With the index sitting at 83.6 points in June, it means pessimists are still outweighing optimists by nearly 20 percentage points.

If you're a Paramount+ subscriber, you can expect to be paying more for your plan in the coming months.

Overnight, Paramount Global confirmed that it's raising subscription prices for its streaming services.

Here's how the price changes will affect the different subscription tiers, according to Reuters:

• Paramount+ with Showtime: $US12.99 a month ($US1 increase)
• Paramount+ Essential: $US7.99 a month for new subscribers ($US2 increase)
• Paramount+ commercial: $US7.99 a month ($US1 increase)

However, current Paramount+ Essential subscribers will continue to pay $US5.99 a month.

The price changes come into effect on August 20 for new customers, and September 20 for existing customers, Reuters reports.

It's unclear right now whether the changes will affect Paramount+ subscribers in Australia, but the ABC has reached out to Paramount for clarification.

When we hear back, we'll let you know here in the blog.

Famed for pricing millennials and out of the housing market, Australia's avocado production is in for a record year of production.

Rabobanksays production forecasts for the financial year 2023/24 Australian avocado crop are up by 20 per cent year-on-year (YOY) to 139,000 metric tonnes.

RaboResearchanalyst Pia Piggotsaid Australian retail prices for avocados currently "sit at around the same level they were at this time last year".

"However in the past year, there has been a lot of volatility in avocado prices, reflecting periods of fluctuating seasonal supply."

Ms Piggott said the bank expected avocado prices would remain volatile "and we may see some increase in prices in the summer months as Western Australian avocado production is in an 'off year', with crops bearing less fruit".

"But after this, supplies will again start to increase and prices are expected to decline," she said.

Australian growers are exporting around 13 per cent of the crop, which is preventing the price farmers receive from completely tanking.

Exports jumped 55 per cent between 2022 and 2023 and Hong Kong, Singapore and Malaysia are the key markets.

Are you Team Hass or Team Shepard?

Peter Dutton is yet to reveal the cost of his nuclear rollout, but he has pledged that two of the seven proposed nuclear reactors will be operational by 2037, should the Coalition form government.

Supporters say the moratoriums should be lifted, but that's not the only hurdle the plan has to clear.

Critics believe the plan will be impossible to deliver before 2040, and say it faces a hostile Senate, legal challenges, and significant cost blowouts to boot.

My colleague David Chau has the full story:

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(And if you're thinking "hang on, didn't David do the finance last night too?" you're correct — he's just a man in demand. But I promise he exists outside of the office!)

The ASX 200 has opened firmly upbeat this morning, gaining 0.6% to 7,780 points as of 10:30am AEST.

(For live figures on the major indices at any time, you'll find them at the very top of the blog.)

Given the positive momentum on the local market, it's no surprises that all 11 of the sectors are trading higher as a result.

Education has gained the most (+0.8%) followed by financials (+0.5%) and basic materials (+0.4%), while utilities, technology, healthcare and industrials are at the other end, all with a modest gain of 0.1%.

As for the top performing companies, Collins Foods is far and away leading the charge off the back of its record profit results for FY24.

(The KFC and Taco Bell operator's net profit jumped by more than 500% to $76.7 million for FY24, while its revenue rose by 10.4% to just under $1.5 billion.)

The top five movers so far:

• Collins Foods +8.9%
• GPT Group +2.5%
• Charter Hall Group +2.4%
• Life360 +2.3%
• Iress +2.1%

At the other end, Healius is among the biggest losses after downgrading its earnings expectations.

(Its now expecting underlying FY24 earnings before interest, tax and depreciation — EBITDA — between $345-350 million. It had previously forecast $359-369 million.)

Here's the bottom five performers so far:

• Healius -2%
• IPH -1.9%
• Orora -1.9%
• Evolution Mining -0.9%
• Computershare -1%

The European Union's antitrust regulators have accused Apple of stifling competition on its app store.

Regulators for the EU told the tech giant that its new business models discourage app developers from steering consumers to alternative offers.

The charge against Apple is the first by the EU under its Digital Markets Act, which is designed to rein in the power of Big Tech and ensure a level playing field for smaller rivals, Reuters reports.

If found guilty, Apple could be fined up to 10% of its global annual revenue.

Qantas is expanding its QantasLink fleet by purchasing over a dozen De Havilland Dash 8-400 aircraft.

The airline announced the purchase of the 14 aircraft this morning, saying the "mid-life" planes would gradually replace its existing fleet of 19 smaller Q200 and Q300 turboprop aircraft.

In a statement, Qantas CEO Vanessa Hudson said the "next-generation aircraft" would improve QantasLink's service to more than 50 destinations around regional Australia.

"By consolidating our turboprops into a single fleet type, we'll be able to further improve our reliability and provide a better recovery for our customers during disruptions as well as reducing complexity and cost for our operation," she said.

"These additional Q400s allow us to provide certainty to the regions over the next decade while we work with aircraft manufacturers and other suppliers on electric or battery-powered aircraft that are the right size and range for our network."

The purchase will take Qantas's total fleet of Q400 planes to 45.

Qantas says the investment in the fleet will be spread across the 2025 and 2026 financial years, but "the majority" will be in FY25, with the investment managed under its current capital expenditure (capex) guidance of $3.7-3.9 billion.

The airline says the new planes will join the QantasLink fleet by the end of the year.

It's only been a week since the Coalition unveiled its nuclear power plans that would be one of the biggest government-funded investments in history.

As chief business correspondent Ian Verrender writes, that very plan puts the Liberal Party at odds with the ethos it's followed since the Menzies era:

"With a mantra of small government and minimal interference in the economy, the Liberal Party has long stood for the rights of the individual and free enterprise.

"Until last week. Rather than allowing market forces to dictate how Australia should respond to the global challenge of reducing greenhouse emissions, the Coalition under Peter Dutton has turned that ethos on its head with a plan to embark upon one of the biggest government-funded investment program in history.

"It is a radical plan that not only throws future private investment in the energy sector into a state of uncertainty, it threatens to undermine the value of privately owned renewable energy investment made during the past 15 years."

You can read his full analysis below:

Don't worry, I've got your back so no-one will know any differently.

My colleague David Chau wrapped up the day's developments into a tidy 96 seconds, including the latest about the struggling cash transport business Armaguard.

You can give it a watch below (and if you have any fan mail for Dave, leave them in the comments and I'll forward them on).

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Resources Minister Madeleine King was just interviewed on RN Breakfast about the Australian Energy Market Operator's warning that parts of the country faces a gas shortage.

Last week, AEMO warned that there was animmediate gas supply risk across Australia's south-east because of higher demand due to a cold snap, lower green power generation and supply problems.

But speaking to RN Breakfast host Patricia Karvelas, Ms King said there was sufficient gas in the system to keep the heating on — particularly in Victoria and Canberra.

"We have secured gas to make sure it falls into the system," she said.

"At the moment, there is a bit of a pipeline constraint, I won't deny that of course … it's just that it's full.

"Everyone wants the gas really quickly, that is the thing about gas, it's so flexible, you can turn it on and off, so recently, the pipeline was not full, people want gas for their heating, it becomes full very quickly.

"It is a gas pipeline that has only a limited amount of gas that can literally go through it … so that is the constraint."

Ms King added that gas prices would likely rise, as is the case when there is higher demand, but the prices would not exceed the cap in place.

"As one would expect, when there is a high demand, prices do go up, but there remains a cap so they don't go up into the stratospheric kind of pricing we saw when we came into government," she said.

"It [gas prices] could go up, but it is limited, and importantly limited to make sure there is affordable gas for households and manufacturing."

The ABC's energy reporter Daniel Mercer covered this initial story last week, which you can read below:

• ASX 200 futures: +0.5% to 7,761 points
• Australian dollar:steady at 66.57 US cents
• S&P 500: -0.3% to 5,447 points
• Nasdaq:-1.1% to 17,496 points
• FTSE:+0.5% to 8,281 points
• EuroStoxx:+0.7% to 518 points
• Spot gold:+0.5% to $US2,332/ounce
• Brent crude:+1% to $US86.12/barrel
• Iron ore:-1.8% to $US103.30/tonne
• Bitcoin:+0.4% at $US59,702

Prices current around 7:30am AEST.

Good morning and welcome to Tuesday, June 25 — you're reading the ABC's business and markets blog.

Trading hasn't long wrapped up on Wall Street, where it was a mixed session overall.

The Nasdaq shed more than 1% at the close, led largely by chipmaker darling Nvidia's continued decline.

The company shed 6.7%, making it the third session in a row that Nvidia has ended lower, and comes after it (briefly) surged past Microsoft to become the world's most valuable company last week.

Right now, Nvidia's market capitalisation is sitting at $US2.9 trillion.

But as NAB notes on its morning podcast:

"Nvidia shares are well down, but even a minor correction is only a deny in their upward trajectory this year."

Meanwhile, the S&P 500 ended 0.3% lower, while the Dow jumped by 0.7% to end at its highest level in a month.

As for where that leaves the local share market, the ASX is set to start the day higher, with futures pointing to a rise of 0.5% when trade gets underway later in the morning.

If you're still bleary eyed, fear not. Join me in grabbing a coffee, pretending it's not winter (or fog central, if you're in Brisbane like me), and let's get through the morning together.