“We can’t control what the rest of the world is going to do with tariffs, but we can control our policy settings in Australia to make Australia more conducive to attracting investment, to driving productivity, to removing unnecessary regulation that slows investment and business down.”
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The weak Australian dollar is another risk which could ramp up pressure on Wesfarmers’ costs – something Scott does not want to pass onto consumers. He has committed to keeping prices as low as possible for consumers, and said Kmart, Bunnings and Officeworks, were prepared to absorb the rising costs instead.
“I can’t tell you exactly what will happen, but you can be assured that our businesses, such as Kmart, Bunnings and Officeworks, will do everything they can to keep prices as low as possible,” he said.
The conglomerate’s shares enjoyed a healthy session, rising over 1 per cent to $77.43, even as the broader S&P/ASX 2000 dropped 1.2 per cent.
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