Tag: Australia Post

The price of the basic postage stamp will rise by five cents to 50 cents next January – the first increase in 11 years.

The Australian Competition and Consumer Commission (ACCC) today cleared the way for the increase, saying that ordinary small letters are priced below cost.

Australia Post national spokesman Gary Highland said the price rise would happen from January 13, 2003. The price increase would also affect large letters, greeting cards and prepaid envelopes.

Fresh from a record profit result, Australia Post has signalled it has at least $200 million to spend on expanding its business beyond the traditional snail mail.

Australia Post managing director Graeme John said the group was subject to confidentiality agreements, and refused to be drawn on whether Mayne Group’s Loomis operations were in its sights.

Australia Post today achieved a record profit after tax of $A297 million ($US163.8 million) for the financial year 2002, as its chairman Linda Nicholls said the company was one of the best performing postal services in the world.

She said the quality of the corporation’s earnings improved markedly with underlying trading performance up by more than $A49 million ($US27.02 million).

The profit after tax was reached off total revenue of $A3.758 billion ($US2.07 billion), up from the previous year’s revenue of $A3.748 billion ($US2.07 billion).

AUSTRALIA Post’s 32,700 employees will be paid a $300 bonus each for a combined total of almost $10 million.