Mike Cannon-Brooks joins energy robber barons

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Money is money, I guess, especially when the Atlassian share price has been demolished:

The competition regulator has warned energy retailers their profit margins are under scrutiny as AGL revealed a stunning leap in profits from gas sales that bolsters producers’ calls for them to be included in Labor’s price caps and market intervention.

Even though the Mike Cannon-Brookes-backed energy company suffered a bruising bottom-line interim loss of more than $1 billion, AGL was forced to explain a 337 per cent gap between what it pays producers for its gas and how much it charges consumers.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.