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The Australian
 

Good afternoon,

Australia's biggest retailer Woolworths has surprised the market with a profit downgrade driven by slowing sales at its supermarkets as cost-of-living pressures hit shoppers, while new boss Amanda Bardwell faces a challenge in winning back the trust of its customers.

Superannuation funds spent more than $400m on marketing and sponsorships in a year, while four funds dished out millions to the construction union.

Falls by supermarket giants Woolworths and Coles helped drag down the sharemarket, and economists tipped a slowing in underlying inflation won't be enough for the RBA to cut interest rates soon.

Perry Williams
Business editor
The markets


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If there is no cost of living relief soon via levers such as lower interest rates, the winner of the next federal election will be the party that relents and promises the most reli...
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