Comments from CommSec chief economist Craig James
- Notes that around 3/4 of Australia's top 200 corporations have just reported earnings results (2014/15 financial year)
- Combined profits of the 143 companies are down by almost a third from the previous year
- Miners & energy producers hit by commodity price falls
- Some retailers, most property developers benefited from improving consumer spending and demand for housing
- "Earnings have been hard to generate in the past year, and if anything this is likely to continue."
- Says could lead to more foreign takeovers, citing Japan Post's takeover of Toll Holdings & recently announced deal for ports and rail operator Asciano by Canada's Brookfield