Australia Post has reported a 45.1% fall in profit despite bringing in a record-breaking $8.97 billion in revenue over the past year.
The organisation said parcels made up $7.2 billion in revenue which was an 11% increase from the previous year which Australia Post attributes to the rise in online shopping as a result of lockdowns.
?While it?s clear more Australians are buying goods online following the pandemic, we don?t expect to see the same level of e-commerce growth. This has been demonstrated in our second-half results and, going forward, we anticipate growth to be moderate?, said CEO Paul Graham.
This week Australia Post put a draft plan to the Australia Competition and Consumer Commission (ACCC), proposing to raise the basic postage rate from $1.10 to $1.20 from January next year.
Concession and Christmas card prices would remain the same.