To add insult to injury for those businesses stung by the HIH collapse, new data shows the finance and insurance sector is looking forward to the largest improvement in operating income and selling prices of any industry sector over the next 12 months.
In fact, seasonally adjusted data released by the Australian Bureau of Statistics shows the finance and insurance industry is the only sector anticipating an increase in operating income (+2.6%) in September quarter – courtesy of an average increase in insurance premiums of 15% forecast by Deloitte Touche Tohmastu/JP Morgan.
All other businesses are anticipating deterioration in operating income (-1.3%), selling prices (-0.3%) and profit (-2.6%) in the period. And for the sixth consecutive quarter, they expect full-time equivalent employment to fall (-1.3%).
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