The worst-kept secret this earnings season? Rising profits

Federal Labor, which directed the Australian Competition and Consumer Commission to scrutinise the supermarkets' market power, has applied the political blowtorch, even though its own industrial relations policies and aspects of the cost-of-living package add to the inflationary picture straining budgets. But with a regular weekly supermarket shop reaching the $400-plus mark for many families, painting the supermarket giants as villains finds a receptive audience. Qantas earnings ahead Corporate Australia is nervous and regulatory risk is rising, even though a booming profit and consequent higher dividends are cheered by shareholders. Reserve Bank of Australia governor Michele Bullock did not single…