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  • Macquarie Group dumps KPMG from audit contract | Macquarie dumps nuclear KPMG, sticks with PwC fo…

    Macquarie Group dumps KPMG from audit contract | Macquarie dumps nuclear KPMG, sticks with PwC fo…

    Explore the latest developments concerning Macquarie Group dumps.

    Macquarie Group dumps KPMG from audit contract

    Macquarie released a statement on Wednesday citing the ongoing scrutiny of KPMG. (Four Corners)

    Macquarie Group has announced it will drop KPMG as an auditor, amid an ongoing scandal relating to its handling of confidential information.

    Macquarie announced on Wednesday afternoon that its board held concerns over the firm's auditing practices, amid ongoing scrutiny of KPMG.

    "The decision follows continued scrutiny of KPMG Australia's audit practice, including information exposed by the Parliamentary Joint Committee on Corporations and Financial Services," the statement said.

    "It also follows Macquarie's formal enquiries of KPMG to consider its capacity to deliver the audit, as well as the nature and impact of ongoing issues at KPMG Australia."

    ASX falls rate fears; Macquarie dumps KPMG as preferred auditor

    The Australian sharemarket snapped a two-day winning streak on Wednesday after inflation came in stronger than expected, keeping the risk of further interest rate increases by the Reserve Bank of Australia in play.

    The S&P/ASX 200 Index fell 0.4 per cent, or by 36.80 points, to 9127.80, after hitting a high of 9220.60 before the Australian Bureau of Statistics released the July price data.

    While inflation slowed from 3.8 per cent in June to 3.5 per cent last month, it was above the 3.3 per cent forecast by economists. Trimmed mean – the RBA’s preferred gauge – held at 3.6 per cent, putting it on track to come in well above the central bank’s prediction for the September quarter.

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  • Woolworths dumps Farmers’ Own milk brand as industry seeks more than ‘token’ support | Farmers’…

    Woolworths dumps Farmers’ Own milk brand as industry seeks more than ‘token’ support | Farmers’…

    Explore the latest developments concerning Woolworths dumps Farmers'.

    Woolworths dumps Farmers' Own milk brand as industry seeks more than 'token' support

    Farmers' Own milk is already off the shelves in South Australia, with other states to follow. (ABC Rural: Warwick Long)

    Woolworths is phasing out its Farmers' Own milk brand in supermarkets across the country.

    The specialty milk brand owned by Woolworths and sold in its stores is promoted as giving farmers a better deal.

    Australian dairy farmers say genuine support is needed to arrest industry decline.

    Supermarket giant Woolworths is phasing out its Farmers' Own milk, which is promoted as giving a "better deal to farmers".

    Bottles of the milk have already been removed from shelves in South Australia and will leave supermarkets in Western Australia, Queensland, New South Wales and Victoria by 2027.

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    Australian dairy farmgate milk prices | Woolworths Phasing Out Farmers’ Own Direct Milk Supply Model

    Australian retail giant Woolworths has confirmed plans to phase out its landmark “Farmers’ Own” milk brand across national stores as existing supplier contracts reach their expiration dates. Originally launched in 2013 as a direct-procurement initiative bypassing traditional corporate processors, the brand allowed regional farming collectives to negotiate farmgate pricing directly with the retail chain. The product line has already been withdrawn from retail shelves across South Australia and is slated to disappear from New South Wales, Queensland, Victoria, and Western Australia by mid-2027 as remaining agreements expire.

    The discontinuation marks a strategic shift in Woolworths’ private-label dairy procurement strategy away from direct farmer contracts toward centralized processor arrangements. Launched over a decade ago in the NSW Manning Valley, the Farmers’ Own model was initially hailed as a groundbreaking structural reform that granted primary producers enhanced bargaining leverage and transparent pricing. However, evolving retail distribution logistics, processing overheads, and shifting supply-chain economics have led the supermarket operator to wind down direct-sourcing partnerships in favor of standard commercial procurement.

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