The Australian Post Office recorded a $1.6 million loss in trading operations in the 1970/71 financial year, according to an article from this day in 1971.
This compares with a recorded $2 million profit the previous year.
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Considering inflation, this loss equates to nearly $18 million in 2020 currency.
The Post Office's annual reports said that while telecommunications operations had showed a profit of $23.9 million, there had been a loss of $25.5 million in postal operations - meaning a total loss of nearly $2 million.
Total income for the year had been $715.6 million, but expenditure had risen by $591.9 million to $717.2 million this year.
This was attributed primarily to higher wages.
Director-General of the Post Office Sir John Knott said in the report that new wage awards and determinations had "far-reaching effects" on Post Office operations and on its financial position.
Read more here: https://trove.nla.gov.au/newspaper/article/110683859/11957302
Lanie Tindale
I am a trainee at The Canberra Times. I currently cover breaking news, as well as an assortment of other random topics. I previously worked in digital news. Email tips or cute dog videos to lanie.tindale@canberratimes.com.au.
I am a trainee at The Canberra Times. I currently cover breaking news, as well as an assortment of other random topics. I previously worked in digital news. Email tips or cute dog videos to lanie.tindale@canberratimes.com.au.
