Australia’s biggest companies made nearly $100bn in ‘crisis profits’ amid Covid and Ukraine war

National Australia Bank, Woolworths, Harvey Norman and AGL are among the companies to have made extra profits during a time of instability, an Oxfam analysis says. Composite: AAP

Australia’s 500 biggest companies made $98bn in “crisis profits” off the back of the Covid-19 pandemic and Russia’s war on Ukraine, new analysis has found.

In 2022 and 2023, companies including Woolworths, Hancock Prospecting, National Australia Bank, AGL Energy and Harvey Norman reaped billions of dollars in profits, more than 20% above their 2018 to 2021 average, according to a new report by Oxfam Australia.