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Australian Labor MP Ed Husic has questioned how Apple can have such high expenses cutting profits in Australia when none of its manufacturing occurs locally, reports "ZDNet" (http://tinyurl.com/ay9tmoc). The US-based company reported a drop in profits in Australia and New Zealand for the last financial year, yet increased its revenues to AU$6 billion.
Last month it was revealed that Apple raked in AU$5.9 billion in revenues in Australia and New Zealand, but after increases in expenses, the company reported a drop in net profit to AU$58.4 million, meaning the company only paid AU$40 million in taxes in Australia in 2012, compared to AU$94.7 million in 2011, notes "ZDNet."
In parliament today, Husic, who has long targeted tech giants such as Apple over IT pricing in Australia, questioned how Apple could have AU$5.5 billion in costs, the article adds.
"How? They don't manufacture here, there are no factories here. I don't know what their R&D effort is here," he said. "They've got a growing number of retail outlets, which I'm happy about -- they're creating jobs locally -- but surely those outlets don't cost AU$5.5 billion to maintain?"