5 things you need to know in Australian tech today

Ruslan Kogan (r) fishing with his dad Alex. Image: Supplied

Take a look at these tech stories before you head out for the weekend:

1. Online retailer Kogan is going gangbusters. This morning it revealed a 362% rise in net profit to make $3.74 million for the 2017 financial year, with revenue going up 37% to hit $289.5 million. The result sent its shares up 6.6% in early trade. In the past year the company has branched out from its electronics roots to now sell groceries, travel, insurance, mobile SIMs and NBN. Read more here.

2. Telstra is struggling in mobile. Yesterday the chief executive Andrew Penn revealed its mobile revenue dropped by more than 3%, and announced the company would launch a low-cost mobile brand to compete against the budget resellers like Amaysim, Kogan and Aldi. Now Business Insider has dug up some stats to see how bad Telstra’s woes are.

3. The federal government has handed connected energy tech company Thinxtra $10 million. iTnews reports the money will come from the Clean Energy Finance Corporation in return for 15% equity. Thinxtra, which creates networks for businesses to connect their energy usage equipment to the internet, is in the midst of a $20 million capital raise.

4. Another energy tech company, Wattwatchers, has nabbed $2 million from the federal government as well. Smartcompany reports Clean Energy Finance Corporation will again hand out the funds for the Sydney firm that makes consumer energy saving devices.

5. The senate has agreed to hold an inquiry into the government’s tech and digital spending. InnovationAus reports Labor’s Ed Husic and Jenny McAllister secured crossbench support for the finance and public administration committee to report on the government’s “digital transformation” programmes, with the inquiry to focus on the recent series of failures such as the ATO, census and “robodebt”.

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