Live: Coles results revealed, markets await inflation data

The financial results of retail giant Coles will be released as part of the reporting season, with Australia's ASX 200 market awaiting inflation data to guide interest rates. Former KPMG partner Chris Jordan, who served as the head of Australia's Tax Office (ATO) for more than a decade, is facing allegations of tax evasion and promoting tax schemes to clients.

Documents reveal that KPMG audit partners, including Jordan, misused client data and mishandled a whistleblower's complaint about the misconduct. Allegations against Jordan claim he should not have been appointed to lead the ATO due to his performance being severely hampered by alcoholism and cocaine use. The Business Council of Australia's CEO, Bran Black, will deliver a speech at the annual dinner, addressing Australia's competitiveness ranking and suggesting that the business lobby needs to better connect investment, productivity, and regulation to address the cost-of-living pressures faced by Australians.

Black emphasizes the need for businesses to grow and become more productive, as taxation and regulation alone cannot improve living standards. Analysts expect earnings forecasts to be trimmed due to the final week of the August reporting season, with some discretionary spending stocks facing challenges.