News Articles for RAC

Motoring mutual giant RAC is looking to become a company, asking members to vote on the historic move as it basks in a bumper profit and separately sweats on the $1.35 billion insurance arm sale.

RAC Group has recorded a bumper profit as it works through regulatory concerns about the sale of its insurance arm to Australia's biggest insurer.

Aventuur has secured a final investment from RAC to deliver the state's first wave park, estimated to cost $120 million and on track for a 2027 opening.

The Motor Trades Association has called on the competition regulator to block the takeover of RAC Insurance and its counterparts in QLD and SA by two industry giants.

The RAC has become the latest state-based motoring group to sell its insurance business, with Sydney-based IAG paying $1.35 billion for the WA business.

The possibility of RAC's lucrative insurance business being sold has moved closer after industry heavyweights IAG and Allianz brought in advisers to help them pitch a deal.

A Perth-founded startup that provides an online platform for those wishing to rent community space has received $2 million from Purpose Ventures as it targets expansion to the UK.

The north-west is short of beds for leisure and corporate travelers, yet proponents find it near-impossible to build a development business case.

RAC has reported a bumper $105 million profit for the 2023/24 financial year, more than doubling its profit from the previous year.

The first of a new set of units overlooking the beach in Coral Bay have opened to bookings and the rest of the build is expected to be finished ahead of next year's peak season.

Australian Unity is set to buy home support services provider myHomecare Group from Enrich Health, a joint venture between RAC and Quadrant Private Equity, for $285 million.

Business News runs the rule over a cross-section of companies to determine how much firms of varying size and industry invest in WA communities.

Western Australian insurer RAC's $70 million plan to build a resort at Coral Bay is one step closer to fruition after a development panel green lit the proposal.

In this podcast: Mark Beyer and Mark Pownall discuss opposition fracture; Perth house prices; RAC Insurance; Pioneer Credit; BGC stoppage; Hancock Prospecting; Azure Minerals, and private companies wrap.

Our weekly appointments wrap includes Glen Rolle, Mary Anne Stephens, Alain Musikanth, Geoff Lotter, Mike Hodgkinson, Robert van der Laan, Natalie Davies, Kiara Rotaru, Colin La Galia and Maxwell Watkins.

The Australian Prudential Regulation Authority has found "significant weaknesses" in RAC's governance and added $20 million to the insurance company's capital requirement.

Naming rights for the state's three emergency rescue helicopters have gone to tender in a $3.75 million move which could see the deal change hands for the first time in two decades.

WA insurer RAC has unveiled its $70 million plan to transform Coral Bay's Ningaloo Reef Resort in what it describes as one of the most significant tourism projects in the state's history.

Coral Bay's beachfront hotel has closed as its owners embark on a $55 million resort redevelopment due to open just in time for the April 2025 school holidays.

RAC Group ended the financial year with a $46 million profit, significantly up from the $7.97 million recorded in the previous reporting period.

Not for profits are grappling with remuneration for their directors, with one major group scaling back its payments.

Well-known mining identity Jim Walker has stepped down from his board roles at ASX-listed companies Mader Group and MLG Oz.

RAC has reported a sharp fall in its annual profit after strong growth in its core operations was offset by investment writedowns and an unexpected spike in insurance claims.

A fintech and a sports science hopeful are among six startups to receive a combined $500,000 in the latest Plus Eight Accelerator program.

The first EV charger along the state's proposed electric highway is due to be installed in the coming months courtesy of a major Victoria-based outfit.

Western Australia's largest venture capital fund has invested more than $2.5 million over the past six months in eight companies, including Perth startups Snackr, IDEA academy and The Volte.

Insurers and many inside the tow truck sector are calling for widespread reforms.

Almost 25 years after rapper The Notorious B.I.G. released hit Mo Money Mo Problems, the song title may serve as a cautionary warning for central bankers.

RAC expects to start investing in other states as it looks to add more businesses to its already diverse portfolio.

RAC has reported strong growth in revenue from its insurance and resorts businesses, with the group also benefiting from large investment gains.

At what point should not-for-profit organisations start paying fees to their board of directors?

RAC's BetterLabs Ventures has closed four new deals, including an investment into a previous Business News 40under40 winner's startup, The Volte.

In the last chapter of the Business News' Great for the State series, leaders from energy, mining, the arts and sport shared their insights on shaping the state's future.

While Perth's CBD hotels are struggling, many accommodation providers around WA are faring well, if they can find enough staff.

Each year, the cars we drive are becoming increasingly automated.

From traffic management to crime and utilities, smart city tech is advancing rapidly.

The Royal Automobile Club of WA has delivered a 17 per cent increase in net profit for the 2020 financial year.

WA has so far been spared the worst of COVID-19 but the experience has nonetheless triggered big changes in workplace management and planning.

Brodie Carr will reportedly step down as managing director of Tourism WA so his wife can move closer to her family in France.

Around the world we've witnessed how during COVID-19 lockdowns, with fewer cars on the road, air quality in cities has improved.