Amazon Australia’s 2022 financial results reveal the retailer has delivered very strong sales growth with improving profitability. This is in stark contrast to the declining sales and loss-making results for some online pure plays. In our view, Amazon is investing for the long-term, which is evident in its distribution centre infrastructure, marketing investment and Amazon Prime membership, which may now be one in four Australian households. The debate in our mind is how much money and time will be spent by Wesfarmers and Woolworths trying to establish their own online ecosystem. We expect it to be costly for all involved.