For share owners this is the most important event of the year. It tells us whether our shares, superannuation and managed funds are likely to continue to grow.

Throughout the year many market commentators and analysts are ready to predict what they think will happen to the economy and the results companies will achieve. This is where we learn what has actually happened.

Harvey Norman reported a profit increase of eight per cent. CEO Gerry Harvey said he is pleased with the results and confident about the outlook for retailers. He says unemployment is low, interest rates are heading towards zero and there is talk of quantitative easing.

Coles Group profit fell eight per cent and JB HiFi's rose three per cent. Accent Group, owner of Athletes Foot, reported better than expected results with net profit up 23 per cent. Online retailer Kogan saw net profit after tax up 22 per cent.

Among banks Commonwealth reported a five per cent fall in profit while the other majors' financial years end on September 30.

Most mining companies had an excellent year. Newcrest's profit rose 22 per cent with record output from Cadia and lower production costs. BHP and Rio Tinto announced their best results in five years while Fortescue Metals net profit after tax rose 195 per cent.

Insurance company IAG reported profit up 16 per cent but down 5 per cent if the gain on sale of an overseas subsidiary is excluded. QBE's net profit after tax rose 29 per cent but Suncorp's only increased 1.5 per cent.

Profit results from other companies included Origin Energy up 41 per cent, CSL up 11 per cent, Brambles up two per cent, Sydney Airport up four and Goodman Group up 11 per cent.

Nine Entertainment's net profit after tax rose 16 per cent as did Sonic Healthcare's. Dexus Property saw profit up four per cent and the Australian Stock Exchange's rose six per cent.

The Government's most senior economic adviser Dr Stephen Kennedy says the world has benefited greatly from the economic rise of China.

He says we have sound social policies around health and education and have handled globalisation very well. He expects this positive environment to continue to benefit our economy and companies.