Political turmoil rather than the quality of corporate profits has again dominated trading on the ASX, with the market falling for the fourth successive session.

Key points: ASX has so far shed more than $30b in value this week as political turmoil paralyses the Federal Government

ASX has so far shed more than $30b in value this week as political turmoil paralyses the Federal Government Despite a record profit, Flight Centre's shares crash after allegations about underpaying staff and overcharging customers

Despite a record profit, Flight Centre's shares crash after allegations about underpaying staff and overcharging customers Stockland confirms it is preparing for a cooling property market

At 2:30pm (AEST), the ASX 200 had slipped another 0.3 per cent to 6,247 points.

It has now lost 1.7 per cent, or $30 billion, this week.

"We are seeing elevated sovereign risk in our country," Mathan Somasundaram, Blue Ocean Equities strategist told Reuters.

"It looks like the Prime Minister is going to get knocked off any minute now, so there is definitely sovereign risk here compared with emerging markets."

Deutsche Bank strategist Tim Baker said the political volatility seen elsewhere in the world is now evident in Australia, and that is not good news for the market.

Mr Baker said the policy changes being considered to head off simmering discontent were likely to be an overall negative for business.

He said these include:

Missing out on planned company tax cuts

Missing out on planned company tax cuts Lower population growth would remove a 'free' source of growth for business

Lower population growth would remove a 'free' source of growth for business Businesses operating in regulated industries are likely to face scrutiny

"Already there's been talk of inquiries into utility and energy companies, and health-exposed companies could also face risks," Mr Baker said.

"On the positive side of the ledger, further personal tax cuts could buoy the consumer.

"And both the hard data and sentiment surveys say it's the consumer, not business, that could use a 'pick-me-up'."

The ASX200 has slipped 1.7pc as political turmoil in Canberra boiled over. ( Supplied: ASX, Thomson Reuters )

Flight Centre shares tumble despite record profit

Travel agent Flight Centre unveiled a 14 per cent lift in full-year profit to a record $263 million.

Its underlying profit — stripping out one-off items — was also a record at $385 million, at the upper end of the company's guidance.

However, that was not enough for investors who sent the shares tumbling another 9 per cent to $61.18.

The company has now lost 11 per cent, or more than $800 million in value, since the ABC aired accusations of underpaying staff and overcharging customers.

"Obviously as a company, it'll disappear very quickly, but it really is concerning that a lot of our people are really worried about it," Flight Centre managing director Graham Turner told an investor briefing.

The result was underpinned by strength in its offshore businesses with almost half its total sales generated outside Australia.

"The company's record results highlight its business model's strength, its ongoing relevance to customers global and its increasing diversity," Mr Turner said.

"The Americas and EMEA [Europe, Middle East and Africa] businesses performed particularly well and together generated $151 million profit, which more than doubled their combined results from just two years ago."

S32 profit jumps on higher prices, lower costs

The BHP spin-off of unwanted assets, South32, has beaten expectations with an 8 per cent rise in profit to $US1.3 billion ($1.8 billion).

The result put a rocket under S32's shares, rising 6 per cent to $3.56 (1:30pm AEST) to be one of the best performers in a generally stronger mining sector.

Underlying earnings, stripping out one-offs, were up an even more impressive 16 per cent.

The big earners were manganese and alumina, two commodities that were ruled surplus to BHP's requirements in 2015 at time of low global prices.

The company gave a positive view of the future and said it was on track to boost production.

Investors were rewarded with a special 3 US cent dividend, on top of a marginally increased 10.5 US cent full-year payment.

Stockland slips on cooling property market

Property developer Stockland has seen its full-year profit slide 14 per cent to $1 billion, hit by weaker results in its retirement home and shopping centre businesses.

A revaluation of assets also eroded Stockland's bottom line.

The company pointed to a 7.5 per cent increase in its preferred "funds from operations" measure as evidence of a solid result.

Stockland chief executive Mark Steinert said the company's biggest division, residential development, was well placed to deal with a cooling market.

"The land and housing market is clearly moderating, driven by a range of factors, including finance availability," Mr Steinert said.

"However, our focus on differentiated master planned community creation and housing affordability leaves us well placed in this environment."

Mr Steinert said strong pre-sales, low cancellation rates and a focus on the owner-occupier market would also help deal with any downturn.

The positive news was strong growth in fourth quarter sales, up 15 per cent on the same time last year.

Other results

Company Result Reaction Alumina interim profit +110 to $US286m Shares +4pc as strong aluminium prices expected to continue into 2nd half Nine Entertainment FY profit +27pc to $157m Shares -0.6pc despite higher sales revenue and FY dividend Qube FY profit +158pc to $199m Shares +7pc on better than expected result & special dividend Southern Cross Austereo FY profit -99pc to $1.4m Shares +1.9pc, well it wasn't a loss Webjet FY profit -21pc to $41.m Shares +16pc thanks to a 277pc increase in revenue and higher dividend

Prices at 2:15pm (AEST)