Author: roymorgansocial

Labor urged to champion crypto following US poll

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Original article by Noah YimSarah Ison
The Australian – Page: 1 & 4 : 12-Nov-24

Liberal MP Simon Kennedy has used a speech to the Tech Council summit in Melbourne to voice support for the cryptocurrency sector and to call on the federal government to provide clear regulation for the sector. His comments come in the wake of the election of Donald Trump as US President, with the crypto sector having strongly supported his campaign; it is understood to have spent over $200 million in the US election. Liberal senator Andrew Bragg, who is a noted advocate of crypto and has previously introduced legislation on the matter, says that "I think that the crypto industry knows that if we are elected, that we will deliver legal certainty".

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LIBERAL PARTY OF AUSTRALIA

McKenzie persists with Qantas probe

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Original article by Rosie Lewis
The Australian – Page: 2 : 12-Nov-24

Opposition transport spokeswoman Bridget McKenzie has not ruled convening a Senate inquiry into Qantas, former CEO Alan Joyce and his relationship with Prime Minister Anthony Albanese. She had initially called for such an inquiry after it was claimed in a book that Albanese would liaise with Joyce directly about getting flight upgrades when he was minister and shadow minister for transport, with Albanese having denied he ever asked Joyce or anyone else at Qantas for an upgrade. McKenzie’s refusal to rule out an inquiry into the issue is despite her being forced recently to disclose 16 of her own flight upgrades and the major parties appearing to have called a truce on the matter.

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QANTAS AIRWAYS LIMITED – ASX QANAUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

A quantum Psi of relief for Qld taxpayer

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Original article by Lydia Lynch
The Australian – Page: 1 & 4 : 12-Nov-24

The new Queensland government has indicated that it may withdraw from its Labor predecessor’s deal to invest $470m in a quantum computing project. Treasurer David Janetzki has stated that he will closely scrutinise the full details of Labor’s deal to match the federal government’s investment in US-based PsiQuantum’s project to build a ‘fault-tolerant’ quantum computer in Brisbane. Janetzki had raised concerns in Opposition regarding the viability of the project and the secrecy that surrounded the tender process.

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QUEENSLAND. TREASURYPSIQUANTUM CORPORATIONAUSTRALIAN LABOR PARTY

Roy Morgan Poll: Coalition retains a narrow lead over Labor as Donald Trump wins US Presidential Election

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Original article by Roy Morgan
Market Research Update – Page: Online : 12-Nov-24

If a Federal Election were held now the result would be ‘too close to call’ with the Coalition 50.5% (down 0.5%) narrowly ahead of the ALP 49.5% (up 0.5%) on a two-party preferred basis, the latest Roy Morgan survey finds. The close result and the large size of the crossbench (currently 16 seats) means either the ALP or Coalition would require the support of minor parties and independents to form government. Primary vote support was little changed for the major parties, with the Coalition down 0.5% to 37.5% and the ALP unchanged at 30.5%; however, the Greens dipped 1.5% to 12.5%. One Nation increased 0.5% to 6.5%, Other Parties were up 0.5% to 4.5% and Independents increased 1% to 8.5%.

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ROY MORGAN LIMITEDMORGAN POLLAUSTRALIAN LABOR PARTYLIBERAL PARTY OF AUSTRALIANATIONAL PARTY OF AUSTRALIAAUSTRALIAN GREENSONE NATION PARTY

Green boom at risk from trade war

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Original article by John KehoePhillip Coorey
The Australian Financial Review – Page: 1 & 4 : 12-Nov-24

Treasurer Jim Chalmers has used a speech at the Australian Institute of International Affairs conference to warn that the nation would be particularly vulnerable in the event of a trade war between the US and China. He noted that trade in goods and services accounts for about 50 per cent of the Australian economy, compared with just 25 of the US economy. Chalmers added that Australia’s aim of becoming a major exporter of ‘green’ metals and hydrogen in particular would be jeopardised by a trade war. US president-elect Donald Trump has flagged a tariff of 60 per cent on Chinese imports, and a tariff of 10-20 per cent on all other countries.

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AUSTRALIA. DEPT OF THE TREASURYAUSTRALIAN INSTITUTE OF INTERNATIONAL AFFAIRS

Resolute Mining sheds $500m as executives detained

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Original article by Brad Thompson
The Australian – Page: 13 & 16 : 12-Nov-24

Shares in Resolute Mining closed 32.8 per cent lower at $0.45 on Monday, after CEO Terry Holohan and two employees were detained by the Mali government. The listed gold miner has indicated that they were in Mali for talks with mining and tax authorities, and they were unexpectedly detained by the military junta’s anti-corruption and financial crime unit on Friday. Resolute is the major stakeholder in the Syama gold mine, but the Mali government is seeking to acquire stakes of up to 30 per cent in resources projects via a proposed new mining code.

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RESOLUTE MINING LIMITED – ASX RSG

‘Technical limitation’: Why you can’t find most Aldi prices online

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Original article by Jessica Yun
Brisbane Times – Page: Online : 12-Nov-24

The Australian Competition & Consumer Commission is holding an inquiry into supermarket prices, with Aldi managing director of national buying Jordan Lack appearing before the inquiry on Monday. With the ACCC’s interim report finding that consumers are increasingly going online and using apps to compare prices between supermarkets, Lack told the inquiry that ‘technical limitation’ with its IT systems is making it difficult for shoppers to compare its prices online with those of Coles and Woolworths; he said that Aldi hoped to be able to publish its full range of prices "in the next year".

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AUSTRALIAN COMPETITION AND CONSUMER COMMISSIONALDI STORES SUPERMARKETS PTY LTD

‘It’s never going to happen’: three in five Australian renters expect to never own a home as steep rents hit

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Original article by Cait Kelly
The Guardian Australia – Page: Online : 12-Nov-24

A report from the Australian Housing & Urban Research Institute shows that 78 per cent of renters want to own a home. However, the AHURI has also found that three in five renters believe that they will never do so. The report, which is based on data from the 2021 census and other sources, forecasts that the proportion of Australians who own their home outright will fall from 67 per cent to 63 per cent over the next two decades. Separate research from Better Renting has found that 76 per cent of renters have had a rent increase in the last year, with one in six reporting that their rent was increased by more than 25 per cent.

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AUSTRALIAN HOUSING AND URBAN RESEARCH INSTITUTEBETTER RENTING

Proposed top stories

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Trump’s victory could wipe $36b from Australian economy

Analysis by KMPG suggests that Australia’s economic growth would be reduced by between 0.8 per and 1.5 per cent if US president-elect implements all of his policies; this would cost the domestic economy between $19bn and $36bn. KPMG’s chief economist Brendan Rynne says this could in turn add a full percentage point to the inflation rate, adding to the challenges facing the federal government and the Reserve Bank of Australia. Economist and former RBA board member Warwick McKibbin has expressed similar concerns about Trump’s policy agenda, warning of the potential for another global financial crisis. He adds that Trump’s proposal to hike import tariffs will undermine global trade and directly impact the Australian economy.

PM hits president-sized bump in the road

Prime Minister Anthony Albanese has called Donald Trump to congratulate the US president-elect after his comfortable win over White House rival Kamala Harris. Albanese and Trump are believed to have discussed a range of issues, including the importance of the alliance between the two nations, trade and investment relations and the AUKUS defence agreement. Trump’s policies such as tariff hikes on all imported goods – but much larger increases for Chinese imports – are likely to have an impact on Australia, while the US is expected to withdraw from the Paris climate change agreement for a second time. Meanwhile, Albanese has expressed support for Australia’s ambassador to the US, Kevin Rudd, amid calls for the former prime minister to resign due to his past criticism of Trump.

Keep green dream alive: Madeleine King urges US to retain Inflation Reduction Act

Donald Trump has been a vocal critic of the Biden administration’s $US369bn ($556bn) Inflation Reduction Act. Trump stated during the presidential election campaign that he will rescind all unspent funds under the ‘misnamed’ IRA. However, Australia’s Resources Minister Madeleine King says the IRA is a job-creating policy for the US and has urged Trump to retain it; King contends that the US will still need critical minerals for the energy transition, adding that the federal government will work with the Trump administration regarding the development of this sector.

Life to improve with Trump

In Australia, the US and many parts of the world, Generation Z are bewildered that Donald Trump has become the 47th president. Yet this generation stands to be the biggest beneficiary of the incredible changes ahead for both the US and Australia as a result of Trump’s return to the White House. The current white-collar workforce is dominated by people with hard skills. Gen Z must understand how to use technology, but they will also need soft skills. Unlike hard skills, which are job-specific and measurable, soft skills are broader and include competencies such as communication, teamwork and problem solving. They are critical for fostering a collaborative work environment and enhancing overall team performance. Gen Z grew up with technology and if they combine that knowledge with communication skills they are ideally placed to benefit from the new era, especially as baby boomers who have the key jobs are retiring.

Republicans eye sweep through all three houses

The Republican Party has gained control of the Senate following the presidential election, and party officials are optimistic that it also have a majority in the House of Representatives. The Republicans currently have a four-seat majority in the lower house, with the winners of more than 40 seats yet to be declared. Republican House speaker Mike Johnson says it is clear that the party is set to have unified government in the White House, the Senate and the House of Representatives.

The $232b public service wage bill fuelling inflation

Data from the Australian Bureau of Statistics shows that the public sector wages bill increased by eight per cent nationwide in 2023-24, to $232bn. The federal government’s wages bill increased by 10 per cent to $37.3bn, while the number of federal public service employees increased by more than four per cent to 365,400. George Tharenou, the UBS chief economist at USB, says the growth in public sector employment is helping to shore up the overall labour market amid a slowdown in private sector employment.