Author: roymorgansocial

‘I know what it’s like to struggle’: PM defends $4.3m beach house

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Original article by Phillip Coorey, Campbell Kwan
The Australian Financial Review – Page: 4 : 16-Oct-24

Prime Minister Anthony Albanese is under scrutiny following revelations that he has bought a waterfront home on the NSW central coast. Albanese and fiancee Jodie Haydon will pay $4.3m for the clifftop home, which has views over Copacabana Beach. One Labor MP has conceded that the purchase is "not a great look" for Albanese ahead of a federal election that is likely to be dominated by the rising cost of living and the housing crisis. Albanese has downplayed suggestions that he is preparing for life after politics, stating that he intends to remain in his current job "for a very long time". He adds that while he has been fortunate to earn a big salary as prime minister, he knows what it is like to struggle, having grown up in public housing.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY

Labor’s next woe: health premiums

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Original article by Michael Smith
The Australian Financial Review – Page: 1 & 6 : 16-Oct-24

Sources have indicated that private health insurers will seek approval from the federal government to increase their premiums by 5-6 per cent in 2025. This would be the highest increase since 2016, when premiums rose by an average of 6.18 per cent. Private health insurers are slated to make their final submissions to Health Minister Mark Butler in early November; the size of the premium increases is traditionally announced between December and March, and they take effect from 1 April. With the federal election due by mid-May and the cost-of-living crisis weighing on many voters, the government will be reluctant to approve a large increase in premiums.

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AUSTRALIA. DEPT OF HEALTH AND AGED CARE

Industry calls for more changes than just axing debit card fees

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Original article by David Ross, David Rogers
The Australian – Page: 13 & 19 : 16-Oct-24

The Reserve Bank of Australia has confirmed that it will investigate the regulation of the payments system, in the wake of the federal government’s proposal to ban debit card surcharges by 2026. Amongst other things, the RBA has indicated that its review will examine the costs that merchants incur when they accept card payments, and whether its surcharging framework is still ‘fit for purpose’. The Australian Banking Association’s CEO Anna Bligh argues that abolishing debit card surcharges would be a "win for consumers", although some observers contend that broader reform is needed.

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RESERVE BANK OF AUSTRALIA, AUSTRALIAN BANKING ASSOCIATION

A giant of Australian journalism, George Negus dies at 82

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 6 : 16-Oct-24

Media industry identities have paid tribute to veteran journalist George Negus, following his death at the age of 82. Negus was one of the founding team of reporters on the Nine Network’s 60 Minutes program, while he was also a presenter on the ABC’s Foreign Corresponde and SBS’s Dateline in a career that spanned both print and broadcast journalism. Negus had been coping with the onset of Alzheimer’s disease in recent years, and his family has released a statement advising that he died "surrounded by loved ones" after a "gracious decline" from the disease.

CORPORATES
NINE NETWORK AUSTRALIA LIMITED, AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS)

In September Australian unemployment increased to 9.5% as workforce grew to a record high; but not enough new jobs created

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Original article by Roy Morgan
Market Research Update – Page: Online : 16-Oct-24

In September 2024, Australian ‘real’ unemployment increased by 87,000 to 1,510,000 (up 0.4% to 9.5% of the workforce), as more tham 100,000 people joined the workforce. In addition to the unemployed, a further 1.45 million Australians (9.2% of the workforce) were under-employed, i.e. working part-time but looking for more work, down 43,000 from August. In total, 2.96 million Australians (18.7% of the workforce) were either unemployed or under-employed in September. However, overall employment was virtually unchanged, up 17,000 on a month ago to 14,305,000. Part-time employment increased by 32,000 to 4,933,000 while full-time employment dropped 15,000 to 9,372,000. The total workforce in September was 15,816,000 (up 105,000 from August, and up 497,000 from a year ago). Roy Morgan’s unemployment figure of 9.5% for September is more than double the ABS estimate of 4.2% for August, but it is approaching the combined ABS unemployment and under-employment figure of 10.7%.

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ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

ANZ-Roy Morgan Consumer Confidence unchanged at 83.4

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Original article by Roy Morgan
Market Research Update – Page: Online : 16-Oct-24

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 83.4 in the week to 13 October. Consumer Confidence has now spent a record 89 straight weeks below the mark of 85; however, it is now 7 points above the same week a year ago and 1.3 points above the 2024 weekly average of 82.1. Consumer Confidence was up in New South Wales, down in Victoria, Queensland, and South Australia, and unchanged in Western Australia. Now 21% of Australians (down 2ppts) say their families are ‘better off’ financially than this time last year, while 49% (up 1ppt) say their families are ‘worse off’. Looking forward, 33% (down 3ppts) of Australians expect their family to be ‘better off’ financially this time next year, while 31% (unchanged) expect to be ‘worse off’. Now 10% (up 1ppt) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 30% (down 2ppts) expect ‘bad times’. Meanwhile, 20% (unchanged) of Australians say now is a ‘good time to buy’ major household items, while 48% (down 1ppt) say now is a ‘bad time to buy’.

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ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Lithium stocks one deal away from rocketing, says broker

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Original article by Alex Gluyas
The Australian Financial Review – Page: 25 : 16-Oct-24

Data from S&P Global Platts shows that the spot price of spodumene is currently trading at around $US760 per tonne. However, E&P Financial Group forecasts that the price of spodumene will rise to $US850/tonne in the second quarter of fiscal 2025, and $US1,000/tonne in the third quarter. E&P analyst Adam Martin is also upbeat about the outlook for Australian-listed lithium stocks in the wake of Rio Tinto’s $9.9bn deal to acquire Arcadium Lithium.

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S&P GLOBAL PLATTS, E&P FINANCIAL GROUP LIMITED – ASX EP1, RIO TINTO LIMITED – ASX RIO, ARCADIUM LITHIUM PLC – ASX LTM

Fair work launches 42 probes into CFMEU coercion, corruption

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Original article by Olivia Ireland, David Crowe
The Age – Page: Online : 16-Oct-24

The CFMEU’s construction division is under further scrutiny following the federal government’s recent move to place it in administration. The Fair Work Ombudsman has advised that it has commenced another 42 investigations into alleged illegal conduct within the construction division. The FWO has acted in response to a referral from the government after media reports exposed corruption within the CFMEU and its links to outlaw motorcycle gangs. Workplace Relations Minister Murray Watt says the FWO’s investigations demonstrate that there has been progress in "cleaning up" the construction industry.

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CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS

Rebel unions reject Labor’s unity call

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Original article by Ewin Hannan
The Australian – Page: 5 : 16-Oct-24

Workplace Relations Minister Murray Watt will address the ACTU executive on Wednesday. He will highlight the federal government’s achievements in securing "better pay and job security" for Australian workers during its first term in office. With a view to the upcoming election, Watt will also contend that Opposition leader Peter Dutton and the Coalition represent the greatest threat to workers’ pay and conditions since the WorkChoices regime. He will in turn urge the union movement to unite in support of Labor and the ACTU, at a time when some unions that primarily represent blue-collar workers are pushing to establish a rival peak union body.

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AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS, ACTU

Rio Tinto’s red alert on green laws killing mining

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Original article by Brad Thompson
The Australian – Page: 2 : 16-Oct-24

Rio Tinto contends that the federal government must find a balance between protecting the environment and supporting the resources sector. Rio Tinto’s Australian CEO Kellie Parker has stressed the need to take into account different perspectives and practical thinking in the nation’s approach to environmental protection, as well as a regulatory system that supports and enhances the contribution that the resources sector makes to the economy and society. Parker adds that Rio Tinto is committed to meeting rigorous environmental standards.

CORPORATES
RIO TINTO LIMITED – ASX RIO