Author: roymorgansocial

Stalled spend lifts surplus to $15bn

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Original article by Jack Quail
The Australian – Page: 4 : 1-Oct-24

Treasurer Jim Chalmers has attributed the federal government’s higher-than-forecast budget surplus for 2023-24 to lower spending rather than increased taxes. The final budget outcome for 2023-24 has confirmed a surplus of $15.8bn, which is $9.3bn higher than was forecast in the May budget. Shadow treasurer Angus Taylor claims that Labor is using temporary windfalls to boost the budget bottom line, adding that its two successive surpluses will be followed by a series of deficits. The government achieved significant savings by deferring expenditure in a range of areas in 2023-24; meanwhile, personal income tax revenue was $3.1bn lower than expected at $331.5bn and corporate tax receipts were $1.7bn below expectations at $141.2bn.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA

Liontown’s first shipment sets sale for China

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Original article by Chris Herde, Valerina Changarathil
The Australian – Page: 16 : 1-Oct-24

Liontown Resources has advised that the inaugural shipment of spodumene concentrate from its Kathleen Valley lithium project left the Port of Geraldton on Friday. The shipment comprised 11,855 wet metric tonnes of concentrate and is en route to China. Liontown has produced 28,000 WMT of concentrate since production at Kathleen Valley commenced several months ago. Liontown posted a loss of $64.9m for the 2023-24 financial year on Friday, following a loss of $22.2m in 2022-23.

CORPORATES
LIONTOWN RESOURCES LIMITED – ASX LTR

Roy Morgan Poll: Federal election too close to call with Coalition (51%) now marginally ahead of the ALP (49%)

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Original article by Roy Morgan
Market Research Update – Page: Online : 1-Oct-24

If a Federal Election were held now the result would be ‘too close to call’, with the Coalition on 51% (up 1.5% from a week ago) just ahead of the ALP on 49% (down 1.5%) on a two-party preferred basis, the latest Roy Morgan survey finds. This is the first time the Coalition has been in front for over a month – based on preferences being distributed by what electors tell us. However, when preferences are allocated based on how Australians voted at the 2022 Federal Election the result is reversed with the ALP on 51.5% (down 0.5% from a week ago) cf. L-NP 48.5% (up 0.5%). This tight result emphasises again how important preference flows will be in determining which major party is best placed to form government with the support of minor parties and independents after the next federal election. ALP primary vote support dropped 2% points to 30% while Coalition support was up 0.5% points at 38% – an 8% point gap between the two parties, the largest for a month. Support for the Greens was up 1% to 13.5% while One Nation was down 0.5% at 4.5%. Support for Other Parties increased 1% to 4.5% and support for Independents was unchanged at 9.5%.

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ROY MORGAN LIMITED, MORGAN POLL, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, ONE NATION PARTY

Social media laws could stymie valid debates on policy

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Original article by Ronald Mizen
The Australian Financial Review – Page: 3 : 1-Oct-24

Nick Coatsworth has expressed concern regarding the definitions of "serious harm", "misinformation" and "disinformation" in the federal government’s proposed legislation aimed at clamping down on misinformation and disinformation being spread on social media. The former deputy chief medical officer contends that the laws could be used to stifle public health debate, with Coatsworth citing debate during the COVID-19 pandemic as an example. The Opposition supports a crackdown on misinformation and disinformation online, but shadow treasurer Angus Taylor claims that the government has the balance wrong. Communications Minister Michelle Rowlands says that doing nothing is not an option, while Treasurer Jim Chalmers has accused the Coalition of "running a protection racket" for big technology companies.

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AUSTRALIA. DEPT OF INFRASTRUCTURE, TRANSPORT, REGIONAL DEVELOPMENT, COMMUNICATIONS AND THE ARTS, AUSTRALIA. DEPT OF THE TREASURY

ANZ-Roy Morgan New Zealand Consumer Confidence hits highest points since January 2022 at 95.1

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Original article by Roy Morgan
Market Research Update – Page: Online : 1-Oct-24

ANZ-Roy Morgan New Zealand Consumer Confidence rose 2.9 points in September to 95.1, its third straight month of improvement. At 95.1 it is still well below par, but Consumer Confidence is at its highest level since January 2022. The future conditions index rose another 5 points from 100.5 to 105.6; the current conditions index was flat and is much more subdued at 79.6. Net perceptions of current personal financial situations rose 2 points to -16% in September; 26% (up 3% points) of New Zealanders say they are ‘better off’ financially than this time last year, while 41% (unchanged) say they are ‘worse off’. Meanwhile, a net 25% of New Zealanders expect to be better off this time next year, up 8 points from a month ago. A net 25% of New Zealanders think it is a bad time to buy a major household item. Two-year-ahead CPI inflation expectations were unchanged at 3.8%.

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ROY MORGAN LIMITED

Qatar to take 25 per cent stake in Virgin Australia

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Original article by Robyn Ironside
The Australian – Page: Online : 1-Oct-24

Qatar Airways will become a cornerstone investor in Virgin Australia following lengthy negotiations with Bain Capital. The Qatari carrier has agreed to acquire a 25 per cent stake in Virgin, although the latter’s CEO Jayne Hrdlicka concedes that regulatory approval from the Foreign Investment Review Board and the Australian Competition & Consumer Commission cannot be taken for granted. The two airlines have been codesharing partners since 2022. Bain Capital is still expected to pursue an IPO for Virgin before the end of 2024 or in the new year.

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VIRGIN AUSTRALIA HOLDINGS LIMITED, QATAR AIRWAYS, BAIN CAPITAL LLC, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Hezbollah supporters could evade penalty

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Original article by Andrew Tillett
The Australian Financial Review – Page: 5 : 1-Oct-24

Anti-hate symbols legislation that took effect in January make it an offence punishable by up to 12 months in jail to display symbols associated with a banned terror group such as Hezbollah. However, with Opposition Leader Peter Dutton wanting to know why no one had been arrested for carrying the Hezbollah flag at pro-Palestine protests on the weekend, the Australian Federal Police has indicated in a statement that the "mere public display of a prohibited symbol on its own does not meet the threshold of a Commonwealth offence". Deakin University counterterrorism expert Greg Barton said the display of the Hezbollah flag at the protests was the first major test for the laws, while Australia Palestine Advocacy Network president Nasser Mashni claimed the fixation on a few flags at the protests was a convenient distraction from Israel’s "massacre" in Gaza and Lebanon.

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AUSTRALIAN FEDERAL POLICE, DEAKIN UNIVERSITY

ABC fields on protest coverage

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Original article by James Dowling
The Australian – Page: 2 : 1-Oct-24

The Executive Council of Australian Jewry has lodged a complaint against the ABC over its coverage of Lebanon and Gaza solidarity protests in Sydney and Melbourne on Sunday. Its complaint related to multiple live crosses from the Sydney protest and an evening package covering the Melbourne rally, with the package of the Melbourne rally criticised for not telling viewers that Hezbollah is a registered terrorist organisation, or for mentioning the display of Hezbollah flags at the rally. In its response to criticism of the package covering the Melbourne rally, the ABC noted it was the third of three stories on the events in Lebanon commissioned for 7pm news bulletins, and that the earlier stories had provided full context on the conflict.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, EXECUTIVE COUNCIL OF AUSTRALIAN JEWRY

Fears ASX may have peaked after killer quarter

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Original article by Joshua Peach, Joanne Tran
The Australian Financial Review – Page: 13 & 21 : 1-Oct-24

The benchmark S&P/ASX 200 gained 6.5 per cent during the September quarter, with Zip Co, Orora and Guzman y Gomez among the best-performing stocks during the period. September was also a strong month for the local bourse, which reached new record highs in seven separate trading sessions and delivered the best return for the month since 2013. However, Jason Steed from JP Morgan is amongst those who believe that the Australian sharemarket may struggle to post further gains, noting that the earnings outlook is relatively weak.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, ZIP CO LIMITED – ASX ZIP, ORORA LIMITED – ASX ORA, GUZMAN Y GOMEZ LIMITED – ASX GYG, JP MORGAN AUSTRALIA LIMITED

Sydney home values heading for fall this year

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Original article by Nila Sweeney
The Australian Financial Review – Page: 24 : 1-Oct-24

Data from CoreLogic shows that home values in Sydney rose by just 0.5 per cent during the September quarter. This is the NSW capital’s lowest monthly increase in house prices since February 2023, and Tim Lawless of CoreLogic says prices could begin to fall in coming months. Meanwhile, house prices in Melbourne fell by 1.1 per cent in the September quarter; Perth recorded growth of 4.7 per cent, while house price growth in Brisbane slowed to 2.7 per cent. House prices rose by one per cent nationally during the period.

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CORELOGIC AUSTRALIA PTY LTD