Author: roymorgansocial

Qantas, Virgin defend higher fares in the wake of Rex’s exit from domestic trunk routes

roymorgansocial Leave a comment

Original article by Robyn Ironside
The Australian – Page: Online : 18-Sep-24

Australia’s two major airlines have downplayed data which suggests that economy airfares have risen by more than 12 per cent since July. This coincided with the collapse of Rex Airlines and its withdrawal from capital city routes. Qantas contends that the Bureau of Infrastructure & Transport Research Economics’ data does not represent the average fares that customers are paying for domestic flights. Virgin Australia in turn argues that factors such as football finals and school holidays traditionally result in price variance in September compared with July.

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, VIRGIN AUSTRALIA HOLDINGS LIMITED, REX AIRLINES PTY LTD, REGIONAL EXPRESS HOLDINGS LIMITED – ASX REX, AUSTRALIA. DEPT OF INFRASTRUCTURE, TRANSPORT, REGIONAL DEVELOPMENT, COMMUNICATIONS AND THE ARTS. BUREAU OF INFRASTRUCTURE AND TRANSPORT RESEARCH ECONOMICS

Axed Direction 63 fuels security fears

roymorgansocial Leave a comment

Original article by Rhiannon Down, Geoff Chambers
The Australian – Page: 1 & 5 : 18-Sep-24

The federal government’s national security credentials are under renewed scrutiny following revelations that it had revoked a controversial ministerial direction in early 2024. Direction 63 had allowed the government to deport people who were in Australia on bridging visas if they had been charged with a criminal offence or were being investigated by police. It had been in place since 2014, but was widely criticised by lawyers because it allowed people to be deported without having been convicted of a crime. It was replaced by Direction 104 in March; this still provides the immigration minister with discretion to cancel the visas of ­people who have been charged with a crime.

CORPORATES

AUKUS originals to embrace threesome – that’s the pillar talk

roymorgansocial Leave a comment

Original article by Ben Packham
The Australian – Page: 1 & 5 : 18-Sep-24

The three founding members of the AUKUS alliance are not expected to expand the nuclear submarines component of the defence pact to include other nations. However, the political leaders of Australia, the US and the UK will indicate on Wednesday that they may be open to inviting South Korea, New Zealand and Canada to participate in the ‘Pillar II’ phase of the defence pact, which will focus on military technology. They have previously flagged the possibility that Japan could be invited to join Pillar II. The leaders’ statement will be issued to mark the third anniversary of the alliance. Prime Minister Anthony Albanese will also discuss progress on AUKUS at the upcoming four-nation Quad leaders’ meeting in the US.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Immigration and ideology add fuel to housing crisis

roymorgansocial Leave a comment

Original article by Judith Sloan
The Australian – Page: 11 : 18-Sep-24

The federal government’s target of 1.2 million new homes in five years will not be met. Although Canberra has some levers it can pull to boost housing stock, most of the control rests with state and local governments. In addition, the construction of new homes is almost completely reliant on the private sector. Meanwhile, the federal government has been contributing to the housing crisis by ramping up the migrant intake. All levels of government are also obsessed with the ideology of greater housing density, despite the fact that many people do not want to live in high-rise apartment buildings.

CORPORATES

ANZ-Roy Morgan Inflation Expectations drop to 4.8% in mid-September – down from 5.0% for the month of August

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 18-Sep-24

The latest weekly ANZ-Roy Morgan Inflation Expectations are 4.8% for the week of September 9-15. This figure is below the average so far this year of 5.0%, and down 0.2% points from the month of August. A look at monthly Inflation Expectations for August shows the measure at 5.0% for the month – down 0.1% points from a month earlier and in line with the average so far this year of 5.0%. Looking back over the first eight months of the year, weekly Inflation Expectations have moved in a narrow band of 4.6% to 5.3% and averaged 5.0%. The data for the Inflation Expectations series is drawn from the Roy Morgan Single Source, which has interviewed an average of around 5,200 Australians aged 14+ per month over the last decade, and includes interviews with 5,974 Australians aged 14+ in August 2024.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

CBA warns of $US80 iron ore price as China crisis deepens

roymorgansocial Leave a comment

Original article by Alex Gluyas
The Australian Financial Review – Page: 26 : 18-Sep-24

Iron ore futures were trading at around $US92.50 per tonne on Tuesday, after falling below $US90 last week. The iron ore price has shed about 20 per cent since July, amid a rising global surplus of the steel input and growing concerns about the outlook for China’s property sector. Goldman Sachs now expects the iron ore price to test the $US85/tonne level in the December quarter, compared with its previous forecast of $US100. Meanwhile, Vivak Dhar from the Commonwealth Bank says the iron ore price could potentially fall to around $US80/tonne in the near-term.

CORPORATES
THE GOLDMAN SACHS GROUP INCORPORATED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

ANZ-Roy Morgan Consumer Confidence up 1.8pts to 84.1 in mid-September

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 18-Sep-24

ANZ-Roy Morgan Consumer Confidence rose 1.8pts to 84.1 in the week to 15 September; despite the increase, Consumer Confidence has spent a record 85 straight weeks below the mark of 85. Consumer Confidence is now 4.3 points above the same week a year ago (76.4), and 2.1pts above the 2024 weekly average of 82.0. Consumer Confidence is up in Victoria and Western Australia, but down slightly in NSW, Queensland and South Australia. Now 22% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 48% (up 1ppt) say their families are ‘worse off’. Looking forward, 33% (up 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, while 30% (down 2ppts) expect to be ‘worse off’. Now 9% (unchanged) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 32% (down 2ppts) expect ‘bad times’. Now 23% (up 3ppts) of Australians say now is a ‘good time to buy’ major household items, while 48% (unchanged) say now is a ‘bad time to buy’.

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

CFMEU scandal once in a generation chance

roymorgansocial Leave a comment

Original article by Ewin Hannan
The Australian – Page: 1 & 4 : 18-Sep-24

The federal government will reconvene its National Construction Industry Forum in October. Amongst other things, members of the forum will be asked to consider measures aimed at addressing corruption and misconduct in the building and construction industry. Workplace Relations Minister Murray Watt says a "major reset" is needed in the nation’s construction industry, and the scandal that has embroiled the CFMEU is a "once-in-a-generation" opportunity to do so. Meanwhile, the CFMEU’s administrator Mark Irving will use his coercive powers to direct Geoffrey Watson SC to continue with his investigation into corruption within the union’s Victorian branch.

CORPORATES
CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, NATIONAL CONSTRUCTION INDUSTRY FORUM, AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS

No retreat on IR laws: Albanese

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 18-Sep-24

Industrial relations is set to be a key federal election issue, after Prime Minister Anthony Albanese indicated on Tuesday that Labor will not back down on the reforms it has implemented. The Coalition in turn has committed to repealing key aspects of the reforms, including multiple-employer bargaining. Meanwhile, Albanese has told the Business Council of Australia’s annual dinner that his government is "proudly pro-business and pro-worker". Albanese used his speech to highlight Labor policies and initiatives that have helped the business sector. However, BCA CEO Bran Black and president Geoff Culbert both criticised Labor’s workplace reforms in their speeches at the event.

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

Billionaire Gordon closer to unlocking larger Nine stake

roymorgansocial Leave a comment

Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 18 : 18-Sep-24

Several sources have indicated that regional broadcaster WIN Corporation is close to finalising a deal to sell Northern Rivers Television to the Ten Network. NRN broadcasts in northern NSW, and the TV station is tipped to fetch significantly less than the $55m that WIN paid for it in 2017. However, divesting NRN would allow WIN owner Bruce Gordon to increase his stake in Nine Entertainment to about 25 per cent by converting cash-settled equity swaps that are held on his behalf by Macquarie Group into shares.

CORPORATES
WIN CORPORATION PTY LTD, TEN NETWORK HOLDINGS LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, MACQUARIE GROUP LIMITED – ASX MQG