Author: roymorgansocial

‘PM’s war’: The miner explosion

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Original article by Simon Benson
The Australian – Page: 1 & 5 : 10-Sep-24

Minerals Council of Australia CEO Tania Constable has told a mining dinner attended by Prime Minister Anthony Albanese and other senior cabinet ministers that the mining sector wants co-operation and not conflict, but she claimed that conflict is what will result from the federal government’s new workplace laws. She said that the new laws will mean that conflict is coming to every workplace, and that the new laws are one of the ways by which the government is seeking to punish the mining sector for its success, along with raids on mining royalties, the "looming threat of onerous and arbitrary environmental approvals", new regulation and a range of restrictive policies.

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MINERALS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

PM in push for ban on social media for teens

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Original article by Phillip Coorey, Gus McCubbing
The Australian Financial Review – Page: 6 : 10-Sep-24

Prime Minister Anthony Albanese has committed to introducing legislation that would impose a nationwide ban on teenagers using social media and to do so prior to the next election. In announcing the proposed ban, Albanese has taken his inspiration from South Australian Premier Peter Malinauskas, who is seen as the driving force behind the idea. The proposed nationwide ban will draw on the work done for SA by former High Court judge and the legislative structure already developed by South Australia, while Snapchat would be the app most impacted by the proposed ban.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, HIGH COURT OF AUSTRALIA

Australian politics needs fewer ‘vaguely incompetent men’, Amanda Vanstone says, not gender quotas

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Original article by Karen Middleton
The Guardian – Page: Online : 10-Sep-24

Amanda Vanstone says the best way to get more high-quality women into politics is to have fewer ‘vaguely incompetent men’ in Australian politics, with Vanstone being a former Howard government minister. Opposed to quotas for women in politics, Vanstone was speaking as Labor celebrated the 30th anniversary of its affirmative-action rule that imposed quotas for women, with women making up 52.4 per cent of the current Labor federal caucus.

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AUSTRALIAN LABOR PARTY

‘The enemy within’: Royal commission damns Defence for needless deaths

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Original article by Matthew Knott
The Age – Page: Online : 10-Sep-24

The royal commission into veterans’ suicide released its final report on Monday, making 122 recommendations. The commission found that current and former service personnel were 20 times more likely to die by suicide than in combat, with commissioner Peggy Brown saying it found that the "enemy is often within the Australian Defence Force" rather than an external adversary. The commission’s 122 recommendations include the creation of a national register of suicides among current and former ADF personnel, along with urgent action to stamp out bullying and sexual assault within the armed forces.

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First Nations board for the arts unveiled

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Original article by Tim Douglas
The Australian – Page: 4 : 10-Sep-24

Rachael Maza and Philip Watkins have been announced as co-chairs of the inaugural First Nations Arts board, which is a federal government commitment as part of its Revive cultural policy. The all-Indigenous 10-person board will oversee $52 million in funding over four years from 2024-25, with its aim being to support and increase career pathways for First Nations people involved in the arts. Maza is a film and stage director while Watkins is CEO of Aboriginal art advocacy group Desart.

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DESART INC

Public sector jobs boom a poor investment

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Original article by Michael Read
The Australian Financial Review – Page: 5 : 10-Sep-24

Treasurer Jim Chalmers has contended that government spending prevented the economy from recording negative growth in the June quarter. Strong jobs growth in the public service over the last year was a key driver of government spending over the quarter. However, analysis of the latest national accounts data shows that productivity in the public service – as well as government-funded sectors such as health and education – fell to 2006 levels during the quarter. IFM Investors’ chief economist Alex Joiner says jobs growth in these ‘non-market sectors’ are fuelling the decline in productivity; he adds that when these sectors are excluded, productivity is quite good.

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AUSTRALIA. DEPT OF THE TREASURY, IFM INVESTORS PTY LTD

Roy Morgan Poll: Federal voting intention virtually unchanged this week with ALP (51%) marginally ahead of the Coalition (49%)

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Original article by Roy Morgan
Market Research Update – Page: Online : 10-Sep-24

If a Federal Election were held now the result would be ‘too close to call’ with the ALP on 51% (up 0.5%) just ahead of the Coalition on 49% (down 0.5%) on a two-party preferred basis, the latest Roy Morgan survey finds. There was a slight movement to the ALP on a two-party preferred result this week; however, the ALP or Coalition would require the support of minor parties and independents to form a minority government. The result again shows the importance of preference flows to determine the overall two-party preferred result. The ALP primary vote decreased 0.5% to 30% while Coalition support increased 0.5% to 36.5%. Support for the Greens increased 1.5% to 14.5% while One Nation was unchanged at 6%. Support for Other Parties dropped 1.5% to 3.5% 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

Inflation is smashing incomes more than interest rates are

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Original article by John Kehoe, Michael Read
The Australian Financial Review – Page: 3 : 10-Sep-24

Challenger’s chief economist Jonathan Kearns refutes claims by Treasurer Jim Chalmers that the Reserve Bank’s interest rate rises are "smashing the economy". The latest national accounts data shows that total household incomes rose by 6.2 per cent in 2023-24. Kearns contends that interest rates eroded just 1.3 percentage points of the income gains, compared with the 4.4 percentage point impact of inflation. He notes that unlike interest rates, inflation affects all households. Kearns is a former economist at the Reserve Bank.

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RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, CHALLENGER LIMITED – ASX CGF

Iron ore drops below $US90 in China’s contagion

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Original article by Alex Gluyas
The Australian Financial Review – Page: 25 : 10-Sep-24

The price of iron fell below $US90 per tonne on Monday; the steel input had not previously tested this level since November 2022, and it followed a fall of nearly 10 per cent in the previous week. Other commodities have also fallen sharply in recent times, including copper and Brent crude oil. The sell-off has been prompted by concerns about the outlook for the Chinese economy, and whether the official annual growth target of five per cent can be achieved. Damien Boey from Barrenjoey notes that financial markets are concerned that an economic slowdown in China could flow through to other countries.

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BARRENJOEY CAPITAL PARTNERS PTY LTD

Substantial rate cuts needed for buyers to return

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Original article by Nila Sweeney
The Australian Financial Review – Page: S4 : 10-Sep-24

The issue of housing affordability was discussed at a property summit on Monday. The median house price is just above $800,000 nationwide at present, but Eliza Owen from CoreLogic says a house would need be priced at about $500,000 to be affordable for someone on the median income. She told the summit that the pool of potential house buyers will remain limited until there is a substantial reduction in the cash rate. Meanwhile, Mortgage & Finance Association of Australia CEO Anja Pannek noted that factors such as higher serviceability buffers and interest rates are making it harder for some home owners to refinance their mortgage loan.

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CORELOGIC AUSTRALIA PTY LTD, MORTGAGE AND FINANCE ASSOCIATION OF AUSTRALIA