Author: roymorgansocial

Hancock still No.1 on Top 500 list

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Original article by Cliona O’Dowd
The Australian – Page: 13 & 16 : 3-Sep-24

Data from IBISWorld shows that Australia’s 500 largest private companies recorded combined revenue of $359.9bn in 2023-24; this is seven per cent higher than the previous financial year. Average revenue per company increased to an estimated $719.7m, compared with $672.6m previously. Gina Rinehart’s Hancock Prospecting has retained its title as the nation’s biggest unlisted company, with its revenue increasing by 3.9 per cent year-on-year to an estimated $14.9bn. Visy is ranked second with estimated revenue of $9.9bn.

CORPORATES
IBISWORLD PTY LTD, HANCOCK PROSPECTING PTY LTD, VISY INDUSTRIES AUSTRALIA PTY LTD

Coles outdoes Woolworths on several fronts

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Original article by Carrie LaFrenz
The Australian Financial Review – Page: 15 : 3-Sep-24

The latest financial results from grocery giants Coles and Woolworths show that the former is outperforming its larger rival on several key metrics. Coles is recording faster growth in sales, due to factors such as store promotions, the perception among consumers that it is a cheaper brand, and the ease of redeeming loyalty points. Coles is also narrowing the gap with Woolworths regarding gross margins, after focusing on stock losses and managing costs. Meanwhile, the share price of Coles has risen by nearly 20 per cent over the last 12 months, while Woolworths has shed 5.4 per cent.

CORPORATES
COLES GROUP LIMITED – ASX COL, WOOLWORTHS GROUP LIMITED – ASX WOW

ANZ-Roy Morgan New Zealand Consumer Confidence up 4.3 pts to 92.2 in August

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Original article by Roy Morgan
Market Research Update – Page: Online : 3-Sep-24

ANZ-Roy Morgan New Zealand Consumer Confidence rose 4.3 points in August to 92.2. Consumer Confidence is still well below its 10-year average (109), but also well off its lows. The future conditions index rose 5 points to 100.5 in August; the current conditions index lifted 2 points but remains much more subdued at 79.7. Net perceptions of current personal financial situations were unchanged at -18% in August; 23% (unchanged) of New Zealanders say they are ‘better off’ financially than this time last year, while 41% (also unchanged) say they are ‘worse off’. Meanwhile, a net 17% of New Zealanders expect to be better off this time next year, down 3 points from a month ago. A net 23% of New Zealanders think it is a bad time to buy a major household item (down 7% from a month ago). Two-year-ahead CPI inflation expectations were little changed at 3.8%.

CORPORATES
ROY MORGAN LIMITED

Bosses exploiting CFMEU vacuum

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Original article by Ewin Hannan
The Australian – Page: 5 : 3-Sep-24

The Maritime Union of Australia’s national secretary Paddy Crumlin has warned that CFMEU members, employees and officials will be hard hit by the federal government’s move to appoint an administrator to its construction division. He says many full-time officials were sacked when the administrator took control, despite not being accused of any wrongdoing. He adds that these officials are subject to special provisions that prohibit them from taking jobs at any other union. Credlin, who is also the national president of the CFMEU, also says that some employers in the construction industry have refused to sign off on new workplace agreements that were about to be finalised when the administrator was appointed.

CORPORATES
CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, MARITIME UNION OF AUSTRALIA

ASIO chief Mike Burgess clarifies Hamas comments, declares sympathisers pose national security threat

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Original article by Sharri Markson
Sky News Australia – Page: Online : 3-Sep-24

There had been some confusion about whether Hamas activists from Gaza are welcome in Australia, following an appearance by ASIO’s Director-General Mike Burgess on the ABC in August. However, he has used an address to a gathering of business leaders and academics to clarify his views on the issue of people in Gaza who are seeking a visa to come to Australia. Burgess is understood to have said that while those who just support a Palestinian state would not be viewed as a threat to national security, anyone who was a supporter of Hamas or who supported the 7 October terrorist attacks on Israel would be.

CORPORATES
AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION

Roy Morgan Poll: ALP (50.5%) now marginally ahead of the Coalition (49.5%) after Albanese Government’s strong stance on putting the CFMEU into administration

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Original article by Roy Morgan
Market Research Update – Page: Online : 3-Sep-24

If a Federal Election were held now the result would be ‘too close to call’ with the ALP on 50.5% (up 1%) just ahead of the Coalition on 49.5% (down 1%) on a two-party preferred basis, the latest Roy Morgan survey finds. This was a reverse of last week’s results after the Albanese Government’s strong stance on placing the CFMEU into administration last week; however, the ALP or Coalition would require the support of minor parties and independents to form a minority government. The result once again highlights the importance of preference flows to determine the overall two-party preferred result. The ALP primary vote increased 1% to 30.5%, Coalition support dropped 3.5% to 36% – its lowest for nearly three months. Support for the Greens was unchanged at 13% while support for One Nation was up 2% to 6%, support for Other Parties was unchanged at 5% and support for Independents was up 0.5% to 9.5%.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, ONE NATION PARTY, CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION

‘Too far’: ALP frontbencher’s warning to Reserve Bank

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Original article by Jack Quail
The Australian – Page: 1 & 4 : 3-Sep-24

Treasurer Jim Chalmers says CPI data to be released on Wednesday will underline the impact of interest rate rises on the economy. Chalmers contends that he is "not taking a shot at anyone", although some observers have suggested that he is seeking to blame the Reserve Bank for the slowdown in the economy. Independent economist Saul Eslake says the fact that there has been only a small uptick in the unemployment rate refutes Chalmers’ claim that the Reserve Bank’s interest rate increases are "smashing the economy". Meanwhile, Assistant Immigration Minister Matt Thistlethwaite says the central bank must not go "too far" in seeking to combat inflation.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA

REA makes $9b play for UK property platform

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 14 & 17 : 3-Sep-24

News Corporation-backed online property listings company REA Group told investors on Monday that it is considering making a takeover bid for UK property platform Rightmove, noting clear similarities between the two companies. Rightmove is currently worth Stg4.4 billion ($8.5 billion), suggesting that any bid by REA Group would need to be worth at least $9 billion. Commenting on the prospect of a bid for Rightmove by REA Group, Morningstar analyst Roy van Keulen said it could be viewed as an attempt by REA to stave off a future international competitor.

CORPORATES
REA GROUP LIMITED – ASX REA, RIGHTMOVE.CO.UK LIMITED, MORNINGSTAR PTY LTD, NEWS CORPORATION – ASX NWS

Lithium prices have crashed this year, squeezing margins at Australian miners

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Original article by Clint Jasper
abc.net.au – Page: Online : 3-Sep-24

The lithium price peaked in 2022, but the battery mineral has fallen by about 50 per cent in the last 12 months. Demand for lithium remains strong, amid a growing consumer shift to electric vehicles and the push to decarbonise economies by transitioning to renewables such as wind and solar; however, this is being offset by rising global supply, which is expected to increase in coming years as more lithium mines commence production. Core Lithium put its Finnis mine into ‘care and maintenance’ mode earlier in 2024, while Mineral Resources is reducing its lithium output. In contrast, Pilbara Minerals aims to increase lithium production by 50 per cent over the next year: MD Dale Henderson says the long-term outlook for lithium is "fantastic".

CORPORATES
CORE LITHIUM LIMITED – ASX CXO, MINERAL RESOURCES LIMITED – ASX MIN, PILBARA MINERALS LIMITED – ASX PLS

Home approvals get a boost but still below target

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Original article by Michael Bleby
The Australian Financial Review – Page: 24 : 3-Sep-24

Data from the Australian Bureau of Statistics shows that dwelling approvals rose to an 18-month high of 14,797 in July. Housing approvals also rose to an eight-month high of 165,443 in the year to July; approvals for detached houses increased by 0.3 per cent, while there was 34 per cent growth in approvals for apartments, townhouses and semidetached homes. JP Morgan economist Jack Stinson says sustained growth in approvals for apartments and other attached homes will be needed if the federal government’s target of building 1.2 million new homes over the next five years is to be achieved.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, JP MORGAN AUSTRALIA LIMITED