Author: roymorgansocial

Chalmers unmoved by $3m super-tax critics

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 27-Aug-24

Former prime minister Paul Keating has criticised the federal government in regard to its proposal to increase the tax on high-value superannuation accounts. Keating is unhappy about the part of the proposal that involves taxing unrealised gains, while he says if there has to be a threshold, it should be at least $5 million and should be indexed; the government is talking about an account balance threshold of $3 million and does not plan to index it at this stage. Crossbench MPs have echoed Keating’s concerns, but Treasurer Jim Chalmers has rejected the criticisms of Keating and the crossbench MPs, contending his proposals are modest and that he is not open to amending them.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY

Coalition’s $100bn savings formula

roymorgansocial Leave a comment

Original article by Simon Benson
The Australian – Page: 1 & 4 : 27-Aug-24

Shadow treasurer Angus Taylor says the Coalition will pursue a ‘back to basics’ economic agenda if it wins the next federal election. The Coalition has identified nearly $100bn worth of savings it can make by scrapping government programs and initiatives. They include the Housing Australia Future Fund, the Rewiring the Nation program and the Future Made in Australia policy. Taylor says the government’s excessive spending is driving up the longer term inflation rate, and notes this has been acknowledged by the Reserve Bank.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, RESERVE BANK OF AUSTRALIA

Timor-Leste lays down ultimatum to Santos on gas project negotiations

roymorgansocial Leave a comment

Original article by Peter Milne
The Age – Page: Online : 27-Aug-24

Sources have indicated that the Timor-Leste government is seeking a stake of at least 10 per cent in the Bayu Undan gas project in the Timor Sea. The production-sharing contracts of Santos and its partners in the project are slated to expire on 30 August; Timor-Leste’s Petroleum Minister Francisco da Costa Monteiro has written to Santos warning that the contracts will not be extended unless the Bayu Undan partners agree to the government’s demands. The gas fields are almost depleted, and Santos proposes to use them to store carbon from its Barossa gas project.

CORPORATES
SANTOS LIMITED – ASX STO, EAST TIMOR. MINISTRY OF NATURAL RESOURCES, MINERALS AND ENERGY

PM’s offence minister: Dutton is dangerous

roymorgansocial Leave a comment

Original article by Geoff Chambers
The Australian – Page: 1 & 5 : 27-Aug-24

Treasurer Jim Chalmers has defended his economic record in a speech to the Labor-aligned John Curtin Research Centre in Melbourne. Chalmers also used the speech to outline Labor’s plans to create a new ‘fourth economy’ over coming decades, which will be driven by energy, technology, demography, industry and geography; he noted that the nation’s three previous ‘economies’ have occurred roughly 40 years apart. Chalmers also used his speech to criticise Opposition leader Peter Dutton, describing him as the most divisive leader of a major political party in Australia’s modern history.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA, JOHN CURTIN RESEARCH CENTRE

Roy Morgan Poll: Coalition (50.5%) marginally ahead of the ALP (49.5%), but too close to call

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 27-Aug-24

If a Federal Election were held now the result would be ‘too close to call’, with the Coalition on 50.5% (up 1%) just ahead of the ALP on 49.5% (down 1%) on a two-party preferred basis, the latest Roy Morgan survey finds. This a reverse of last week’s results but nevertheless 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 Coalition primary vote increased by 1% to 39.5% while ALP primary support was down 1% to 29.5%. Support for the Greens was down 0.5% to 13% and support for One Nation was unchanged at 4%. Support for Other Parties was unchanged at 5% and support for Independents was up 0.5% to 9%.

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

Lithium mine closures tip of iceberg as prices hit three-year low

roymorgansocial Leave a comment

Original article by Alex Gluyas
The Australian Financial Review – Page: 29 : 27-Aug-24

Core Lithium, Albemarle and Arcadium Lithium are amongst the companies that have put projects on hold or scaled them back in response to the downturn in the price of the battery metal. The price of spodumene concentrate has fallen by 19 per cent so far in 2024, while carbonate prices in China are down 25 per cent. UBS analyst Lachlan Shaw says Core Lithium’s decision to place its Finniss project in ‘care and maintenance’ mode could be followed by similar action by rival producers if the spodumene price remains at the current level for some time. UBS has downgraded its share price targets for Pilbara Minerals and Mineral Resources; it also has a ‘sell’ recommendation on both stocks.

CORPORATES
CORE LITHIUM LIMITED – ASX CXO, ALBEMARLE CORPORATION, ARCADIUM LITHIUM PLC – ASX LTM, UBS HOLDINGS PTY LTD, PILBARA MINERALS LIMITED – ASX PLS, MINERAL RESOURCES LIMITED – ASX MIN

Pilbara tips more lithium pressure

roymorgansocial Leave a comment

Original article by Cameron England
The Australian – Page: 13 & 16 : 27-Aug-24

Pilbara Minerals has posted a 2023-24 underlying net profit of $318m, which is 86 per cent lower than previously; revenue fell by 69 per cent to $1.25bn. The company received an average realised price of $US1,176 per tonne for its spodumene concentrate, which is 74 per cent lower than the previous financial year. UBS is bearish about the outlook for lithium, forecasting that spodumene concentrate will average about $US770 a tonne over the next 12-18 months. Pilbara Minerals MD Dale Henderson says the company is well-placed to ride out the current downturn in the lithium price, contending that rivals with high-cost operations will be the most vulnerable.

CORPORATES
PILBARA MINERALS LIMITED – ASX PLS, UBS HOLDINGS PTY LTD

Labor denies Setka’s claim of secret deal

roymorgansocial Leave a comment

Original article by Paul Karp
The Guardian Australia – Page: 6 : 27-Aug-24

Former Construction, Forestry & Maritime Employees Union official John Setka told Seven’s Spotlighht program on Sunday that he had been given the impression that the CFMEU would be "left alone" if he quit. However, the suggestion that the federal government had agreed to let Setka stand down in return for not placing the CFMEU into administration has been rejected by the federal government, with workplace relations minister Murray Watt saying that claims by Setka that Labor double-crossed him over the issue were "absolutely fanciful".

CORPORATES
CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS

Business split over right to disconnect law

roymorgansocial Leave a comment

Original article by Matt Bell, David Ross
The Australian – Page: 17 : 27-Aug-24

Unions have welcomed the federal government’s ‘right to disconnect’ reforms, describing them as a "cost-of-living win" for workers. However, shadow finance minister Jane Hume says the right to disconnect laws are "completely unworkable"; she contends that employers have been discussing this issue with their staff for many years, so legislation is not necessary. NIB Holdings CEO Mark Fitzgibbon is amongst the business leaders who have also questioned whether the right to disconnect laws are needed. Bendigo & Adelaide Bank CEO Marnie Baker in turn says workers should be able to choose whether to disconnect from their employer outside of working hours.

CORPORATES
NIB HOLDINGS LIMITED – ASX NHF, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN

‘The Wild West’: sacked CFMEU leaders ‘go rogue’, prepare for mass walkouts

roymorgansocial Leave a comment

Original article by David Marin-Guzman
The Australian Financial Review – Page: 1 & 6 : 27-Aug-24

A meeting of sacked NSW CFMEU delegates on Monday could see them face fines or criminal penalties if they are found to have undermined its administration, with the CFMEU having being forced into administration last week. The meeting called for union members to walk off construction sites and attend rallies on Tuesday, with builder Multiplex expected to be targeted; it has told the Fair Work Commission its agreement with the CFMEU – which is currently waiting to be approved – is a not genuine one because of the union’s alleged coercion. One construction industry source has stated that the CFMEU has "gone rogue", while Master Builders Association CEO Denita Wawn says walkouts to attend the protest were "likely unprotected action".

CORPORATES
CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, BROOKFIELD MULTIPLEX LIMITED, AUSTRALIA. FAIR WORK COMMISSION, MASTER BUILDERS’ ASSOCIATION