Author: roymorgansocial

Resources rent tax will face a ‘sober’ review

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Original article by Joanna Mather, Angela Macdonald-Smith
The Australian Financial Review – Page: 3 : 1-Dec-16

Treasurer Scott Morrison has revealed plans for an inquiry into Australia’s Petroleum Resources Rent Tax. Government revenue from the tax has fallen sharply in the wake of a downturn in the crude oil price, which has made oil and gas projects less profitable. Shell Australia chairman Andrew Smith argues that revenue from the "super profits"-based tax naturally fluctuates with commodity price changes, and lower government revenue does not mean the PRRT is flawed.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, SHELL COMPANY OF AUSTRALIA LIMITED, EXXONMOBIL CORPORATION, WOODSIDE PETROLEUM LIMITED – ASX WPL, BHP BILLITON LIMITED – ASX BHP, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED

ANZ-Roy Morgan Australian Consumer Confidence stabilises at 115.4

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 30-Nov-16

ANZ-Roy Morgan Australian Consumer Confidence edged 0.1% lower to 115.4 in the week ended 28 November 2016, with the decline driven by a deterioration in households’ view of their finances. Providing some offset was an improvement in households’ views of the economic outlook. Households’ views of their finances compared to a year ago fell 1.5%, largely reversing the gain over the previous week. Meanwhile, households’ view of their future finances dropped 0.9%. In contrast, after a sharp drop the previous week, households’ views on economic conditions over the next 12 months edged 0.7% higher, while households’ view on the economic outlook in the next five years bounced a solid 3.1%.

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

Australians still spend more time watching TV than using the internet at home

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 30-Nov-16

A Roy Morgan Single Source survey has found that Australians (aged 14+) watch over 18 hours of television a week on average (1,095 minutes), compared with over 19 hours in total using the internet anywhere (1,159 minutes). However, six hours of that internet time (31% of the total) includes time spent online at work, school or elsewhere (361 minutes) – places where TV isn’t often an entertainment option. So to compare apples with apples, the average Australian actually spends almost five hours more watching TV than using the internet when at home (798 minutes). Roy Morgan Research CEO Michele Levine says Australians’ average time spent watching television declined from 2004 to 2012, coinciding with the rapid growth in home internet and arrival of smartphones, tablets and smart TVs. However the time spent watching television has steadied over the last few years, suggesting that we may be approaching a "base" level of habitual TV viewership in the internet age.

CORPORATES
ROY MORGAN RESEARCH LIMITED

Fortescue steers past another milestone with iron ore carrier

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Original article by Angus Grigg
The Australian Financial Review – Page: 16 : 30-Nov-16

Pure-play iron ore miner Fortescue Metals Group has officially launched the first of eight bulk carriers that are being built in China. Each vessel’s capacity will be around 260,000 tonnes, and Fortescue CEO Nev Power says the investment in the fleet reflects the company’s confidence in the long-term outlook for the Chinese and Asian economies, as well as demand for iron ore. The price of the steel input has reached a two-year high, but Power expects it to trade at between $US50 and $US60 over the long-term.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, VALE SA, DEUTSCHE BANK AG

State threats to Turnbull agenda

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Original article by Phillip Coorey, Joanna Mather
The Australian Financial Review – Page: 1 & 4 : 30-Nov-16

The Federal Government’s competition reform plan will be discussed at a meeting of federal and state treasurers on 2 December 2016. The Victorian Government has warned that it may withdraw from an intergovernmental agreement that would provide the states with financial incentives for implementing reforms that increase competition and productivity. Treasurer Tim Pallas argues that the draft agreement provides limited information on funding arrangements.

CORPORATES
VICTORIA. DEPT OF TREASURY AND FINANCE, AUSTRALIA. DEPT OF THE TREASURY, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, NEW SOUTH WALES. DEPT OF PLANNING AND ENVIRONMENT, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Gold company bosses expect more volatility

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Original article by Tess Ingram
The Australian Financial Review – Page: 27 : 30-Nov-16

The gold price reached a nine-month low of $US1,182 an ounce in late November 2016, defying expectations of a rally following Donald Trump’s presidential election win. It was trading above $US1,300 prior to the election, and Resolute Mining CEO John Welborn expects further volatility in the gold price in the near-term. Meanwhile, Dacian Gold will partially finance its Mount Morgans project via a $A150m equity raising, while Northern Star Resources’ COO Stuart Tonkin will succeed CEO Bill Beament. The latter will become executive chairman.

CORPORATES
RESOLUTE MINING LIMITED – ASX RSG, DACIAN GOLD LIMITED – ASX DCN, NORTHERN STAR RESOURCES LIMITED – ASX NST

Australia Post workers compo ‘rort’

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Original article by Aaron Patrick
The Australian Financial Review – Page: 1 & 8 : 30-Nov-16

A former Australian Post workers’ compensation manager has alleged that some 38 per cent of its 36,743 employees have claimed such compensation. The ex-manager says workers’ compensation fraud is rife within the postal service, and that the company would be profitable if it cracked down on such practices. The former manager also claims that Communications, Electrical & Plumbing Union official Jim Metcher was responsible for Australia Post abandoning a proposed push to reduce the cost of its workers’ compensation scheme.

CORPORATES
AUSTRALIA POST, COMMUNICATIONS, ELECTRICAL, ELECTRONIC, ENERGY, INFORMATION, POSTAL, PLUMBING AND ALLIED SERVICES UNION OF AUSTRALIA, COMCARE AUSTRALIA, AUSTRALIA. SAFETY, REHABILITATION AND COMPENSATION COMMISSION, CARROLL AND O’DEA

Santa rally looking strong after ‘great escape’

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Original article by David Rogers
The Australian – Page: 27 : 30-Nov-16

Australia’s S&P/ASX 200 has gained 2.6 per cent so far in November 2016, and it seems poised to achieve its best performance for the month since 2005. Meanwhile, Macquarie Group is upbeat about the outlook for the benchmark index in 2017, forecasting that it will rise by 7.5 per cent to around the 5,875-point level. However, Macquarie notes that the local market could potentially be affected by a number of overseas factors in 2017.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, MACQUARIE GROUP LIMITED – ASX MQG, UNITED STATES. FEDERAL RESERVE BOARD, ORGANISATION OF PETROLEUM EXPORTING COUNTRIES, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Foreign banks fill lending void

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Original article by Scott Murdoch
The Australian – Page: 23 : 30-Nov-16

Data from the Australian Prudential Regulation Authority shows that the average mortgage balance has risen from $A244,000 in 2015 to $A255,000. However, the value of new home loans grew by only 0.1 per cent year-on-year in the September 2016 quarter. A recent move by Australia’s major banks to reduce their lending to residential developers has also seen the value of offshore banks’ lending to local developers rise from $A1.49bn to $A2.65bn in the last year. Meanwhile, data from the Housing Industry Association shows that sales of new detached homes and apartments fell by 8.2 per cent and 9.2 per cent respectively in October.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, HOUSING INDUSTRY ASSOCIATION LIMITED, MORNINGSTAR PTY LTD

ACCC to look at online rivals if magazines join

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Original article by Jake Mitchell
The Australian – Page: 21 : 30-Nov-16

The Australian Competition & Consumer Commission could be expected to closely scrutinise any move by Bauer Media to acquire Pacific Magazines. ACCC chairman Rod Sims says that as yet neither group has sought advice from the regulator with regard to competition issues. Sims adds that the ACCC would consider factors such as competition from online magazines in deciding to approve a merger between the nation’s two largest magazine publishers.

CORPORATES
BAUER MEDIA AUSTRALIA PTY LTD, PACIFIC MAGAZINES PTY LTD, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, ACP MAGAZINES LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC