Author: roymorgansocial

ANZ-Roy Morgan Consumer Confidence up 2.6pts to 83.9 after the RBA leaves interest rates unchanged again

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-Aug-24

ANZ-Roy Morgan Consumer Confidence rose 2.6pts to 83.9 in the week to 11 August; however, the index has now spent a record 80 straight weeks below the mark of 85. Consumer Confidence is now 5.7 points above the same week a year ago (78.2), and 3.1 points above the 2024 weekly average of 81.8. A look at Consumer Confidence by State shows that the index increased in most States including Victoria, Queensland, Western Australia and South Australia, but it was down slightly in New South Wales. Now 24% of Australians (up 3ppts) say their families are ‘better off’ financially than this time last year (the highest figure for this indicator since November 2022), while 47% (down 4ppts) say their families are ‘worse off’ (the lowest figure for this indicator since February 2023). Looking forward, 32% (up 2ppts) of Australians expect their family to be ‘better off’ financially this time next year, while 33% (down 1ppt) expect to be ‘worse off’. Now 9% (up 1ppt) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 34% (unchanged) expect ‘bad times’. Meanwhile, 24% (up 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 47% (up 1ppt) say now is a ‘bad time to buy’.

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

Roy Morgan Business Confidence up 3.6pts to 95.1 after Stage 3 tax cuts provide boost to taxpayers

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-Aug-24

In July 2024, Roy Morgan Business Confidence was 95.1 (up 3.6pts since June). However, Business Confidence is now 16.1pts below the long-term average of 111.2, although it is up 7.6pts since July 2023. Now 49.3% (up 3.8ppts) of businesses expect ‘good times’ for the Australian economy over the next year, while 48.7% (down 2.9ppts) expect ‘bad times’. Meanwhile, 38.8% (down 5.1ppts) of businesses expect the business to be ‘better off’ financially this time next year, while 20.6% (down 4.6ppts) expect the business to be ‘worse off’ financially (the lowest figure for this indicator since May 2022). The latest Roy Morgan Business Confidence results for July are based on 1,501 detailed interviews with a cross-section of Australian businesses from each State and Territory.

CORPORATES
ROY MORGAN LIMITED

ALP set to rush CFMEU law through Senate

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Original article by Ewin Hannan
The Australian – Page: 4 : 14-Aug-24

The Coalition still has some concerns about the federal government’s legislation to appoint administrators to the CFMEU’s state construction divisions. However, it is ultimately expected to support the bill, although shadow employment minister Michaelia Cash will push for a Senate inquiry into the legislation. Master Builders Australia CEO Denita Wawn contends that an inquiry is not necessary and the bill should be passed as quickly as possible. Workplace Relations Minister Murray Watt intends to table a motion in parliament today for the bill to be passed by the Senate on Thursday, with a view to having it passed by the upper house either on the same day or early next week.

CORPORATES
CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS, MASTER BUILDERS AUSTRALIA INCORPORATED

In July Australian unemployment jumped to 10.1%; highest unemployment for a year since August 2023 as part-time jobs were lost in July following the Mid-Year sales

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-Aug-24

In July 2024, Australian ‘real’ unemployment increased by 294,000 to 1,597,000 (up 1.8% to 10.1% of the workforce). This is the highest level of unemployment since August 2023 and was caused by a significant decline in part-time jobs during July after the end of the Mid-Year sales. Part-time employment dropped by 176,000 to 4,765,000 in July – the lowest level of part-time employment since July 2023. Although full-time employment increased marginally in July (up 24,000 to 9,390,000), overall employment for the month dropped by 152,000 to 14,155,000. In addition to the unemployed, a further 1.54 million Australians (9.7% of the workforce) were under-employed, i.e. working part-time but looking for more work, up 132,000 from June. In total 3.13 million Australians (19.8% of the workforce, up 2.5%) were either unemployed or under-employed in July. Roy Morgan’s unemployment figure of 10.1% is clearly more than double the ABS estimate of 4.1% for June, but it is approaching the combined ABS unemployment and under-employment figure of 10.6%.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Bluesfest to make its final curtain call

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Original article by Andrew McMillen
The Australian – Page: 3 : 14-Aug-24

Byron Bay Bluesfest director Peter Noble has advised that the annual music festival will not continue beyond 2025. The 36th Bluesfest will be held on 17-20 April, and Noble has confirmed that it will be the last one. Bluesfest was founded in 1990 and was initially called the East Coast Blues Festival; it has featured many local and international bands and musicians, including Jimmy Barnes, Midnight Oil, BB King and Bob Dylan. Bluesfest is amongst a number of music festivals that have struggled to rebound in the post-pandemic environment; Splendour in the Grass was cancelled earlier in 2024.

CORPORATES
BLUESFEST, SPLENDOUR IN THE GRASS PTY LTD

Giles ‘breached ministerial code of conduct’: Coalition

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Original article by Joe Kelly
The Australian – Page: 5 : 14-Aug-24

Former immigration minister Andrew Giles continues to attract scrutiny over his handling of the portfolio. Documents obtained via freedom of information laws show that Giles was aware that at least 83 immigration detainees had been released into the community without bridging visas in the wake of the High Court’s landmark NZYQ ruling. However, Giles had told question time in November that all detainees who were required to be released into the community were on bridging visas. Shadow home affairs minister James Paterson contends that Giles had breached the ministerial code of conduct and should resign for misleading parliament.

CORPORATES
AUSTRALIA. DEPT OF HOME AFFAIRS, HIGH COURT OF AUSTRALIA

Rebuilding trust: A strategic imperative for company directors

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-Aug-24

In today’s corporate landscape, trust is not discretionary – it is a critical component of business success. Yet, many Australian company directors and corporate boards struggle with the pervasive issues of distrust and moral blindness. Reversing this requires strategies that go beyond traditional metrics and governance practices. Current metrics like the Net Promoter Score (NPS) focus only on positive sentiment and only on current customers, leaving a significant gap in understanding negative feedback, including broader distrust. To bridge this gap, it is essential to measure negative sentiment. To formulate a ‘Distrust / Moral Blindness’ strategy for company directors and corporate boards in Australia, it is essential to focus on approaches that directly address the root causes of distrust and moral blindness. These include emphasising the importance of Negative Sentiment Measurement, introducing the Net Trust Score (NTS) Framework (which balances positive trust against negative distrust), cultivating a culture of accountability, and developing a Distrust Mitigation Roadmap.

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Rio readies WA copper stake for sale

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Original article by Peter Ker
The Australian Financial Review – Page: 15 : 14-Aug-24

Rio Tinto has indicated that it is open to all potential options for its Winu copper project in Western Australia’s Paterson Province. However, selling a stake in Winu is said to be its preferred option; Winu boasts copper grades of 0.45 per cent, compared with 1.89 per cent at the Resolution project in the US, and Rio Tinto believes that Winu may be of a more suitable size and scale for a small or mid-tier miner. Newmont Corporation is also seeking a buyer for its Telfer gold and copper mine in the region.

CORPORATES
RIO TINTO LIMITED – ASX RIO, NEWMONT CORPORATION – ASX NEM

TV ad revenue tanks but broadcast video on demand offers hope

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Original article by James Madden
The Australian – Page: Online : 14-Aug-24

Data from ThinkTV shows that the combined advertising revenue of Australia’s commercial free-to-air broadcasters fell by 8.1 per cent in 2023-24, to $3.3bn. The figures cover metropolitan and regional free-to-air networks, plus their broadcast video-on-demand services; advertising-supported public broadcaster SBS is not included. The advertising revenue of metro and regional FTA networks fell by 12 per cent and 5.5 per cent respectively. However, this was partially offset by a 12.7 per cent increase in BVOD ad revenue.

CORPORATES
THINK TV

Business warning on public sector pay surge

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Original article by Greg Brown, Jack Quail
The Australian – Page: 1 & 4 : 14-Aug-24

Data from the Australian Bureau of Statistics shows that overall wages growth was steady at 4.1 per cent in the year to June. Public sector wages increased by 3.9 per cent in the 12 months to June, compared with 3.1 per cent a year earlier; private sector wage growth was 4.1 per cent, up from 3.9 per cent in the previous 12 months. Meanwhile, public sector wages increased by 0.9 per cent in the June quarter, compared with 0.7 per cent growth for private sector wages. Australian Industry Group CEO Innes Willox has expressed concern that public sector wages are rising at a time when private companies are trying to moderate wages growth to reduce inflationary pressures.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, THE AUSTRALIAN INDUSTRY GROUP