Author: roymorgansocial

Albanese to call in watchdog for CFMEU

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Original article by Ewin Hannan, Greg Brown, Rachel Baxendale
The Australian – Page: 1 & 9 : 17-Jul-24

Cabinet sources have indicated that the federal government intends to appoint an external administrator to the CFMEU in response to the allegations about its links to the underworld. A senior minister has stated that this is the "only option" left for the government to ‘clean up’ the CFMEU. The Coalition has urged the government to deregister the militant union, but Labor has ruled out this out; the minister has stated that doing so could have "unintended consequences" and make it harder to clean up the construction sector in the long-term. RMIT law professor Anthony Forsyth notes that deregistration is generally only available for industrial misconduct rather than criminal behaviour. Meanwhile, the Maritime Union of Australia is said to be considering whether to demerge from the CFMEU.

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CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, AUSTRALIAN LABOR PARTY, RMIT UNIVERSITY, MARITIME UNION OF AUSTRALIA

Business disconnected from IR law changes

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Original article by Rhiannon Down
The Australian – Page: 7 : 17-Jul-24

Council of Small Business Organisations Australia CEO Luke Achterstraat says all small business owners need to be informed about the federal government’s industrial relations reforms which come into effect next month. COSBOA has launched a new initiative called Small Business Peak, which aims to inform the small enterprise sector about the upcoming IR changes. Achterstraat notes that many small business owners are ‘time-poor’ and do not have an in-house legal team to keep them informed of legislative changes. A survey has found that just 21 per cent of small business owners are aware of the IR reforms.

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COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED

ANZ-Roy Morgan Consumer Confidence virtually unchanged at 78.5 in mid-July but long-term views on the economy drop to lowest so far this year

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Original article by Roy Morgan
Market Research Update – Page: Online : 17-Jul-24

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 78.5 in the week to 14 July; however, it has now spent a record 76 straight weeks below the mark of 85. Consumer Confidence is 5.9 points above the same week a year ago (72.6), but it is now 3.1 points below the 2024 weekly average of 81.6. Consumer Confidence was up in Victoria and Western Australia, down in Queensland and South Australia but virtually unchanged in NSW. Now 20% of Australians (up 1ppt) say their families are ‘better off’ financially than this time last year, while 53% (unchanged) say their families are ‘worse off’. Looking forward, 30% (down 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, while 35% (unchanged) expect to be ‘worse off’. Now 8% (unchanged) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 37% (up 1ppt) expect ‘bad times’. Meanwhile, 20% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 49% (down 2ppts) say now is a ‘bad time to buy’.

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

In June Australian unemployment dropped to 8.3%; the lowest unemployment since September 2022

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Original article by Roy Morgan
Market Research Update – Page: Online : 17-Jul-24

In June 2024, Australian ‘real’ unemployment dropped 62,000 to 1,307,000 (down 0.4% to 8.3% of the workforce). This is the lowest rate of unemployment since September 2022, although overall employment is virtually unchanged above 14.3 million. Although unemployment decreased in June as people left the workforce, under-employment increased by 65,000 to 1,403,000. Taken together, overall unemployment and under-employment in June was virtually unchanged at 2.7 million (17.3% of the workforce). Meanwhile, employment was virtually unchanged at 14,307,000 (down 3,000) in June. There was a shift to more part-time employment, with 4,941,000 Australians (up 72,000) now employed part-time; full-time employment was down 75,000 to 9,366,000. Roy Morgan’s unemployment figure of 8.3% is more than double the ABS estimate of 4.0% for May, but is approaching the combined ABS unemployment and under-employment figure of 10.7%.

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ROY MORGAN LIMITED

An assassination attempt here only a matter of time

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Original article by Joe Kelly
The Australian – Page: 3 : 17-Jul-24

The failed attempt to assassinate Donald Trump has heightened concerns about the safety of Australian politicians. Former home affairs minister Karen Andrews notes that she had raised such concerns in July 2022 in response to the assassination of Japan’s former prime minister Shinzo Abe, and she believes that an attempt to kill an Australian politician is inevitable. The former Coalition cabinet minister adds that the current level of security protection for federal MPs is merely "adequate". Former Home Affairs secretary Mike Pezzullo notes that the last major review of protective security arrangements for the nation’s parliamentarians was undertaken in 1979, in the wake of the Sydney Hilton Hotel bombing.

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Distrust in corporate Australia soars after huge profits and successive scandals but who’s responsible?

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Original article by Roy Morgan
Market Research Update – Page: Online : 17-Jul-24

A special Roy Morgan End of Financial Year webinar with Roy Morgan CEO Michele Levine, and Nine Network Finance Editor Chris Kohler, explored views of corporate Australia including the rising level of distrust across the economy. Distrust of any organisation or sector has increased significantly since the beginning of the pandemic; when there was more trust than distrust. Now 66% of Australians distrust any organisation or sector compared to 41% that trust – a net result of -25% points, down from -17% points a year ago – a decline of 8% points. A quarter of respondents (26%) mentioned greed and companies too motivated by profit or commercial interests as a reason for their distrust compared to 9% who said this when the pandemic began – up 17% points. In comparison fewer than 1% of respondents mentioned they trust organisations because they are not motivated by profit – a net rating of -25% points. When asked directly, 54% of Australians say they distrust corporate Australia more than they used to, compared to only 10% who trust corporate Australia more than they used to. Over a third of Australians (36%) say there has been no change in the trustworthiness of corporate Australia.

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ROY MORGAN LIMITED, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC

Artificial intelligence final nail in coffin for creative sector

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 9 : 17-Jul-24

The Media, Entertainment & Arts Alliance has expressed concern about the impact of artificial intelligence technology on Australia’s creative sector. The MEAA has told a Senate committee that Australian creatives’ work is being "systematically scraped" to train AI platforms without their knowledge, consent or compensation. Amongst other things, the MEAA contended that AI firms should be legally required to disclose all data used to train their algorithms. Singer and songwriter Dr Rod Davies warned that AI could kill off Australia’s music industry.

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MEDIA, ENTERTAINMENT AND ARTS ALLIANCE

Rinehart boosts stake in $5b WA magnetite project

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Original article by Brad Thompson
The Australian Financial Review – Page: 19 : 17-Jul-24

Hancock Prospecting has increased its stake in the Mt Bevan magnetite project in Western Australia’s Yilgarn region by 21 per cent. The Gina Rinehart-controlled company now has a 51 per cent stake in Mt Bevan, which is expected to boast annual production of 12 million tonnes of magnetite with an iron content of 70 per cent. A spokesman for Hancock says there is no certainty that the project will proceed, citing factors such as the federal government approvals process. The other shareholders in Mt Bevan are Legacy Iron Ore and Hawthorn Resources.

CORPORATES
HANCOCK PROSPECTING PTY LTD, LEGACY IRON ORE LIMITED – ASX LCY, HAWTHORN RESOURCES LIMITED – ASX HAW

Rio Tinto says all systems go for Simandou

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Original article by Nick Evans
The Australian – Page: 15 & 18 : 17-Jul-24

Rio Tinto has advised that the Simandou iron ore project has received final approval from the Guinean and Chinese governments. Rio Tinto is investing $US6.2bn in the development of mine, port and rail infrastructure at the Simandou project, while its share of annual production will be about 27 million tonnes. Meanwhile, Rio Tinto has indicated that a Pilbara iron ore train derailment in May affected shipments and production during the June quarter; the company shipped 158.3 million tonnes of iron ore in the first half of 2024, which will require a big increase in the second half to meet its full-year guidance of 323 to 338 million tonnes.

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RIO TINTO LIMITED – ASX RIO

Bulletproof Donald breaking convention

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Original article by Cameron Stewart, Adam Creighton
The Australian – Page: 1 & 2 : 17-Jul-24

Former president Donald Trump received a hero’s welcome when he arrived at the Republican National Convention, with delegates chanting "fight, fight, fight" as he appeared with a bandage on his wounded ear. Meanwhile, Trump’s surprise choice of Senator JD Vance as his running mate continues to attract scrutiny, given his youth and inexperience. Democrats have claimed that Vance is an extremist on issues such as abortion, health and foreign policy. President Joe Biden has described Vance as a "clone of Trump" on certain issues, and says Trump will "surround himself with people who agree completely with him". Vance himself has previously been a vocal critic of Trump, but he is now a strong supporter of the ‘Make America Great Again’ movement.

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REPUBLICAN PARTY (UNITED STATES), UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT