Author: roymorgansocial

Powerful new laws to break up the CFMEU

roymorgansocial Leave a comment

Original article by Jade Gailberger
Herald Sun – Page: Online : 3-Jul-24

The Senate has voted 46-10 to pass a bill which will allow the CFMEU’s manufacturing division to hold a ballot on demerging. The Greens voted against the bill, which had been fast-tracked in response to threats by the CFMEU’s Victorian state secretary John Setka to launch a "work to rule" campaign on future AFL-related construction projects unless the league sacks its head of umpiring, Stephen McBurney. However, shadow employment minister Michaelia Cash has described the legislation as a "minor slap on the wrist" to the CFMEU in response to Setka’s "outrageous bullying demands".

CORPORATES
CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, AUSTRALIAN GREENS, AUSTRALIAN FOOTBALL LEAGUE

NZ Nationals’ support increases marginally in June as support for Labour slumps back below 30%

roymorgansocial Leave a comment

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

Roy Morgan’s New Zealand Poll for June 2024 shows that support for the National-led Government (National, ACT & NZ First) has increased by 1% point to 49.5%; it retains a small lead over the Labour-Greens-Maori Party Parliamentary Opposition on 45.5% (down 2.5% points). Support for National increased 1.5% points to 35%, support for ACT decreased 0.5% points to 9.5% while support for NZ First was again unchanged at 5.5%. Meanwhile, support for Labour was down 2.5% points to 27.5%, support for the Greens was up 0.5% points to 14.5% and support for the Maori Party was up 0.5% points to 3.5%. A further 5% (up 0.5% points) of electors supported a minor party outside Parliament. The survey results for June would lead to 62 seats (down six seats from the election) being won by the current governing coalition, compared to 58 seats (up three seats) for the Labour/ Greens/ Maori Party Opposition. The latest New Zealand Roy Morgan Poll on voting intention was conducted by telephone – both landline and mobile – with a New Zealand-wide cross-section of 930 electors from May 27 to June 23. Meanwhile, the Roy Morgan Government Confidence Rating fell by 13pts to 83 in June.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, NATIONAL PARTY OF NEW ZEALAND, ACT NEW ZEALAND, NEW ZEALAND FIRST PARTY, LABOUR PARTY (NEW ZEALAND), GREEN PARTY OF AOTEAROA NEW ZEALAND, THE MAORI PARTY

Older Australians pressured into paying unfair robotax debts will not be compensated, government says

roymorgansocial Leave a comment

Original article by Jonathan Barrett
The Guardian Australia – Page: Online : 3-Jul-24

The federal government will pursue legislative amendments to enable tax debts that were incurred before 2017 to remain on hold indefinitely. However, it has been criticised for refusing to provide refunds to people who have already paid historic tax debts in response to the Australian Taxation Office’s so-called ‘robotax’ campaign. Finance Minister Katy Gallagher has stated that people who responded to the letters from the ATO will not be refunded, given that they had paid legitimate tax debts. Greens senator Nick McKim says this stance is "manifestly unfair".

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN GREENS

Bonza joins the scrapheap of airline failures

roymorgansocial Leave a comment

Original article by Robyn Ironside
The Australian – Page: 15 : 3-Jul-24

Creditors of failed budget airline Bonza have voted 35-6 in favour of liquidating the carrier. Administrator Hall Chadwick has advised that they had received no offers for Bonza or its assets, despite an extensive sales campaign. The formal vote to liquidate the company will allow Bonza’s employees to access the federal government’s fair entitlements guarantee scheme. Unions note that the decision to liquidate will provide Bonza’s employees with much-needed certainty, given that they have not been paid since March.

CORPORATES
BONZA AVIATION PTY LTD, HALL CHADWICK AUSTRALIA PTY LTD

ANZ-Roy Morgan Consumer Confidence up 0.9pts to 81.3 as End of Financial Year (EOFY) sales provide a late June boost

roymorgansocial Leave a comment

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

ANZ-Roy Morgan Consumer Confidence rose 0.9pts to 81.3 in the week to 30 June, although it has now spent a record 74 straight weeks below the mark of 85. Consumer Confidence is 7.2 points above the same week a year ago (74.1), but it is still 0.6 points below the 2024 weekly average of 81.9. Consumer Confidence was unchanged in the two largest States of New South Wales and Victoria, and up slightly in Queensland, WA and SA. Now 20% of Australians (up 1ppt) say their families are ‘better off’ financially than this time last year, while 50% (down 2ppts) say their families are ‘worse off’. Looking forward, 31% (up 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, while 36% (up 1ppt) 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 2ppts) expect ‘bad times’. Meanwhile, 25% (unchanged) of Australians say now is a ‘good time to buy’ major household items, while 46% (down 2ppts) say now is a ‘bad time to buy’ (the lowest figure for this indicator since the first week of January).

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

Dutton’s retail break-up plan ‘madness’: Kennett

roymorgansocial Leave a comment

Original article by Tom McIlroy
The Australian Financial Review – Page: 1 & 4 : 3-Jul-24

The Coalition proposes to introduce legislation that would force companies in certain sectors to divest assets if they are found to have abused their market power. The divestiture powers would specifically target grocery and hardware retailers with annual turnover of more than $5bn, which would include Coles, Woolworths and Bunnings. The proposed laws have been criticised by former Victorian Liberal premier Jeff Kennett and Business Council of Australia CEO Bran Black. The introduction of divestiture powers was also rejected by former Labor MP Craig Emerson in his recent review of the food and grocery code of conduct.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, COLES GROUP LIMITED – ASX COL, WOOLWORTHS GROUP LIMITED – ASX WOW, BUNNINGS GROUP LIMITED, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY

Albanese mulls reshuffle to re-energise troops

roymorgansocial Leave a comment

Original article by Geoff Chambers
The Australian – Page: 4 : 3-Jul-24

There is growing speculation that the federal government will use parliament’s five-week midwinter break to revamp its frontbench team. Labor has to date avoided any changes to cabinet since taking office in May 2022, although several ministers have come under intense scrutiny over the management of their portfolios in recent months. The possibility of an early election may also prompt Prime Minister Anthony Albanese to consider a cabinet refresh. Home Affairs Minister Clare O’Neil and Immigration Minister Andrew Giles are widely tipped to be most likely to be shifted from their current portfolios.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIAN LABOR PARTY

Liontown’s future tied to $379m LG deal

roymorgansocial Leave a comment

Original article by Brad Thompson
The Australian Financial Review – Page: 14 : 3-Jul-24

Liontown Resources will issue South Korea-based LG Energy Solutions with five-year convertible notes as part of a $US250m ($379m) deal to help finance the Kathleen Valley lithium project in Western Australia. Based on Liontown’s current share price, LG would emerge with an equity stake of about eight per cent in the company if it chooses to fully convert the notes. LG has also extended its existing five-year offtake deal with Liontown by a decade. Meanwhile, Liontown CEO Tony Ottaviano has flagged the potential to build a battery chemical refinery in partnership with LG.

CORPORATES
LIONTOWN RESOURCES LIMITED – ASX LTR, LG ENERGY SOLUTIONS

Dead bank customers still charged fees

roymorgansocial Leave a comment

Original article by James Eyers
The Australian Financial Review – Page: 17 : 3-Jul-24

The ANZ Bank says it has significantly increased the number of employees who manage deceased estates cases, after it was formally sanctioned for charging fees to customers who had passed away. The Banking Code Compliance Committee’s chairman Ian Govey says it generally only sanctions banks for the most serious and systemic breaches of the Banking Code of Practice, and ANZ’s non-compliance justified such action. ANZ has paid remediation of $3.2 million to 18,852 deceased estates since early 2024.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, BANKING CODE COMPLIANCE COMMITTEE

Almost 3000 builders collapse in a year

roymorgansocial Leave a comment

Original article by Larry Schlesinger
The Australian Financial Review – Page: 29 : 3-Jul-24

Data from the Australian Securities & Investments Commission shows that a total of 10,497 companies were declared insolvent in the 2023-24 financial year up to l6 June. This includes 2,832 insolvencies in the construction industry, which is 28 per cent higher than the previous financial year. The data also shows that rate of corporate collapses in the building industry is accelerating, with 120 insolvency appointments during the first two weeks of June; this compares with 314 in May and 255 in April. Master Builders Australia CEO Denita Wawn says factors such as labour shortages, material cost inflation, inefficient regulation and "draconian" industrial relations reforms have made construction projects unsustainable.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MASTER BUILDERS AUSTRALIA INCORPORATED