Author: roymorgansocial

Roy Morgan Poll: Federal two-party preferred voting intentions unchanged this week: ALP 51% cf. L-NP 49%

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Original article by Roy Morgan
Market Research Update – Page: Online : 2-Jul-24

The Albanese Government has retained a narrow lead over the Coalition on two-party preferred terms: ALP 51% (unchanged) cf. Coalition 49% (unchanged), the latest Roy Morgan survey shows. If a Federal Election were held now the result would be a hung parliament, with the ALP likely to form a minority government with the support of minor parties and independents. Primary support for the Coalition was down 0.5% to 36.5% while the ALP was unchanged on 31.5%, the Greens were unchanged on 13%, One Nation dropped 1.5% to 4.5%, Other Parties increased 1.5% to 5.5% and Independents increased 0.5% to 9%.

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

Miners win same pay for same job

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Original article by Ewin Hannan
The Australian – Page: 6 : 2-Jul-24

The Fair Work Commission has ruled that labour hire workers at Batchfire Resources’ Callide coal mine in Queensland are entitled to the same pay as directly-employed workers who are covered by an enterprise agreement. Mitch Hughes from the Mining & Energy Union contends that WorkPac employees at the mine are currently paid between $10,000 and $20,000 less than direct employees. The FWC’s ruling is the first to be made via the federal government’s ‘same job, same pay’ industrial relations reforms. Workplace Relations Minister Tony Burke says the ruling means that the "labour hire loophole is officially closed".

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BATCHFIRE RESOURCES PTY LTD, AUSTRALIA. FAIR WORK COMMISSION, MINING AND ENERGY UNION, WORKPAC PTY LTD, AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS

‘Bad enough now’: Property investor tax breaks soaring to $22 billion a year by 2035

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Original article by Matthew Elmas
The New Daily – Page: Online : 2-Jul-24

Parliamentary Budget Office data has revealed that property investors received $85 billion in tax breaks over the decade between 2014-15 and 2023-24. The PBO also found that the cost of negative gearing and capital gains discounts will jump to $165 billion over the next decade, with tax breaks to property investors to be worth $22 billion a year by 20235. Australia Institute senior research fellow David Richardson claims that property tax breaks will continue to push up property prices, with Richardson noting things are "bad enough now; he notes the cost of a median house in Sydney is around 13.5 times annual average weekly earnings.

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AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, THE AUSTRALIA INSTITUTE LIMITED

‘Huge demand’: Australia’s largest design firm expands worldwide

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Original article by Michael Bleby, Patrick Duffy
The Australian Financial Review – Page: Online : 2-Jul-24

Sarah Kay is the new CEO of Woods Bagot, which is Australia’s largest architecture firm. She notes that the company has a very large share in what is one of the world’s smallest markets, namely Australia, and so it is seeking to boost its market share in larger markets such as Europe and North America. Woods Bagot is privately owned with 60 partner owners, and Kay says that it intends to remain independent at what she says is a time of consolidation within the architecture and engineering sector. Woods Bagot opened its London-based Customs Bureau hotel unit in 2022 to service what Kay says is the "huge demand"for luxury hospitality in Europe and the Middle East.

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WOODS BAGOT PTY LTD

Victorian politicians get 3.5 per cent pay rise

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Original article by Rachel Eddie
The Age – Page: Online : 2-Jul-24

The Victorian Independent Remuneration Tribunal announced on Monday that the state’s politicians will get a 3.5 per cent pay increase, with the increase to take effect on the day of the Tribunal’s announcement. It is the second 3.5 per cent pay rise for Victorian MPs in two years, and will see Premier Jacinta Allan’s base salary increase to $435,434 a year. Some submissions to the Tribunal had called for MPs salaries to be reduced, frozen or increased by three per cent only, with the public sector wage cap being set at that figure.

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VICTORIA. INDEPENDENT REMUNERATION TRIBUNAL

Lithium’s sharp decline to weigh on Australian exports

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Original article by Simone Grogan
The West Australian – Page: Online : 2-Jul-24

The federal Department of Industry, Science & Resources expects the total value of Australia’s lithium exports to have been just $10bn in the year to 30 June. This compares with $20bn in the 2022-23 financial year, with the latest result being affected by a sharp fall in the price of the battery metal. However, the department’s quarterly report concludes that the price of both lithium and copper may have bottomed. It also says the outcome of the US presidential election could potentially accelerate that nation’s transition to renewables and electric vehicles, which in turn could boost demand for Australia’s critical minerals.

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AUSTRALIA. DEPT OF INDUSTRY, SCIENCE AND RESOURCES

Supreme Court limits prosecutions of former presidents, casting cloud over charges against Trump

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Original article by Jess Bravin
The Australian – Page: Online : 2-Jul-24

Efforts to prosecute Donald Trump over his alleged attempt to subvert the 2020 presidential election result have been struck a blow by the US Supreme Court, which has ruled that former US presidents retain significant immunity from prosecution for acts taken while in office. The Court’s decision could impact public opinion of it, given that three of its nine judges are Trump appointees, as well as the public perception of Trump’s potential criminality.

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SUPREME COURT OF THE UNITED STATES

Exiled Payman defiant after PM tells her to consider her position as senator

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Original article by Paul Sakkal, James Massola
The Sydney Morning Herald – Page: Online : 2-Jul-24

Senator Fatima Payman claims she has been "exiled" by her federal Labor colleagues as a result of her defying party convention and crossing the floor over the conflict in Gaza, and that their actions appear to be aimed at intimidating her into resigning from the Senate. Her comments come a day after Prime Minister Anthony Albanese summoned Payman to The Lodge to advise that she was suspended indefinitely from the Labor caucus, while it has been confirmed that Albanese told Payman that she should consider her position as a parliamentarian.

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AUSTRALIAN LABOR PARTY

Defying gravity: CBA prepares to take on Wall Street’s biggest banks

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Original article by Eric Johnston
The Australian – Page: 13 & 21 : 2-Jul-24

The Commonwealth Bank of Australia is now the world’s 13th largest bank in terms of market capitalisation. CBA now boasts a market cap of $211bn ($US140.7bn), ranking it above global rivals such as Citi; it is also within reach of making the list of the world’s 10 biggest banks. The rise of CBA is particularly impressive given that it remains largely focused on the Australian market, with its international operations limited to a small subsidiary in New Zealand. It is also not regarded as a globally systemically important bank, which is generally a prerequisite for ranking amongst the 10 biggest banks.

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COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Local class-action litigation now second only to the US

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Original article by Jack Quail
The Australian – Page: 3 : 2-Jul-24

A report produced by the Menzies Research Centre has concluded that Australia’s litigation funding industry is now worth more than $200m, following huge growth over the last five years. The Liberal Party-aligned think tank notes that the litigation funding sector is "cashed up and thriving" amidst a lax regulatory environment. The MRC has urged the federal government to pursue greater regulation of litigation funders; amongst other things, it has recommended capping their fees at 30 per cent of a class action payout.

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THE MENZIES RESEARCH CENTRE LIMITED, LIBERAL PARTY OF AUSTRALIA