Author: roymorgansocial

Labor moves to break up CFMEU after Setka stoush

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 19-Jun-24

Workplace Relations Minister Tony Burke will introduce a bill to parliament next week to enable the CFMEU’s manufacturing division to demerge. The proposed legislation will allow the division to apply to the Fair Work Commission to leave the construction-dominated CFMEU. The federal government has been prompted to push ahead with the bill in response to demands from the CFMEU’s Victorian state secretary John Setka for the AFL to sack its head of umpiring due to his former role as head of the defunct Australian Building & Construction Commission. The CFMEU’s mining division has previously demerged to form its own union.

CORPORATES
CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS, AUSTRALIAN FOOTBALL LEAGUE, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION

Raising the age of criminal responsibility set for 2025 as Victorian government unveils mammoth youth justice bill

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Original article by Kieran Rooney, Rachel Eddie
The Age – Page: Online : 19-Jun-24

The Victorian government’s proposed changes to youth justice laws will include a two-year trial of electronic monitoring and codifying the existing legal presumption of doli incapax. The government still intends to increase the age of criminal responsibility from 10 to 12, although it has conceded that this may be delayed until 2025; Youth Justice Minister Enver Erdogan says this will ultimately be raised to 14, although Monique Hurley from the Human Rights Law Centre says the government should do so immediately. The 1,000-page youth justice bill was introduced to parliament on Tuesday, and the government will need the support of crossbenchers in the upper house to ensure its passage.

CORPORATES
VICTORIA. DEPT OF JUSTICE AND COMMUNITY SAFETY, HUMAN RIGHTS LAW CENTRE LIMITED

Fights over pay rises challenge bold NSW budget prediction

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Original article by John Kehoe, David Marin-Guzman
The Australian Financial Review – Page: 10 : 19-Jun-24

The NSW government’s budget papers show that the state is forecast to post a deficit of $3.6bn in 2024-25; NSW is also projected to record larger-than-expected deficits for nine consecutive years. However, factors such as a higher tax take from stamp duty and land tax will boost state government revenue by $10.7bn over the four-year forward estimates period. Much of the budget’s forecasts are based on expectations that public sector wage growth will be capped at 3.5 per cent a year and total employee expenses growth will be limited to 3.2 per cent; some unions are seeking pay rises of up to 25 per cent over four years.

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Coalition MPs meet to sign off on proposed nuclear reactor locations

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Original article by Clare Armstrong, Jade Gailberger
Herald Sun – Page: Online : 19-Jun-24

A number of Coalition MPs have stated that they expect Opposition Leader Peter Dutton to unveil its nuclear policy on Wednesday. The policy – and the likely location of nuclear power stations – was discussed at a shadow cabinet meeting on Tuesday night; it will then be put to a full party room meeting ahead of an official announcement. A Coalition source has indicated that the Callide and Tarong coal-fired power stations in Queensland have been identified as future sites for nuclear reactors, while Victoria’s LaTrobe Valley is said to have been ruled out.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

Roy Morgan Business Confidence drops 2.3pts to 97.0 in May after under-whelming Federal Budget

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Original article by Roy Morgan
Market Research Update – Page: Online : 19-Jun-24

In May 2024, Roy Morgan Business Confidence was 97.0 (down 2.3pts since April 2024) and still just marginally below the neutral level of 100. Business Confidence is now 14.2pts below the long-term average of 111.2, although it is up 6.7pts since May 2023. Now 52% (down 0.1ppts) of businesses expect ‘good times’ for the Australian economy over the next year, while 45% (up 1ppt) expect ‘bad times’. Meanwhile, only 38% (down 3ppts) of businesses say the next 12 months will be a ‘good time to invest’ in growing the business (the lowest figure for this indicator since the early days of the pandemic in April 2020), while 42.6% (up 6.1ppts) say the next 12 months will be a ‘bad time to invest’. The latest Roy Morgan Business Confidence results for May are based on 1,513 detailed interviews with a cross-section of Australian businesses from each State and Territory.

CORPORATES
ROY MORGAN LIMITED

ANZ-Roy Morgan Consumer Confidence recovers 3.3pts to 80.3 following the King’s Birthday long weekend

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Original article by Roy Morgan
Market Research Update – Page: Online : 19-Jun-24

ANZ-Roy Morgan Consumer Confidence rose 3.3pts to 80.3 in the week to 16 June, although it has now spent a record 72 straight weeks below the mark of 85. Consumer Confidence is now 7.9 points above the same week a year ago (72.4), but it is still 1.7 points below the 2024 weekly average of 82.0. Consumer Confidence has increased in most States, but the measure is virtually unchanged in Victoria. Now 18% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 53% (unchanged) say their families are ‘worse off’. Looking forward, 33% (up 6ppts) of Australians expect their family to be ‘better off’ financially this time next year, while 32% (down 4ppts) expect to be ‘worse off’. Now 9% (up 2ppts) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 35% (down 4ppts) expect ‘bad times’. Meanwhile, 21% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 50% (down 1ppt) say now is a ‘bad time to buy’.

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

PM’s last word on press freedom as Li departs

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Original article by Paul Garvey, Will Glasgow, Joe Kelly
The Australian – Page: 2 : 19-Jun-24

Chinese Premier Li Qiang ended his four-day visit to Australia on Tuesday. However, the federal government failed to make any progress in getting China to lift its ban on Australian lobster imports, which is the only major export that remains subject to Chinese trade restrictions. Meanwhile, Prime Minister Anthony Albanese has belatedly responded to Chinese officials’ attempts to block freed journalist Cheng Lei from the view of cameras during a joint press conference with Li on Monday. Albanese said the action was "clumsy" and "ham-fisted", but Opposition leader Peter Dutton has called on him to "grow a backbone" and stand up for Australia. The government also waited until Li had left Australia before releasing a statement expressing its "grave concern" over an incident in which Chinese ships had rammed Philippines vessels in the South China Sea.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA

Investment tax break call falls on deaf ears

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Original article by Brad Thompson
The Australian Financial Review – Page: 6 : 19-Jun-24

The federal government has declined to state its position on whether companies with links to China will be eligible to receive production tax credits. Resources Minister Madeleine King says the main purpose of this incentive is to encourage the downstream processing of critical minerals in Australia. She acknowledged that China-based Tianqi is doing this at its Kwinana lithium processing plant in Western Australia. Chinese Premier Li Qiang visited the plant on Tuesday, accompanied by Prime Minister Anthony Albanese. Li has told China’s state-run media that he hopes for a "fair and non-discriminatory" business environment for Chinese companies that have assets in Australia.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, SCIENCE AND RESOURCES, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, TIANQI LITHIUM CORPORATION

Treasurer on the defensive as RBA raises alarm over big-spending budgets

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Original article by Patrick Commins
The Australian – Page: 1 & 4 : 19-Jun-24

Reserve Bank governor Michele Bullock says the central bank’s board is prepared to "do what is necessary" to restore inflation to its target range by mid-2025. The RBA’s decision on Tuesday to leave the cash rate unchanged at 4.35 per cent had been widely expected by economists. Bullock has indicated that the board had considered a rate rise, while a rate cut had not been on the agenda; she notes that the inflation figures for April were "a bit higher than expected". The RBA also expressed concern in its monetary policy statement that cost-of-living relief and other spending measures in federal and state budgets may fuel inflation. However, Treasurer Jim Chalmers says the government’s strategy is "the right one".

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY

BHP looks to SA copper growth

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Original article by Nick Evans
The Australian – Page: 16 : 19-Jun-24

BHP executive Anna Wiley has indicated that the resources giant has largely ‘ bedded down’ its acquisition of OZ Minerals for $9.7bn in 2023. The asset president for BHP’s copper operations in South Australia says it is now pushing ahead with plans to expand these operations, including the potential to increase copper production in SA to around 700,000 tonnes per year. BHP recently abandoned a takeover bid for Anglo American which was prinarily aimed at securing the latter’s copper assets.

CORPORATES
BHP GROUP LIMITED – ASX BHP, OZ MINERALS LIMITED, ANGLO AMERICAN PLC