Author: roymorgansocial

Union launches BHP same pay challenge

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 10 : 13-Jun-24

The Mining & Energy Union has filed 10 applications in the Fair Work Commission to increase the wages of BHP’s labour hire workers under the federal government’s ‘same job, same pay’ laws. The initial applications cover about 1,700 workers at three of BHP’s coal mines in Queensland’s Bowen Basin who are employed by WorkPac, Chandler McLeod and BHP’s own Operations Services subsidiary. The union is pushing for these workers to receive pay rises of between $10,000 and $40,000 in order to achieve pay parity with BHP’s direct employees. The MEU is expected to make further applications against BHP.

CORPORATES
BHP GROUP LIMITED – ASX BHP, MINING AND ENERGY UNION, WORKPAC PTY LTD, CHANDLER MACLEOD GROUP LIMITED

Australian employment increases to a new record high of over 14.3 million; driving a drop in unemployment to 8.7% in May

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Original article by Roy Morgan
Market Research Update – Page: Online : 13-Jun-24

In May 2024, Australian ‘real’ unemployment fell 170,000 to 1,365,000 (down 1% to 8.7% of the workforce), as overall employment increased to a new record high above 14.3 million. In addition to the decrease in unemployment, there was also a welcome decrease in under-employment, which was down 256,000 to 1,338,000. These combined decreases mean that 2.7 million Australians (17.2% of the workforce, up 1%) were unemployed or under-employed in May – the lowest level of total labour under-utilisation since April 2022 (2.63 million). Meanwhile, employment increased by 78,000 to a new record high of 14,310,000 in May. A rise in full-time employment drove the increase (up 112,000 to a new record high of 9,441,000), while part-time employment was down 34,000 to 4,869,000.

CORPORATES
ROY MORGAN LIMITED

‘We’ll lift social media access age in first 100 days’: Dutton

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Original article by Sarah Ison
The Australian – Page: 4 : 13-Jun-24

Opposition leader Peter Dutton says legislation to ban children under the age of 16 from accessing social media would be a top priority for a Coalition government. Dutton says the Coalition will introduce such legislation within its first 100 days in office if it wins the next federal election. Communications Minister Michelle Rowland contends that many social media platforms already have age limits, but they are often not enforced and can be easily bypassed. She notes that the federal government is investing $6.5m in a trial of age assurance technology.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF INFRASTRUCTURE, TRANSPORT, REGIONAL DEVELOPMENT, COMMUNICATIONS AND THE ARTS

Weak PM, Allan blamed as Setka loses plot over AFL

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Original article by David Marin-Guzman, Patrick Durkin
The Australian Financial Review – Page: 3 : 13-Jun-24

The AFL has expressed support for its head of umpiring, Stephen McBurney, amid threats from the CFMEU to launch a ‘work-to-rule’ campaign on league-related construction projects unless he is sacked. McBurney is the former head of the Australian Building & Construction Commission, and the CFMEU’s Victorian state secretary John Setka has described him as ‘anti-worker’. Opposition Leader Peter Dutton says the CFMEU is "out of control" and accused Prime Minister Anthony Albanese of being too weak to stand up to a "union bully". The Victorian Opposition has in turn criticised Premier Jacinta Allan for failing to condemn the union’s actions.

CORPORATES
CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, AUSTRALIAN FOOTBALL LEAGUE, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, VICTORIA. DEPT OF PREMIER AND CABINET

Dutton’s surprise climate policy proves he ‘can’t be taken seriously’, Albanese says

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Original article by Karen Middleton, Josh Butler
The Guardian Australia – Page: Online : 13-Jun-24

The Coalition’s stance on climate policy is under scrutiny after Opposition leader Peter Dutton indicated that its 2030 emissions reduction target will not be disclosed until after the federal election. Prime Minister Anthony Albanese has criticised his refusal to commit to a firm emissions target; he contends that Dutton cannot be taken seriously as the alternative prime minister without a serious policy on energy and climate. However, the Coalition has emphasised that it remains committed to the Paris climate agreement and a net zero emissions target of 2050.

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

ANZ-Roy Morgan Consumer Confidence plunges 3.5pts to 77.0 in the first full week of winter – lowest so far this year

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Original article by Roy Morgan
Market Research Update – Page: Online : 13-Jun-24

ANZ-Roy Morgan Consumer Confidence fell 3.5pts to 77.0 in the week to 9 June, and it has now spent a record 71 straight weeks below the mark of 85. However, Consumer Confidence is still 4.3 points above the same week a year ago (72.7), but 5 points below the 2024 weekly average of 82.0. Consumer Confidence dropped sharply in Victoria, WA and SA, and down in NSW, but it was unchanged in Queensland. Now 19% of Australians (down 2ppts) say their families are ‘better off’ financially than this time last year, while 53% (up 2ppts) say their families are ‘worse off’. Looking forward, 27% (down 4ppts) of Australians expect their family to be ‘better off’ financially this time next year (the lowest figure for this indicator so far this year), while 36% (up 1ppt) expect to be ‘worse off’ (the highest figure for this indicator so far this year). Now 7% (down 1ppt) of Australians expect ‘good times’ for the Australian economy over the next 12 months (the lowest figure for this indicator so far this year, while 39% (up 4ppts) expect ‘bad times’ (the highest figure for this indicator so far this year). Meanwhile, 22% (up 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 51% (up 2ppts) say now is a ‘bad time to buy’.

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

News Corp to cut sales staff, up to 80 jobs to go

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Original article by Calum Jaspan
The Age – Page: Online : 13-Jun-24

News Corp Australia is set to announce further redundancies as part of a restructuring program and its push to reduce costs by up to $65m. The media group’s sales team is expected to bear the brunt of the latest jobs cuts, with speculation that up to 80 employees will be retrenched. However, a News Corp spokesperson has dismissed claims that 40 per cent of its sales personnel will be sacked. News Corp Australia’s executive chairman Michael Miller recently downplayed speculation that more than 100 journalists will also be retrenched.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Sagging iron ore prices weigh on local bourse

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Original article by David Rogers
The Australian – Page: 23 : 13-Jun-24

The iron ore price reached a two-month low of $US103.35 per tonne earlier this week, weighing on the Australian sharemarket and the nation’s largest mining companies. Vivek Dhar from the Commonwealth Bank says the downturn in the iron ore price is probably due to ongoing concerns about China’s property market, despite recent government stimulus measures. Dhar believes that the iron on price will not rise sustainably above $US110 per tonne unless the Chinese government pursues additional infrastructure stimulus measures.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

PM plays down Chinese-owned lithium plant

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Original article by Andrew Tillett
The Australian Financial Review – Page: 5 : 13-Jun-24

Chinese Premier Li Qiang will visit a lithium processing plant at Kwinana during his official trip to Australia. The plant’s major stakeholder is a China-based company, and Prime Minister Anthony Albanese has rejected suggestions that the federal government’s Future Made in Australia policy is being undermined by Chinese investment in critical minerals projects. He says Labor values foreign investment, although he adds that the nation must "move up the value chain" rather than merely exporting mineral resources.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Slowing economy puts RBA rate cut on cards: Minack

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 25 : 13-Jun-24

Market strategist Gerard Minack says monetary policy in Australia is "very restrictive" at present, noting that official interest rates are still lower than comparable countries. Minack addressed the Morgan Stanley Australia summit on Wednesday, stating that he expects the Reserve Bank to reduce the cash rate later in 2024 or in early 2025. Meanwhile, Morgan Stanley economist Chris Read said the central bank could increase the cash rate if inflation rises again. Market traders have fully priced in the cash rate remaining on hold until the end of 2024, and a rate cut in May 2025.

CORPORATES
MORGAN STANLEY AUSTRALIA LIMITED, RESERVE BANK OF AUSTRALIA