Author: roymorgansocial

Disposable income soared for richest Australians after pandemic but went backwards for the rest, report says

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Original article by Stephanie Convery
The Guardian Australia – Page: Online : 21-May-24

A report from the Productivity Commission has concluded that government assistance in response to COVID-19 resulted in an "unprecedented fall" in income inequality during the pandemic. The report found that household disposable income declined for 90 per cent of Australians early in the pandemic. However, the poorest households were hardest hit, with their income falling by eight per cent; in contrast, the income of the nation’s wealthiest households fell by just one per cent. The latter subsequently benefited the most from the post-pandemic rebound.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION

Roy Morgan CEO Michele Levine comments on drop in support for the ALP the latest Roy Morgan Poll on Federal Voting Intention

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Original article by Roy Morgan
Market Research Update – Page: Online : 21-May-24

The following are some reasons the ALP vote has declined: In a climate where Australians are concerned about cost of living, inflation, and the housing crisis, the Reserve Bank has drawn a causal link between the housing crisis and immigration levels. The Reserve Bank has stated high immigration is driving rental inflation and this creates a housing crisis for many Australians. The Government’s failure to tackle high immigration – Coalition Leader Peter Dutton has stated the Coalition will cut annual permanent migration to 140,000 – is hurting the Government. The Government’s commitment to hand billions of dollars as tax rebates to Australian billionaires to create ‘clean technology’ such as ‘Green Steel’ has not resonated with electors; and in addition the $300 per year household electricity rebate will be only a ‘drop in the bucket’ compared to increasing mortgages and rising food prices.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL

Loss-making companies surge on ASX, baffling analysts

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Original article by Alex Gluyas
The Australian Financial Review – Page: 29 : 21-May-24

Shares in Australian-listed growth stocks that have low or zero profits have gained 26 per cent so far in 2024. In contrast, comparable stocks in the US have shed 19 per cent, with the inflation outlook causing a spike in the yield on 10-year Treasury bonds. Matthew Ross from Goldman Sachs says this divergence is difficult to explain, given that the Australian stocks have the same general characteristics that make them vulnerable to higher interest rates. Goldman Sachs has identified a number of high-growth S&P/ASX 300 companies that it believes are well-placed to ride out an extended period of higher borrowing costs.

CORPORATES
GOLDMAN SACHS AUSTRALIA GROUP HOLDINGS PTY LTD, STANDARD AND POOR’S ASX 300 INDEX

BHP runs down clock on $64b Anglo deadline

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Original article by Peter Ker
The Australian Financial Review – Page: 15 : 21-May-24

The UK’s Takeovers Code requires BHP to make a formal and binding takeover offer for Anglo American by 22 May. However, there is now a high probability that BHP will abandon its proposed bid, given that the target has rejected BHP’s improved offer of 0.8132 of its share for every Anglo American share. Meanwhile, media reports in the UK have indicated that two major Anglo American shareholders are willing to accept a simpler offer from BHP that does not involve breaking up the company.

CORPORATES
BHP GROUP LIMITED – ASX BHP, ANGLO AMERICAN PLC

New IR laws ‘can’t stop AI’s impact’

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Original article by Ewin Hannan
The Australian – Page: 6 : 21-May-24

The Senate is conducting an inquiry into the adoption of artificial intelligence, with the ACTU using its submisssion to claim that current laws do not adequately ensure there is "sufficient openness, trans­parency and consent to the use of AI". The ACTU stated that the Fair Work Act does not provide sufficient protection against victimisation and discrimination where a human decision-maker is concerned, leaving it totally inequipped to deal with AI-based decision-making. The Australian Services Union used its submission to ensure that generous redundancy provisions are in place when job losses cannot be avoided because of AI, while the shop assistants union voiced concerns about algorithm-led rostering used across retail and warehousing.

CORPORATES
ACTU, AUSTRALIAN SERVICES UNION

Miles backs Dutton on migrant cut

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Original article by Tom McIlroy
The Australian Financial Review – Page: 1 & 4 : 21-May-24

Queensland Premier Steven Miles claims that federal Opposition leader Peter Dutton has taken on his own policy for a halving of the nation’s migrant intake. Miles said the current level of migration is putting too much pressure on the state’s housing system, and he was pleased to see Dutton echo his comments. Dutton’s pledge that he would seek to slash migrant numbers has been attacked by the federal government as "excessive and reckless", so Miles’ comments in support of Dutton create the potential for an awkward meeting between Miles and Prime Minister Anthony Albanese when the latter visits Queensland this week.

CORPORATES
QUEENSLAND. DEPT OF THE PREMIER AND CABINET, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

ABS employment estimates for April followed Roy Morgan’s earlier figures showing rising unemployment

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Original article by Roy Morgan
Market Research Update – Page: Online : 21-May-24

The ABS employment estimates for April released last week showed Australian unemployment rising 30,300 to 604,200 (4.1%, up 0.2%) – the highest ABS estimate for over two years since November 2021. The ABS estimate once again followed the earlier released Roy Morgan ‘Real Unemployment’ estimates which showed an increase of 177,000 to 1,535,000 (9.7%, up 1%) – well over twice as high as the latest ABS estimate. The ABS also showed rising under-employment, increasing 20,000 to 991,000 (6.6%, up 0.1%). This followed the Roy Morgan estimates on under-employment, up 18,000 to 1,594,000 (10.1%, unchanged). The combined Roy Morgan ‘Real Unemployment’ and under-employment estimates show 3.13 million Australians (19.8% of the workforce, up 1%) unemployed or under-employed in April – the highest level of total labour under-utilisation for over three years since October 2020 (3.15 million) during the early months of the pandemic.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

No Budget Boost for Government as ALP loses ground after Federal Budget is delivered: ALP 50.5% cf. L-NP 49.5%

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Original article by Roy Morgan
Market Research Update – Page: Online : 21-May-24

The Albanese Labor Government has lost support and now only has a narrow lead after delivering the Federal Budget: ALP 50.5% (down 1.5%) compared to the Coalition on 49.5% (up 1.5%) on a two-party preferred basis after Treasurer Jim Chalmers delivered the Federal Budget last week. If a Federal Election were held now the result would be too close to call with a hung parliament and the support of minor parties and independents required for either the ALP or Coalition to form a minority government, the latest Roy Morgan survey shows. Primary support for the Coalition was unchanged on 37% this week while support for the ALP dropped 1.5% to only 30.5%. Much of this support went to the Greens, up 1% to 14.5%. Support for One Nation was unchanged at 5.5%, while support for Other Parties was down 0.5% to 4% and support for Independents increased by 1% to 8.5%. The latest Roy Morgan survey is based on interviewing a representative cross-section of 1,674 Australian electors from May 13-19, 2024. When comparing different polls it is always important to make sure to take note of the dates when the polls are conducted to undertake a proper comparison between two polls.

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

ICC prosecutor seeks arrest warrants against Sinwar and Netanyahu for war crimes over October 7 attack and Gaza

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Original article by Ivana Kottasova, Madalena Araujo
CNN – Page: Online : 21-May-24

Israeli Prime Minister Benjamin Netanyahu has described a move to seek an arrest warrant for him on charges of war crimes and crimes against humanity as "a political outrage". The International Criminal Court’s chief prosecutor Karim Khan will also apply for arrest warrants for Defense Minister Yoav Gallant, as well as three senior leaders of terrorist group Hamas; they include Yahya Sinwar, the leader of Hamas in Gaza. The charges relate to the 7 October terrorist attack on Israel and the subsequent war in Gaza. Netanyahu says the push to charge him with war crimes will not deter Israel, and the war will continue until the remaining hostages are released and Hamas is destroyed. A panel of ICC judges will consider Khan’s application for the arrest warrants.

CORPORATES
INTERNATIONAL CRIMINAL COURT

Lithium miners plead foreign entity case to US

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Original article by Peter Ker
The Australian Financial Review – Page: 16 : 21-May-24

Australian miners are seeking access to lucrative subsidies available under the US Infrastructure Investment and Jobs Act and the Inflation Reduction Act. However, critical minerals that are "subject to the control" of Russia, China, Iran and North Korea are not eligible for the subsidies, as the US considers those countries to be "foreign entities of concern". This has led to concern that two of Australia’s biggest lithium mines, Greenbushes and Mt Marion, will be ineligible for the subsidies as they are 26 per cent and 50 per cent owned by Chinese companies Tianqi and Ganfeng respectively. The other 50 per cent of Mt Marion is owned by Australia’s Mineral Resources, and Tim Picton from MinRes believes it would be "counter-intuitive" for product from Mt Marion to be viewed as subject to the control of a foreign entity of concern.

CORPORATES
TIANQI LITHIUM CORPORATION, GANFENG LITHIUM COMPANY LIMITED, MINERAL RESOURCES LIMITED – ASX MIN