Author: roymorgansocial

Jewish hate speech surge alarms PM

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Original article by Joe Kelly
The Australian – Page: 2 : 14-May-24

Prime Minister Anthony Albanese addressed a pre-budget meeting of Labor’s caucus on Monday. He praised the performance of Foreign Minister Penny Wong in responding to the Israel-Hamas war and reiterated his government’s support for a two-state solution. Albanese also acknowledged the growing issue of anti-Semitism in Australia; responding to a question from senator Deborah O’Neill, he said that hostility towards Jewish people is at the highest level that he has seen in his lifetime. The government is also continuing to attract scrutiny over its controversial decision to support a United Nations motion on Palestine.

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

Cost-of-living handouts that bust inflation a trick

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Original article by Patrick Commins, Joe Kelly
The Australian – Page: 1 & 4 : 14-May-24

The federal government has confirmed that the 2024 budget will feature measures to combat inflation and the cost-of-living crisis, including electricity bill rebates and rental assistance. However, former Reserve Bank of Australia board member Warwick McKibbin contends that using government subsidies to combat inflation is a "political trick" that will not address underlying price pressures in the economy. McKibbin has also questioned the Treasury’s forecast that inflation will return to the RBA’s target range of 2-3 per cent by the end of 2024. He adds that the Treasury and the RBA have underestimated the inflationary impact of the revised stage-three personal income tax cuts that take effect on 1 July.

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

Free TV networks push for anti-siphoning laws to include streaming services

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Original article by Parker McKenzie
The New Daily – Page: Online : 14-May-24

Australia’s free-to-air networks have joined forces to launch the ‘Free for Everyone’ advertising campaign. The networks are urging the federal government to update the nation’s anti-siphoning laws to specifically include streaming services. They argue that the existing laws only guarantee that major sporting events are broadcast on linear TV rather than the streaming platforms of FTA networks, and at present there is nothing to prevent companies such as Netflix from buying the exclusive digital broadcasting rights to flagship events. The networks note that many consumers now watch broadcast TV via the internet rather than using a traditional aerial.

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NETFLIX INCORPORATED

Australian unemployment increases in April to 9.7% – overall labour under-utilisation at highest since October 2020

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-May-24

In April 2024, Australian ‘real’ unemployment increased 177,000 to 1,535,000 (up 1% to 9.7% of the workforce) despite overall employment remaining near its all-time high at over 14.2 million. In addition to the increase in unemployment, there was also a slight increase in under-employment, up 18,000 to 1,594,000. These combined increases mean a massive 3.13 million Australians (19.8% of the workforce, up 1%) were 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. In April 1,535,000 Australians were unemployed (9.7% of the workforce, up 1%), an increase of 177,000 from March driven by more people looking for both full-time and part-time work. There were 669,000 (up 74,000) looking for full-time work and 866,000 (up 103,000) looking for part-time work.

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ROY MORGAN LIMITED

Michele Levine, CEO Roy Morgan, says total Australian unemployment or under-employment has increased to its highest in over three years at 3.13 million in April

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-May-24

The Roy Morgan employment estimates for April show total Australian unemployment or under-employment has increased 195,000 to 3,129,000 (19.8% of the workforce, up 1%). ‘Real’ unemployment increased 177,000 to 1,535,000 (9.7%) and under-employment increased 18,000 to 1,594,000 (10.1%). The increase means overall labour under-utilisation is at its highest for over three years since October 2020 (3.15 million). The labour force has experienced rapid change over the last year with a large increase in population (+717,000) – a rate almost three times higher than the average annual population growth over the last 25 years of 287,000. This population increase has been the driver of a growing workforce, up by 667,000. However, the figures show although new jobs are being created, there are not enough jobs being created to soak up the 667,000 people who joined the workforce over the last year and increasing numbers of Australians are becoming unemployed or under-employed.

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ROY MORGAN LIMITED

Rate rise still priced in despite Chalmers’ forecast

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Original article by Alex Gluyas
The Australian Financial Review – Page: 28 : 14-May-24

AMP’s chief economist Shane Oliver is amongst those who have questioned the federal government’s forecast that the headline inflation rate will fall to 3.5 per cent by the end of June. He notes that it is uncertain as to how cost-of-living relief in the budget will impact on inflation, given that the financial year ends in about six weeks. Paul Bloxham of HSBC in turn says the budget is likely to boost the Reserve Bank’s preferred measure of core inflation, which is likely to rule out an interest rate cut in 2024. Meanwhile, futures traders still expect the central bank to increase the cash rate this year.

CORPORATES
AMP LIMITED – ASX AMP, HSBC HOLDINGS PLC, RESERVE BANK OF AUSTRALIA

Rio investigates third derailment of one of its driverless iron ore trains

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Original article by Brad Thompson
The Australian Financial Review – Page: 20 : 14-May-24

Rio Tinto has notified rail safety authorities of an incident in which an autonomous iron ore train was derailed about 80km from Karratha early on Monday morning. It is believed to have occurred when the driverless train collided with a set of stationary wagons while it was enroute to port with a shipment of iron ore. Rio Tinto will also commence an internal investigation into the incident. Rio Tinto’s driverless trains have now been derailed three times in the last year. The company began operating autonomous trains in the Pilbara in 2019.

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RIO TINTO LIMITED – ASX RIO

Surplus of $9.3b, then a sea of red ink

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 14-May-24

The federal government is set to announce a budget surplus of $9.3bn for 2023-24, having previously forecast a deficit of $1.1bn in the mid-year economic and fiscal outlook in December. It will be only the second successive budget surplus since the global financial crisis; however, this will be followed by large deficits over the forward estimates period, which the government has attributed to "unavoidable spending". Meanwhile, Prime Minister Anthony Albanese says it will be "a Labor budget through and through", with cost-of-living relief that will reduce rather than increase inflation and a tax cut for every worker.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

ALP maintains election winning lead over Coalition for a fourth straight week before Federal Budget is delivered: ALP 52% cf. L-NP 48%

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-May-24

The Albanese Labor Government has retained the lead for the fourth week in a row with support on 52% (unchanged) ahead of the Coalition on 48% (unchanged) on a two-party preferred basis before Treasurer Jim Chalmers delivers this week’s pre-election Federal Budget. If a Federal Election were held now the ALP would be re-elected with a slim majority as they have now, the latest Roy Morgan survey shows. Although the overall two-party preferred result was unchanged, primary support for the ALP increased 2% to 32% this week but is still well behind the Coalition, unchanged on 37%. Looking at the minor parties, support for the Greens increased 0.5% to 13.5% and support for One Nation was down 0.5% to 5.5%. Support for Independents was down 1% to 7.5% and support for Other Parties was down 1% to 4.5%. The latest Roy Morgan survey is based on interviewing a representative cross-section of 1,654 Australian electors from May 6-12, 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.

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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

Anglo American rejects second, higher BHP takeover offer

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Original article by Peter Ker
The Australian Financial Review – Page: Online : 14-May-24

BHP CEO Mike Henry says it is disappointing that Anglo American’s board has rejected a revised takeover offer and has not been willing to enter into further discussions. The initial offer had comprised 0.7097 of its shares for every Anglo American share; however, BHP increased this to 0.8132 of its shares last week, valuing the target at $64.4bn. Henry adds that the two companies are a "strategic fit", and the combined group would have a leading portfolio of high-quality assets across a range of commodities.

CORPORATES
BHP GROUP LIMITED – ASX BHP, ANGLO AMERICAN PLC