Author: roymorgansocial

Wait for super needed, but political poison

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Original article by Sally Rose
The Australian Financial Review – Page: 25 : 6-Aug-15

The preservation age for superannuation should be raised from 55 at present. Actuaries warn that the current rules do not reflect rising longevity. The shadow minister for financial services and superannuation, Bernie Ripoll, made comments on the issue of access to super at the Financial Services Council’s annual conference on the Gold Coast on 5 August 2015. He agreed that the preservation age should be lifted. However, such a measure would be unpopular among voters.

CORPORATES
FINANCIAL SERVICES COUNCIL, RICE WARNER ACTUARIES PTY LTD, AUSTRALIAN LABOR PARTY, BT FINANCIAL GROUP PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NATIONAL SENIORS AUSTRALIA LIMITED

Court simmers with cooking show face-off

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Original article by Max Mason
The Australian Financial Review – Page: 27 : 5-Aug-15

The Seven Network is seeking an injunction to prevent the Nine Network from broadcasting "The Hotplate" until a copyright dispute is heard in court. Lawyers for Nine and the show’s producer, Endemol, say the case may not be resolved until 2016, which would effectively force Nine to abandon the cooking show.

CORPORATES
SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, ENDEMOL AUSTRALIA PTY LTD

NAPLAN – high schools not improving

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Original article by Tim Dodd
The Australian Financial Review – Page: 7 : 5-Aug-15

New data shows that at a national level, the introduction of the NAPLAN test in 2008 has not resulted in any improvement in the literacy and numeracy skills of high school students. However, both Queensland and Western Australia have recorded a "statistically significant" improvement in the skills of high school students, who undertake the test in years 7 and 9. Meanwhile, there has been a nationwide improvement in the literacy and numeracy skills of primary school students.

CORPORATES
THE CENTRE FOR INDEPENDENT STUDIES LIMITED, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, PROGRAMME FOR INTERNATIONAL STUDENT ASSESSMENT, LEARNING FIRST, WESTERN AUSTRALIA. DEPT OF EDUCATION AND TRAINING

Up to 80 funds ought to close: Chant West

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Original article by Sally Rose
The Australian Financial Review – Page: 6 : 5-Aug-15

Chant West’s Ian Fryer estimates that only about 40 of the 120-plus superannuation funds that offer default MySuper accounts are competitive. He notes that super funds with at least $A10bn in assets under management have much lower fees and deliver higher returns that their peers with less than $A5bn worth of assets under management. Some 89 super funds fit into the latter category, and Chant West believes the majority of them should either merge or be closed down.

CORPORATES
CHANT WEST FINANCIAL SERVICES PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, TRANSPORT INDUSTRY SUPERNNUATION FUND, LESF PTY LTD, CONCEPT ONE PTY LTD, CLUBSUPER, SMARTSAVE SUPER, AMG UNIVERSAL SUPER, FINANCIAL SERVICES COUNCIL, AUSTRALIA. FAIR WORK COMMISSION, GRATTAN INSTITUTE, MINE WEALTH AND WELLBEING

Creasy still ‘very happy’ with Independence bid for Sirius

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Original article by Tess Ingram
The Australian Financial Review – Page: 20 : 5-Aug-15

Sirius Resources’ shareholders will vote on the proposed takeover offer from Independence Group in September 2015. The sharp fall in the suitor’s share price since the bid was revealed in May has significantly reduced the implied value of the bid. Mark Creasy, who holds a 35 per cent stake in Sirius, says he continues to support the bid and adds that there is no indication that a rival bid for Sirius will emerge.

CORPORATES
SIRIUS RESOURCES NL – ASX SIR, INDEPENDENCE GROUP NL – ASX IGO, DIGGERS AND DEALERS FORUM

Sales growth slows as grocery prices cut

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Original article by Sue Mitchell
The Australian Financial Review – Page: 27 : 5-Aug-15

New data shows that there was 2.9 per cent growth in Australian supermarket and grocery store sales in June 2015. This is the lowest rate of growth since September 2013, which is primarily due to price discounting in the sector. Meanwhile, growth in total food and liquor sales slowed to 2.7 per cent in June. Woolworths is seeking to counter stronger sales growth at Coles by reducing grocery prices, while Metcash has launched a price-matching initiative for independent grocery retailers that operate under its IGA banner.

CORPORATES
WOOLWORTHS LIMITED – ASX WOW, COLES SUPERMARKETS AUSTRALIA PTY LTD, METCASH LIMITED – ASX MTS, INDEPENDENT GROCERS OF AUSTRALIA, ALDI STORES SUPERMARKETS PTY LTD, DEUTSCHE BANK AG, MORGAN STANLEY AUSTRALIA LIMITED, UBS HOLDINGS PTY LTD, AUSTRALIAN BUREAU OF STATISTICS

Rio should unveil ‘another buyback’

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Original article by Amanda Saunders
The Australian Financial Review – Page: 21 : 5-Aug-15

Most analysts expect Rio Tinto to post 2015 interim underlying earnings of $US2.4bn (A$3.2bn), compared with $US5.1bn previously. Rio Tinto commenced a $US2bn share buyback in February 2015, and Paul Young of Deutsche Bank says it should use cost and capital expenditure savings to finance another buyback in early 2016. The majority of analysts also expect Rio Tinto to abandon its progressive dividend, although Young forecasts that its existing policy will be retained.

CORPORATES
RIO TINTO LIMITED – ASX RIO, DEUTSCHE BANK AG, GLENCORE PLC

‘I’ve been everywhere’: Australia’s globe-trotting trusted travel advisers

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 4-Aug-15

A Roy Morgan Single Source survey has found that one-third of the Australian population aged 14+ were asked by friends and/or family for their advice on planning a holiday in the year to March 2015. The survey also shows that the more destinations a person has been to, the more likely they are to be asked for holiday planning advice by friends and family. This is evident from as few as three destinations, and becomes increasingly striking as the destination count rises. Among Australians who have visited more than 10 destinations in the last 12 months, some 65 per cent are "trusted advisers", having had their advice sought.

CORPORATES
ROY MORGAN RESEARCH LIMITED

Billson slams BCA ‘utter nonsense’

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 5-Aug-15

The Australian Government’s cabinet ministers have endorsed a proposal to add a so-called "effects test" to the Competition and Consumer Act. The reform was one of 56 recommendations made by the Harper review of competition laws, and is supported by the Australian Chamber of Commerce & Industry. However, the Business Council of Australia maintains that an effects test would adversely affect competition and make companies more vulnerable to litigation.

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, BUSINESS COUNCIL OF AUSTRALIA, THE AVALON, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF INDUSTRY AND SCIENCE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

Softly, softly IR push

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Original article by Ewin Hannan
The Australian Financial Review – Page: 1 & 8 : 5-Aug-15

Tourism Accommodation Australia chairman Martin Ferguson has urged the Federal Government to look at implementing the Productivity Commission’s proposed changes to penalty rates. The draft report recommends reducing Sunday penalty rates for workers in sectors such as hospitality and retailing to the level that applies for people who work on Saturdays. It also recommends allowing small and medium enterprises to offer new employees a statutory enterprise contract that does not have to be approved by the Fair Work Commission.

CORPORATES
TOURISM ACCOMMODATION AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF EMPLOYMENT, ACTU, AUSTRALIAN LABOR PARTY