Author: roymorgansocial

Grounded: Bonza set to join long list of failed Australian airlines

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Original article by Elias Visontay
The Guardian Australia – Page: Online : 1-May-24

Hall Chadwick has been appointed as the voluntary administrator of budget airline Bonza, which has carried more than 750,000 passengers since it commenced operations in January 2023. Bonza’s fleet of Boeing 737 Max-8 aircraft was grounded on Monday after aircraft lessor AIP Capital moved to repossess them. While Bonza’s future is uncertain in a sector that is dominated by Qantas and Virgin Australia, it may join other failed airlines such as Ansett, Compass, Impulse and OzJet.

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BONZA, HALL CHADWICK AUSTRALIA PTY LTD

PM set to invest big in green hydrogen

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Original article by Sarah Ison, Rosie Lewis, Jess Malcolm
The Australian – Page: 1 & 5 : 1-May-24

The federal government’s budget on 14 May is expected to include a significant investment in ‘green’ hydrogen. This is tipped to exceed the $2bn that Labor committed to its Hydrogen Headstart program in 2023. Clean Energy Council CEO Kane Thornton notes that the government considered that investment to be a "down payment" on its support for Australia’s nascent hydrogen industry. There is speculation that the government will provide the hydrogen industry with direct subsidies; the options under consideration are said to include a tax credit model and a reverse auction process.

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CLEAN ENERGY COUNCIL LIMITED

National/ ACT/ NZ First (53%) lead over Labour/ Greens/ Maori (43%) – cut to 10% points in April

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Original article by Roy Morgan
Market Research Update – Page: Online : 1-May-24

Roy Morgan’s New Zealand Poll for April 2024 shows the new National-led Government (National, ACT & NZ First) with a majority of 53% (down 3% points from March) , with a large lead over the Labour-Greens-Maori Party Parliamentary Opposition on 43% (up 2.5% points). Support for National was down 1.5% to 36.5%, support for ACT decreased 0.5% points to 11% and support for NZ First was down 1% to 5.5%. Support for Labour was up 1.5% to 24.5% while support for the Greens was down 0.5% to 13% and support for the Maori Party was up 1.5% points to 5.5%. A further 4% (up 0.5% points) of electors supported a minor party outside Parliament. The survey results for April would lead to 66 seats (down two seats from the election) being won by the National/ ACT/ NZ First governing coalition, compared to only 54 seats (down one seat) for the Opposition. This latest New Zealand Roy Morgan Poll on voting intention was conducted by telephone – both landline and mobile – with a New Zealand-wide cross-section of 934 electors from March 25 to April 21. Meanwhile, the Roy Morgan Government Confidence Rating increased by 4.5pts to 85.5 in April.

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ROY MORGAN LIMITED, MORGAN POLL, NATIONAL PARTY OF NEW ZEALAND, ACT NEW ZEALAND, NEW ZEALAND FIRST PARTY, LABOUR PARTY (NEW ZEALAND), GREEN PARTY OF AOTEAROA NEW ZEALAND, THE MAORI PARTY

Coles to expand its private label offering

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Original article by Eli Greenblat
The Australian – Page: 13 & 19 : 1-May-24

Coles Group has reported that its total sales rose by 3.4 per cent to $10.03bn in the March quarter. Its supermarket division’s sales were up 5.1 per cent to $9.07bn, with sales of private label grocery products rising by 8.8 per cent to $3.1bn. In contrast, its liquor store division’s sales fell by 1.9 per cent to $786m. Coles CEO Leah Weckert says cost-of-living pressures weighed on liquor sales during the quarter, but also help boost sales of ‘home brand’ grocery products. Weckert adds that Coles is responding to the latter trend by expanding its range of private label products, including the more premium Coles Finest range.

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COLES GROUP LIMITED – ASX COL

ANZ-Roy Morgan Consumer Confidence increases 0.8 points to 81.1 in late April

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Original article by Roy Morgan
Market Research Update – Page: Online : 1-May-24

ANZ-Roy Morgan Consumer Confidence rose 0.8pts to 81.1 in the week to 28 April; however, the index has now spent a record 65 straight weeks below the mark of 85. Consumer Confidence is now only 1.3 points above the same week a year ago (79.8), and 1.6 points below the 2024 weekly average of 82.7. Consumer Confidence was up in Victoria, Western Australia and South Australia, but down slightly in New South Wales and Queensland. Now 19% of Australians (up 1ppt) say their families are ‘better off’ financially than this time last year, while 52% (up 1ppt) say their families are ‘worse off’. Looking forward, 31% (up 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, while 34% (down 1ppt) expect to be ‘worse off’. Now just 8% (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 33% (down 2ppts) expect ‘bad times’. Meanwhile, 21% (down 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 47% (unchanged) say now is a ‘bad time to buy’.

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

Labor’s plan to woo right investments

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 1-May-24

The federal government is set to overhaul the nation’s foreign investment rules, which will include fast-tracking applications from investors with a proven record of investing in Australia. The reforms will also result in closer scrutiny of proposed foreign investment deals that have national security implications, such as critical infrastructure and mineral resources. Treasurer Jim Chalmers will outline the proposed reforms in a Lowy Institute speech on Wednesday; he will also reveal more details of Labor’s flagship Future Made in Australia policy.

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AUSTRALIA. DEPT OF THE TREASURY

$13b surplus tipped but Labor needs credible plan

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Original article by Ronald Mizen
The Australian Financial Review – Page: 7 : 1-May-24

Deloitte Access Economics expects the federal government to post a budget surplus of $13.4bn for 2023-24. The government itself had forecast a full-year deficit of $1.1bn in its mid-year economic and fiscal outlook in December. Deloitte says the budget bottom-line will be boosted by $14.5bn in additional company tax receipts and a $5.6bn increase in personal income tax revenue due to the strong labour market. Deloitte partner Stephen Smith says that while Labor is on track for a second successive budget surplus, this is unlikely to be repeated in 2024-25 due to the goverment’s spending plans. Smith adds that the Future Made in Australia policy could further undermine the budget position.

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DELOITTE ACCESS ECONOMICS PTY LTD

CBA tips one rate cut this year as fears of a rise ease

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Original article by Cecile Lefort, Joshua Peach
The Australian Financial Review – Page: 25 : 1-May-24

Financial market traders have now priced in a 25 per cent chance that the Reserve Bank of Australia will increase the cash rate by September; this compares with a 47 per cent chance on Monday. Meanwhile, the Commonwealth Bank now expects the cash rate to be reduced by 25 basis points to 4.1 per cent in November, having previously forecast three interest rate cuts in 2024. It also anticipates four interest rate cuts in 2025. The revised interest rate outlook follows last week’s release of data showing that inflation grew by a higher than expected one per cent for the March quarter; however, it preceded the release of data showing a decline in retail sales in March.

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RESERVE BANK OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

BHP needs bid lift for Anglo deal

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Original article by Perry Williams
The Australian – Page: 17 : 1-May-24

Research house Bernstein says BHP’s takeover bid for Anglo American can secure the target’s support at the right price. BHP’s offer comprises 0.7097 of its shares for every share in Anglo American; this valued Anglo’s shares at Stg25.08 at the time the offer was made. Bernstein analysts suggest that BHP’s bid could succeed if its offer is increased to around Stg29 per share. Anglo American deemed BHP’s initial approach to be "opportunistic", and contended that it significantly undervalues the company’s assets. Anglo American has given BHP a deadline of 22 May to make a firm offer or walk away from the proposed deal.

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BHP GROUP LIMITED – ASX BHP, ANGLO AMERICAN PLC, BERNSTEIN RESEARCH

Brisbane on track to be second-most expensive city

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Original article by Mackenzie Scott
The Australian – Page: 3 : 1-May-24

Data from PropTrack shows that the median house price in Brisbane rose by nearly three per cent to $818,000 in the first four months of 2024. Brisbane now boasts Australia’s third-highest median house price, and Eleanor Creagh from PropTrack says the Queensland capital is likely to surpass Canberra if the current momentum in house price growth is sustained. Creagh notes that Brisbane has been one of the strongest housing markets since the onset of the COVID-19 pandemic. She says factors such as interstate migration and a limited supply of homes on the market have contributed to the price growth.

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PROPTRACK PTY LTD