Author: roymorgansocial

Made in Australia ‘a bit risky’: former RBA boss

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Original article by Michael Read
The Australian Financial Review – Page: 5 : 16-Apr-24

The federal government’s proposed Future Made in Australia Act has come under fire from former Reserve Bank of Australia governor Bernie Fraser, who contends that it represents a risk to taxpayers. Fraser says governments do not have a good track record when it comes to ‘picking winners’ in terms of identifying successful industry sectors. AMP’s chief economist Shane Oliver has described the policy as "depressing".

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RESERVE BANK OF AUSTRALIA, AMP LIMITED – ASX AMP

Tigers Realm sells out of Russia

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Original article by Cameron England
The Australian – Page: 18 : 16-Apr-24

Tigers Realm Coal has advised that it will divest its sole operating assets and return the proceeds of the $US49m transaction to shareholders. Tigers Realm has agreed to sell its coking coal projects in Siberia and an associated coal export terminal to APM-Invest, a company that is owned by Russian businessman Mark Buzuk. Tigers Realm says its board was of the view that selling its assets is in the best interests of shareholders. The move follows the Federal Court’s recent ruling that Tigers Realm was in breach of sanctions imposed on Russia in response to the invasion of Ukraine.

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TIGERS REALM COAL LIMITED – ASX TIG, APM-INVEST, FEDERAL COURT OF AUSTRALIA

Agreement nears on doubling leave

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 16-Apr-24

The Fair Work Commission is considering a proposal that would insert the right into industry awards for greater flexibility in terms of paid time off, with the possibility that staff could double their leave by taking half of it at half pay. Unions and employer groups are understood to be in agreeance that the right to request leave at half pay should lie with the employee rather than the employer, but Australian Industry Group CEO Innes Willox says it is essential that such arrangements are by agreement, given that employers may find it hard to accommodate longer staff absences.

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AUSTRALIA. FAIR WORK COMMISSION, THE AUSTRALIAN INDUSTRY GROUP

Swing to Coalition continues as two-party preferred lead over ALP increases: L-NP 51% cf. ALP 49%

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Original article by Roy Morgan
Market Research Update – Page: Online : 16-Apr-24

Support for the Coalition has increased by 0.5% to 51% to edge further ahead of the ALP on 49% on a two-party preferred basis, according to the latest Roy Morgan survey. 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. Primary support for both major parties increased marginally this week, with the Coalition up 0.5% to 38.5% and the ALP up 0.5% to 30%. Support for the Greens was unchanged at 13.5% while One Nation was down 0.5% to 5.5% – both these minor parties are above their result at the last Federal Election. Support for Independents was down 1.5% to 7.5%, while support for Other Parties increased 1% to 5%. The latest Roy Morgan survey is based on interviewing a representative cross-section of 1,706 Australian electors from April 8-14. Most of the interviews were conducted before Foreign Minister Penny Wong suggested that Australia could recognise a Palestinian State, and before the tragedy at Westfield Bondi Junction on the weekend where six people were stabbed to death and more hospitalised.

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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

Police head north to find motive for Bondi Junction massacre

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Original article by Sam McKeith, Jack Gramenz
The New Daily – Page: Online : 16-Apr-24

NSW Premier Chris Minns has advised that the state government will hold a special coronial inquiry into Joel Cauchi’s knife attack at Westfield Bondi Junction. The government will allocate up to $18m in extra funding for the inquiry, which amongst other things will examine the police response to the attack. Meanwhile, NSW police will travel to Queensland to talk to Cauchi’s family and friends as they seek to determine his motive for the attack. Minns says the motive might never be known, although he notes that Cauchi seems to have targeted women. Cauchi killed five women and one man, while eight of the 12 people who suffered stab wounds are still in hospital.

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NEW SOUTH WALES. DEPT OF PREMIER AND CABINET

Superannuation funds eye double-digit returns

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Original article by Cliona O’Dowd
The Australian – Page: 24 : 16-Apr-24

Data from SuperRatings shows that the median balanced superannuation posted a return of 1.9 per cent in March and 8.8 per cent in the first nine months of 2023-24. Meanwhile, the median growth fund has delivered a return of 10.5 per cent so in the financial year. SuperRatings’ executive director Kirby Rappell says fund balances have continued to grow, despite uncertainty regarding the inflation outlook in Australia and overseas. The strong performance of international sharemarkets has contributed to super funds’ returns, with Wall Street outperforming the Australian bourse in 2023-24.

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SUPERRATINGS PTY LTD

Israel warned to hold its fire

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Original article by Danny Kemp
The Australian – Page: 11 : 16-Apr-24

The US has told Israel it will not be part of any response against Iran, following the Iranian attack on Saturday that saw over 300 drones and missiles fired towards ­Israel, while UN secretary-­general, Antonio Guterres has told the UN Security Council that "now is the time to defuse and de-escalate". Israel’s UN envoy, Gilad Erdad, has urged the council to impose all possible sanctions on Iran, while Iran has stated the attack was in response to an airstrike on its consulate in the Syrian capital of Damascus on 1 April that left seven Iranian Revolutionary Guards dead and which was widely blamed on Israel.

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UNITED NATIONS

Gaza protests: business braces for more pain

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Original article by Patrick Durkin
The Australian Financial Review – Page: 3 : 16-Apr-24

Pro-Palestine protestors sought to block "the arteries of capitalism" in a number of Australian cities on Monday, with ports, train stations and CBDs among their targets. Victorian police stated that 14 protestors were arrested in Melbourne, including 12 near the Boeing factory in Port Melbourne, where a road was blocked. Another two were arrested for tampering with traffic lights in Carlton, with Victorian Chamber of Commerce & Industry CEO Paul Guerra saying blocking roads and interfering with traffic lights is "dangerous, insensitive and disrespectful". Victorian’s Opposition leader John Pesutto says people have a right to protest, but in a peaceful way, and that the protestors on Monday were giving democracy a bad name.

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VICTORIAN CHAMBER OF COMMERCE AND INDUSTRY, LIBERAL PARTY OF VICTORIA

Two of world’s biggest mining companies join forces to make unprecedented change in steel production: We must find better ways

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Original article by Jeremiah Budin
The Cool Down – Page: Online : 16-Apr-24

Iron ore rivals BHP and Rio Tinto are collaborating on the development of an electric smelting furnace in Australia. They contend that the technology could reduce the carbon dioxide pollution intensity of steel-making by 80 per cent compared with standard blast furnaces. Steel is one of the world’s most widely-used construction materials, but current production methods generate massive amounts of greenhouse gases. The International Energy Agency has warned that the steel industry is currently not on track to meet the net-zero emissions target of 2050.

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BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, INTERNATIONAL ENERGY AGENCY

Reserve Bank could end up cutting rates before the Fed

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Original article by Cecile Lefort
The Australian Financial Review – Page: 28 : 16-Apr-24

The US Federal Reserve has traditionally been the first central bank to cut interest rates when a monetary policy easing cycle begins. However, other countries have experienced a sharper slowdown in economic growth and inflation than the US; this has heightened expectations that the Federal Reserve will leave the cash rate on hold for longer than forecast. Some economists now expect the Fed to delay a rate cut until December, while there has also been speculation about another rate rise. Meanwhile, AMP says the Reserve Bank of Australia could potentially reduce official interest rates in June.

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UNITED STATES. FEDERAL RESERVE BOARD, RESERVE BANK OF AUSTRALIA, AMP LIMITED – ASX AMP