Author: roymorgansocial

Labor using population surge for jobs spin

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Original article by Geoff Chambers
The Australian – Page: 2 : 10-Apr-24

The federal government recently claimed that it has created about 790,000 new jobs since it won the May 2022 election. This is an average of 1,220 jobs per day, which Labor says is the highest of any government. However, shadow treasurer Angus Taylor contends that the growth in jobs merely reflects the fact that Australia’s adult population has increased by more than one million people since Labor took office, which is equivalent to an average of 1,369 per day. He adds that immigration is the only thing keeping the economy going at present. Taylor also notes that nearly one million people are now working a ­second or third job due to the cost-of-living crisis.

CORPORATES
AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

CSIRO survey finds most Australians want moderately paced energy transition and are unwilling to pay more

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Original article by Daniel Mercer
abc.net.au – Page: Online : 10-Apr-24

Australians are generally supportive of the nation’s transition from fossil fuels to renewable energy, according to a survey undertaken by the CSIRO. Nearly 50 per cent of the 6,700 respondents favour a ‘moderately paced’ transition to clean energy, while 40 per cent believe that the transition should be faster and more extensive. The survey also found that nearly 60 per cent of respondents are not prepared to risk more power blackouts as part of the clean energy transition, while 64 per cent of said they ‘disagree’ or ‘strongly disagree’ with paying more for electricity. The survey was carried out in August and September 2023.

CORPORATES
CSIRO

NDIS cost shifting criminal: Shorten

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Original article by Christine Middap, Ellie Dudley, Stephen Lunn
The Australian – Page: 1 & 6 : 10-Apr-24

The federal government has flagged a crackdown on the use of the National Disability Insurance Scheme by convicted criminals. NDIS Minister Bill Shorten has responded to revelations that one of the nation’s worst serial sex offenders will receive an NDIS support package when he is released from prison. Shorten says the government does not believe that it is appropriate for this person to receive NDIS funding. He adds that state governments should not use the NDIS as a ‘dumping ground’ to fund support for violent criminals, contending that providing them with such services is the responsibility of state justice and corrections departments.

CORPORATES
AUSTRALIA. DEPT OF SOCIAL SERVICES

Labor turns screw on mergers

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Original article by Ronald Mizen
The Australian Financial Review – Page: 1 & 6 : 10-Apr-24

The federal government will give the Australian Competition & Consumer Commission new powers to block merger deals in reforms to be announced by Treasurer Jim Chalmers today. He contends that the existing competition laws do not adequately address ‘serial acquisitions’ by large companies and acquisitions that entrench the power of market leaders. The reforms will not be as extensive as ACCC chair Gina Cass-Gottlieb wanted. She has pushed for merger partners to be required to satisfy the ACCC that the deal is unlikely to substantially lessen competition. However, the ACCC will have to be reasonably satisfied that a merger is likely to substantially lessen competition in order to block a deal.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF THE TREASURY

ANZ-Roy Morgan Consumer Confidence drops 0.9 points to 81.9 as Australians less confident about personal finances

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Original article by Roy Morgan
Market Research Update – Page: Online : 10-Apr-24

ANZ-Roy Morgan Consumer Confidence fell 0.9pts to 81.9 in the week to 7 April; the index has now spent a record 62 straight weeks below the mark of 85. However, Consumer Confidence is 2.6 points above the same week a year ago (79.3), and just 1 point below the 2024 weekly average of 82.9. Consumer Confidence was down in Victoria, but up in New South Wales, Queensland, South Australia and Western Australia. Now 19% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 53% (up 1ppt) say their families are ‘worse off’. Looking forward, 31% (down 3ppts) of Australians expect their family to be ‘better off’ financially this time next year, while 33% (unchanged) expect to be ‘worse off’. Now 10% (down 1ppt) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 31% (unchanged) expect ‘bad times’. Meanwhile, 21% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 47% (down 4ppts) say now is a ‘bad time to buy’.

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

Lynas’ near M&A target finds backer in Hancock

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Original article by Jemima Whyte
The Australian Financial Review – Page: 12 : 10-Apr-24

US-based rare earths producer MP Materials has disclosed that its shareholders include Hancock Prospecting. The Gina Rinehart-controlled company’s 5.3 per cent stake in MP Materials is worth about $US150m, based on the company’s current share price. Hancock’s stake was disclosed after MP Materials undertook a share buyback. Hancock also holds stakes in Australian-listed companies Brazilian Rare Earths and Arafura Rare Earths. MP Materials recently held merger talks with Lynas Rare Earths, although a deal did not eventuate.

CORPORATES
MP MATERIALS CORPORATION, HANCOCK PROSPECTING PTY LTD, LYNAS RARE EARTHS LIMITED – ASX LYC, BRAZILIAN RARE EARTHS LIMITED – ASX BRE, ARAFURA RARE EARTHS LIMITED – ASX ARU

Retail insolvencies rise as cost-of-living pressures slash consumer spending

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Original article by Kate Ainsworth, Emilia Terzon
abc.net.au – Page: Online : 10-Apr-24

Data from the Australian Securities & Investments Commission shows that 502 businesses in the retail sector have gone into administration so far in 2023-24, compared with just 193 during the same period in 2021-22. Factors such as the cost-of-living crisis and high mortgage interest rates are weighing on consumer spending, with smaller retailers in particular bearing the brunt. National Retail Association CEO Rob Godwin expects more businesses in the sector to collapse in the final months of the financial year. He says the federal government’s budget in May should provide financial assistance for retailers, particularly small and medium-sized businesses.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, NATIONAL RETAIL ASSOCIATION LIMITED

Wong suggests Australian government considering recognising Palestinian statehood

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Original article by Stephen Dziedzic
abc.net.au – Page: Online : 10-Apr-24

Australia’s Jewish community has expressed concern over comments made by Foreign Minister Penny Wong which suggested that the federal government may be open to recognising a Palestinian state. Wong has used a speech at a National Security College conference to contend that international recognition of Palestinian statehood could provide a pathway to a two-state solution to the Israeli-Palestinian conflict. Wong also argued that recognition of Palestinian statehood would help to undermine the Hamas terrorist organisation. Zionist Federation of Australia president Jeremy Leibler says Hamas must be removed from power in Gaza before there can be any consideration of statehood; he adds that there must be a new generation of Palestinian leaders who recognise Israel’s right to exist.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, ZIONIST FEDERATION OF AUSTRALIA

Over 4.3 million Australians plan to buy a new vehicle in the next four years – with hybrid vehicles up significantly

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Original article by Roy Morgan
Market Research Update – Page: Online : 10-Apr-24

New data from Roy Morgan shows that 4.3 million Australians plan to buy a new vehicle in the next four years. Petrol vehicles are the most popular, with 1,689,000 Australians (39% of new car intenders) planning to purchase one, although this is down 81,000 from a year ago. However, the preference for purchasing a hybrid or fully electric vehicle (1,880,000, up 191,000) in the next four years has overtaken that of petrol cars for the first time. The biggest mover in the past year has been the rising intention to purchase a hybrid (petrol and electric) vehicle, up 154,000 to 1,273,000 (30% of new car intenders) and easily the second most popular type of vehicle on people’s purchasing radar. Meanwhile, some 607,000 Australians intend to purchase a fully electric vehicle in the next four years, up 37,000 from a year ago. In contrast, only 498,000 Australians intend to purchase a diesel vehicle in the next four years, down 130,000 in a year; now only 12% of ‘new car intenders’ plan to buy a diesel vehicle. These are the latest findings from the Roy Morgan Single Source survey, derived from in-depth interviews with over 1,000 Australians each week and well over 60,000 each year.

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ROY MORGAN LIMITED

CBA skimps on interest, makes an extra $1.7b

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Original article by James Eyers
The Australian Financial Review – Page: 12 : 10-Apr-24

The Commonwealth Bank of Australia disclosed in its half-year financial results that it held $825bn worth of deposits in December, including $284bn in savings accounts. Victor German from Macquarie believes that unlike rival banks, a higher proportion of CBA customers use higher-margin online saving accounts rather than bonus saver accounts. Online accounts initially pay a higher interest rate, but the ongoing base rate is typically much lower than the rates offered with bonus saver accounts. German contends that this allows CBA to pay out relatively less interest to customers, which boosts its net interest margin and adds about $1.7bn to its annual profit.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MACQUARIE GROUP LIMITED – ASX MQG