Author: roymorgansocial

Taxes eating up to 45pc of income: study

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Original article by Michael Read
The Australian Financial Review – Page: 6 : 4-Apr-24

The Centre for Independent Studies has forecast that federal, state and local government tax revenue will rise to 30 per cent of GDP in 2023-24; this would be the highest level since the 2000-01 financial year. CIS senior fellow Robert Carling also estimates that taxes now account for 35-45 per cent of household gross income; he adds that although there are at least 125 different taxes in Australia, just 10 of them account for 90 per cent of government revenue. He notes that the benefits of the stage-three personal income tax cuts will be gradually eroded by bracket creep.

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THE CENTRE FOR INDEPENDENT STUDIES LIMITED

Staff shared around in first multi-employer deal

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 4-Apr-24

The Australian Manufacturing Workers’ Union has struck the first multi-employer agreement in the private sector since the federal government’s industrial relations reforms were enacted. The in-principle deal with air-conditioning manufacturers is also said to be the first enterprise agreement that allows employers to use a shared labour pool during peak periods. This will require an employer to offer extra work to the permanent staff of other companies that have signed the new agreement. However, Australian Industry Group CEO Innes Willox has expressed concern about such workplace arrangements.

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AUSTRALIAN MANUFACTURING WORKERS’ UNION, THE AUSTRALIAN INDUSTRY GROUP

Rio Tinto takes over uranium mine clean-up amid spiralling costs

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Original article by Nick Toscano
The Age – Page: Online : 4-Apr-24

Energy Resources of Australia had initially estimated that rehabilitation work at its defunct Ranger uranium mine in the Northern Territory would cost $500m and be completed by 2026. ERA subsequently advised in September 2023 that cleaning up the site will cost at least $2.2bn and is unlikely to be finished before 2028. Rio Tinto has announced that it has reached agreement with ERA to take over management of the rehabilitation program; the mining giant has an 86.3 per cent stake in ERA.

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ENERGY RESOURCES OF AUSTRALIA LIMITED – ASX ERA, RIO TINTO LIMITED – ASX RIO

ANZ-Roy Morgan Consumer Confidence virtually unchanged at 82.8 as Australians enjoy Easter holiday weekend

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Original article by Roy Morgan
Market Research Update – Page: Online : 4-Apr-24

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 82.8 in the week to 31 March. However, the index has now spent a record 61 straight weeks below the mark of 85. Consumer Confidence is now 4.6 points above the same week a year ago (78.2), and virtually identical to the 2024 weekly average of 83.0. Consumer Confidence was down in New South Wales, up in Victoria, Queensland and South Australia and virtually unchanged in Western Australia. Now 20% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 52% (unchanged) say their families are ‘worse off’. Looking forward, 34% (unchanged) of Australians expect their family to be ‘better off’ financially this time next year, while 33% (up 2ppts) expect to be ‘worse off’. Now 11% (up 1ppt) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 31% (down 1ppt) expect ‘bad times’. Meanwhile, 22% (up 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 51% (up 1ppt) say now is a ‘bad time to buy’.

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

AUKUS subs construction delayed by years: US navy

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Original article by Adam Creighton
The Australian – Page: Online : 4-Apr-24

The federal government’s deal to acquire US nuclear-powered submarines via the AUKUS alliance is under renewed scrutiny following revelations that the construction of Virginia-class vessels is 2-3 years behind schedule. An internal investigation by the US Navy has found that work on building every class of vessel is behind schedule at present, while deputy Secretary of State Kurt Campbell notes that the submarines program is continuing to be affected by supply-chain disruptions arising from the pandemic. Campbell has also downplayed concerns about the future of the AUKUS alliance if Donald Trump wins the presidential election.

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UNITED STATES NAVY

‘Significant market concentration’: Australian farming lobby calls for poultry industry code of conduct

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Original article by Aston Brown
The Guardian Australia – Page: Online : 4-Apr-24

Australia’s poultry industry is the latest sector to come under scrutiny over concerns regarding alleged abuse of market power. The National Farmers’ Federation contends that a mandatory code of conduct is needed for chicken processors, given that they have enormous bargaining power in negotiations with chicken farmers. The chicken processing industry is dominated by Inghams Enterprises and Baiada Poultry, which supply about 70 per cent of the nation’s poultry meat. The NFF’s report notes amongst other things that lack of competition and unfair contract terms are issues of concern for poultry producers.

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NATIONAL FARMERS’ FEDERATION LIMITED, INGHAMS ENTERPRISES, INGHAMS GROUP LIMITED – ASX ING, BAIADA POULTRY PTY LTD

PM’s fury at Israel raises Jewish fears

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Original article by Ben Packham
The Australian – Page: 1 & 5 : 4-Apr-24

Prime Minister Anthony Albanese says the Israeli airstrike that killed Australian aid worker Zomi Frankcom and six of her colleagues was "completely unacceptable". Albanese discussed the botched airstrike with his Israeli counterpart Benjamin Netanyahu on Wednesday, stating that he told Netanyahu that Australians are outraged by the tragedy; he also demanded full accountability for the incident, in which three humanitarian aid vehicles in Gaza were targeted by Israeli drones. Foreign Minister Penny Wong has reiterated the federal government’s call for a ceasefire in Gaza and a two-state solution; however, Jewish community leaders in Australia are concerned that a ceasefire would leave Hamas in control of Gaza.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

Big mining dividends to drop on price slump

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Original article by Alex Gluyas
The Australian Financial Review – Page: 27 : 4-Apr-24

The 2023-24 interim dividends of iron ore majors Rio Tinto, BHP and Fortescue exceeded expectations. However, the price of the steel input has shed more than 20 per cent so far in 2024, and Morgan Stanley has warned that payouts from the big miners are likely to fall. The firm notes that BHP’s dividend payout is most at risk, citing factors such as the resources group’s debt position and the potential costs arising from legal action over the Samarco dam disaster in Brazil. Morgan Stanley says Rio Tinto is its top pick in the iron ore sector, while it has an ‘equal weight’ rating on BHP and an ‘underweight’ rating on Fortescue.

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RIO TINTO LIMITED – ASX RIO, BHP GROUP LIMITED – ASX BHP, FORTESCUE LIMITED – ASX FMG, MORGAN STANLEY AUSTRALIA LIMITED

PM signals budget help for families, small business

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Original article by James Massola
The Sydney Morning Herald – Page: Online : 4-Apr-24

Prime Minister Anthony Albanese will use a speech on Thursday to state that small businesses and families will be ‘front and centre’ again in the federal government’s budget on 14 May. He will note that assisting families and small businesses with their energy bills was a key priority of the 2023 budget. Albanese’s comments in his Council of Small Business Organisations of Australia speech will heighten expectations that the government is set to extend its Energy Bill Relief fund, which is slated to end on 30 June. He will also emphasise the importance of small businesses to Australia’s future prosperity, noting that they are job creators, innovators and early adopters of technology such as clean energy.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED

Bosses should give union delegates iPads: CFMEU

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 9 : 3-Apr-24

The CFMEU’s construction division has urged the Fair Work Commission to increase the minimum rights of union delegates in the building industry award. The CFMEU has used its FWC submission to call for all union delegates on construction sites to be given access to employer-funded office facilities, including a telephone, a table and chairs, and an iPad with internet access. The CFMEU’s national secretary Zach Smith contends that union delegates would use iPads to undertake compliance and safety checks on construction sites. The proposal has been criticised by employers’ groups.

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CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, AUSTRALIA. FAIR WORK COMMISSION