Author: roymorgansocial

Cap rise in wages: small business

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Original article by Ewin Hannan
The Australian – Page: 2 : 3-Apr-24

The Council of Small Business Organisations Australia has used its submission to the Fair Work Commission’s annual wage review to call for the minimum wage increase to be restricted no more than three per cent. COSBOA has argued that the minimum wage and award rates should be increased in line with the Reserve Bank’s inflation target of 2-3 per cent. The group notes that labour costs represent at least 40 per cent of some small businesses’ overall operating costs, while the sector is also facing increased energy, rent, insurance and supply-chain costs.

CORPORATES
COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, AUSTRALIA. FAIR WORK COMMISSION

Unit values outpace houses in half of suburbs

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Original article by Nila Sweeney
The Australian Financial Review – Page: 32 : 3-Apr-24

Data from CoreLogic shows that growth in apartment prices outpaced detached homes in 633 out of 1,168 suburbs across Australia in the March quarter. This includes 77 per cent of Brisbane suburbs, 54 per cent of suburbs in Sydney and 50 per cent of Melbourne suburbs. Tim Lawless of CoreLogic says the outperformance of apartments could be sustained in the near- to medium-term, due to factors such as housing affordability and supply constraints. Buyer’s agent Amanda Gould says high interest rates are prompting some clients to opt for an apartment rather than a detached dwelling.

CORPORATES
CORELOGIC AUSTRALIA PTY LTD

Dutton’s perks for nuclear plan

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 3-Apr-24

The Coalition’s push to add nuclear energy to Australia’s energy mix has received a boost from a report released by the US Department of Energy. The report concluded that replacing coal-fired power stations with nuclear reactors can generate significant economic benefits to communities where the power stations are built. Shadow climate change and energy minister Ted O’Brien says the Coalition’s energy policy will include an incentive package for coal-fired power station workers to upgrade to higher-paying jobs at nuclear plants. The Coalition has already identified about six potential sites for nuclear reactors.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, UNITED STATES. DEPT OF ENERGY

Yes campaign groups received millions more in donations than No side for Voice referendum

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Original article by Paul Sakkal
The Age – Page: Online : 3-Apr-24

Data from the Australian Electoral Commission shows that the ‘Yes’ campaign for an Indigenous Voice to parliament received about five times more funding than the ‘No’ campaign. Australians for Indigenous Constitutional Recognition received a total of $47.4m in donations, while it spent $43.8m on advocating a ‘Yes’ vote in the referendum. The separate Yes23 group, Uluru Dialogues, received about $10m in funding for its campaign. Meanwhile, the ‘No’ campaign received about $13m in funding, led by Australians for Unity. The AEC figures also show that the Paul Ramsay Foundation was the biggest individual donor, contributing $7m to the ‘Yes’ campaign.

CORPORATES
AUSTRALIAN ELECTORAL COMMISSION, PAUL RAMSAY FOUNDATION

ALP leads on two-party preferred support on the back of high Greens primary vote: ALP 51% cf. L-NP 49%

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Original article by Roy Morgan
Market Research Update – Page: Online : 3-Apr-24

Support for the ALP was up 1% to 51% during the Easter week and ahead of the Coalition on 49% on a two-party preferred basis – although primary support for both major parties dropped. If a Federal Election were held now the result would be a hung parliament with the Albanese Government re-elected with the support of minor parties and independents, the latest Roy Morgan survey shows. Primary support for the Coalition was down 0.5% to 37.5% ahead of the ALP on only 30%, down 1.5% from a week ago. Importantly for Labor, support for the Greens increased 1.5% to 15.5% – the highest level of support for the Greens for over six months since mid-September 2023. This high level of Greens support is providing the preference flow to keep Labor ahead on the two-party preferred support. At the 2022 Federal Election the ALP and Greens scored a combined vote of 44.9% and now have combined support of 45.5% due to the increase in Greens support – 3.2% higher than in 2022. For the other parties, One Nation support dropped 1% to 3.5%. Support for Independents was up 1.5% to 9% and support for Other Parties was unchanged at 4.5%. The latest Roy Morgan survey is based on interviewing a representative cross-section of 1,677 Australian electors from March 25-31, 2024.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, ONE NATION PARTY

Are the central banks in the US, UK, Canada and elsewhere forced to rely on dodgy employment data?

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Original article by Gary Morgan, Executive Chairman of Roy Morgan, Michele Levine, CEO of Roy Morgan, Julian McCrann, Morgan Poll Manager
Market Research Update – Page: Online : 3-Apr-24

This week Claire Jones from the Financial Times (in the AFR) highlighted the unreliability of employment data being compiled by the US Bureau of Labor Statistics (BLS), the Office for National Statistics (ONS) in the UK and Statcan in Canada since the onset of the pandemic. The rapid levels of immigration to countries including the United States, United Kingdom and Canada, as well as the rapid changes to working conditions throughout the pandemic and in the years since, have created many issues with how government statisticians measure employment markets. In addition, respondents in these countries have become less likely to complete labour force surveys and response rates to calls from unknown phone numbers have plunged. All these factors are degrading the reliability of the official data. These same factors are impacting the official Australian Bureau of Statistics (ABS) jobs data relied upon by the Federal Government, Reserve Bank, and other Government institutions, to make important policy decisions. In Australia, where there’s been a rapid level of immigration, Roy Morgan data has consistently shown the ABS is significantly understating the real level of unemployment and under-employment in Australia – as is the case in overseas jurisdictions as well.

CORPORATES
ROY MORGAN LIMITED, UNITED STATES. BUREAU OF LABOR STATISTICS, GREAT BRITAIN. OFFICE FOR NATIONAL STATISTICS, CANADA. STATCAN, AUSTRALIAN BUREAU OF STATISTICS, RESERVE BANK OF AUSTRALIA

Banks ramp up plans for potential cash disruption

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Original article by James Eyers
The Australian Financial Review – Page: 17 : 3-Apr-24

Australia’s major banks and retailers are preparing contingency plans to ensure that cash deliveries will continue in the event that Armaguard collapses. The Australian Competition & Consumer Commission has authorised the banks and retailers to co-operate in maintaining the continuity of cash transit services amid ongoing concern about Armaguard’s viability. The banks have also warned that government intervention may be necessary if Armaguard collapses.

CORPORATES
ARMAGUARD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Whitehaven wraps up BHP mines deal

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Original article by Glen Norris
The Australian – Page: 16 : 3-Apr-24

Whitehaven Coal MD Paul Flynn says the company is committed to Australia’s coal sector "for the long haul", following the completion of its deal to acquire two coal mines in Queensland’s Bowen Basin. Whitehaven announced the $6.4bn deal to buy the Blackwater and Daunia coking mines in October, and Flynn says 95 per cent of their employees have agreed to stay on under the mines’ new ownership. Whitehaven has also advised that global steelmakers have expressed strong interest in the proposed sale of a 20 per cent stake in the Blackwater mine.

CORPORATES
WHITEHAVEN COAL LIMITED – ASX WHC

CBA chief in call for radical tax overhaul

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Original article by Paulina Duran
The Australian – Page: 19 : 27-Mar-24

Commonwealth Bank of Australia CEO Matt Comyn has called for a major revamp of the nation’s tax system as part of the federal government’s economic growth strategy. Amongst other things, Comyn has proposed the abolition of inefficient taxes such as stamp duties and payroll tax. He has also advocated streamlining the personal income tax regime and the existing tax brackets, including lifting the tax-free threshold to $20,000. Comyn adds that the GST could be increased from 10 per cent to 15 per cent to offset the loss of personal income tax revenue, while he has proposed banning cash payments of more than $500 in order to combat the black economy.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

5pc minimum wage rise would keep rates high

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 7 : 27-Mar-24

The Australian Chamber of Commerce & Industry wants the Fair Work Commission to limit the annual minimum wage rise to no more than two per cent. The employers’ group contends that inflation is expected to fall to three per cent, productivity is declining and the FWC has overcompensated for inflation in previous minimum wage decisions. The ACTU in turn is seeking an above-inflation minimum wage increase of five per cent, which ACCI CEO Andrew McKellar says would ensure that interest rates remain high. He adds that wage costs are still a problem for small and medium enterprises, and a large increase in the minimum wage would have an impact on hiring decisions.

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIA. FAIR WORK COMMISSION, ACTU