Author: roymorgansocial

ALP support drops after Dunkley by-election: ALP 51.5% cf. L-NP 48.5%

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Original article by Roy Morgan
Market Research Update – Page: Online : 13-Mar-24

The latest Roy Morgan survey shows that support for the ALP has fallen 2% to 51.5%, but still ahead of the Coalition on 48.5% (up 2%) on a two-party preferred basis. If a Federal Election were held now the Albanese Government would likely be re-elected but forced into minority government with the support of minor parties and independents. There was a swing to the Coalition in all six States, with the biggest swings in Victoria after the state’s mid-year financial report showed that its debt has increased to more than $126 billion. Meanwhile, primary support for the Coalition has increased 1.5% to 38%, while support for the ALP was down 2% to 32%. Support for the Greens dropped 0.5% to 13%, One Nation support increased 0.5% to 4%, support for Independents was up 0.5% to 9% and support for Other Parties was unchanged at 4%. The latest Roy Morgan survey is based on interviewing a representative cross-section of 1,714 Australian electors from March 4-10. Further details will be released in Roy Morgan’s weekly video update presented by CEO Michele Levine.

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

ANZ-Roy Morgan Consumer Confidence up 1.2pts to 82.2

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Original article by Roy Morgan
Market Research Update – Page: Online : 13-Mar-24

ANZ-Roy Morgan Consumer Confidence rose 1.2 points to 82.2 in the week to 10 March. However, the index has now spent a record 58 straight weeks below the mark of 85. Consumer Confidence is 5.2 points above the same week a year ago (77.0), but 1 point below the 2024 weekly average of 83.2. Now 19% of Australians (unchanged) say their families are ‘better off’ financially than this time last year, while 53% (down 2ppts) say their families are ‘worse off’. Looking forward, 33% (unchanged) of Australians expect their family to be ‘better off’ financially this time next year, while 30% (down 4ppts) expect to be ‘worse off’. Now 11% (unchanged) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 31% (down 1ppt) expect ‘bad times’. Meanwhile, 20% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 49% (down 1ppt) say now is a ‘bad time to buy’.

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

China’s Shein set to smash $1b sales in challenge to locals

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Original article by Nick Bonyhady, Carrie LaFrenz
The Australian Financial Review – Page: 13 : 13-Mar-24

Jarden’s head of research Ben Gilbert says Wesfarmers will need to invest in its Kmart and Target brands in order to compete with new online rivals such as Shein and Temu. Gilbert forecasts that Temu, Shein and Amazon will achieve combined sales of more than $7bn in 2024. Meanwhile, corporate filings show that Shein’s Australian arm posted a gross profit of $26m in 2023, while revenue totalled $812m; Roy Morgan estimates that Shein is on track to post annual sales of $1bn. Shein was founded in China but is now based in Singapore, while it is planning a US sharemarket listing.

CORPORATES
SHEIN, TEMU, JARDEN AND COMPANY, ROY MORGAN LIMITED, WESFARMERS LIMITED – ASX WES, KMART AUSTRALIA LIMITED, TARGET AUSTRALIA PTY LTD, AMAZON.COM INCORPORATED

Wealthy would pay at least $20 a day more in aged care overhaul

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Original article by Natassia Chrysanthos
The Age – Page: Online : 13-Mar-24

Everyday living expenses in aged-care facilities are currently capped at $61 per day. However, it costs aged-care operators about $80 per day to provide these services. Aged-care consultant Grant Corderoy contends that self-funded retirees should pay this $19 gap; he argues that while the costs of aged-care nursing, medication and allied health are fully covered by taxpayers, wealthy residents of aged-care facilities should pay for their everyday living and accommodation costs. Corderoy was a member of the federal government’s aged-care taskforce.

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What it now costs to retire comfortably

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Original article by Anthony Keane
The Australian – Page: 19 : 13-Mar-24

Data from the Association of Superannuation Funds of Australia shows that couples now require $72,148 a year to live comfortably in retirement, while single people need $51,278. The cost of a comfortable retirement increased by 3.5 per cent in 2023, below the official inflation rate of 4.1 per cent. The rising cost of insurance, electricity and food contributed to the increase in ASFA’s retirement standard for the December quarter. CEO Mary Delahunty says the compulsory super guarantee’s increase to 12 per cent by mid-2025 will help more people to reach ASFA’s comfortable retirement standard level.

CORPORATES
THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED

Sweet spending spree on Easter treats as Australia’s population swells

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Original article by Roy Morgan
Market Research Update – Page: Online : 13-Mar-24

Despite cost-of-living pressures, Australian families will splash out on Easter treats this year, tipped to spend $2.05 billion on hot cross buns, easter eggs or other special food (up 23.5%); this is approximately $400 million more than in 2023. Research from the Australian Retailers Association (ARA), in collaboration with Roy Morgan, shows that 17.3 million Australians plan on buying Easter food and chocolate, up 1 million on a year ago. Despite the increased spend overall, most Australians plan on spending broadly the same amount as last year (63%), with almost a third planning to spend less (29%) and just 8% planning to spend more. Cementing Easter as a family occasion, the 18-34 age bracket will spend the most on treats at $800 million across the country, for an average spend of $136 per head. They are trailed by the 35-49 demographic, who will spend $560 million, or $122 per head. The ARA-Roy Morgan Snap SMS survey was conducted with an Australian-wide cross-section of 2,350 Australians aged 18+ from 23-28 February.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN RETAILERS ASSOCIATION

Frydenberg urges Labor to negotiate with Zuckerberg over media deal

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Original article by Jessica Yun
The Sydney Morning Herald – Page: Online : 13-Mar-24

Goldman Sachs Australia chairman and former federal treasurer Josh Frydenberg has weighed into the debate over Meta Platform’s decision to not renew content deals with news publishers. He says public interest journalism faces a "billion-dollar black hole" as a result of Meta’s decision. Frydenberg adds that the federal government needs to talk with the leaders of companies such as Meta. Frydenberg notes that he held direct negotiations with Meta CEO Mark Zuckerberg and Google Sundar Pichai when the initial deals via the news media bargaining code were secured in 2021.

CORPORATES
GOLDMAN SACHS AUSTRALIA PTY LTD, META PLATFORMS INCORPORATED, GOOGLE INCORPORATED

NSW slams GST pool as WA gets extra $6.2b

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Original article by Michael Read, Samantha Hutchinson, Tom Rabe, Gus McCubbing
The Australian Financial Review – Page: 3 : 13-Mar-24

Victoria will gain the most from the annual distribution of goods and services tax revenue. The Commonwealth Grants Commission has advised that the state will be allocated $23.7bn of GST revenue in 2024-25, an increase of $3.8bn. Meanwhile, Western Australia will continue to benefit from the GST ‘floor’ that the former Coalition government introduced in 2018; the state will receive an additional $6.2bn in 2024-25 that it not have been entitled to under the previous GST distribution arrangements. NSW Treasurer Daniel Mookhey has called for changes to the system for distributing GST revenue, after the state’s share was reduced to $26.1bn in 2024-25.

CORPORATES
AUSTRALIA. COMMONWEALTH GRANTS COMMISSION, NEW SOUTH WALES. THE TREASURY

WFH curbs for public servants

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Original article by Tom Burton
The Australian Financial Review – Page: 9 : 8-Mar-24

Employees of more than 70 federal government agencies have now endorsed a sector-wide enterprise agreement that removes all caps on the number of days they can work from home. However, Assistant Public Service Minister Patrick Gorman has emphasised that government employees will still require approval from their agency to work from home, and notes that some frontline public sector jobs simply cannot be done remotely. The new enterprise agreement also includes a pay rise of 11.2 per cent over three years and better parental leave entitlements.

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Elders is crowned Australia’s Most Trusted Agribusiness Brand

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Original article by Roy Morgan
Market Research Update – Page: Online : 8-Mar-24

Roy Morgan has announced Elders as Australia’s Most Trusted Agribusiness Brand. Other category winners in the inaugural Trusted Agribusiness Brand Awards include Zoetis, Bendigo Bank, Incitec Pivot, GrainCorp and Ridley. These brands have had an exceptional year by garnering high levels of trust, and exceedingly low or negligible levels of distrust. All eight of the winning brands have demonstrated their market-leading performance by emerging ahead of key competitors in their respective categories. Fifty brands were measured as part of the study involving surveys with over 1,000 Australian farmers. Elders has also been named the ‘Best of the Best’ Most Trusted Agribusiness Brand for 2023, which is awarded to the company with the highest net level of trust. Elders’ success can be attributed to five factors: strong customer relationships, good customer service, experienced and knowledgeable staff, long-standing presence, and reliable products and services.

CORPORATES
ROY MORGAN LIMITED, ELDERS LIMITED – ASX ELD, ZOETIS INCORPORATED, BENDIGO BANK, INCITEC PIVOT LIMITED – ASX IPL, GRAINCORP LIMITED – ASX GNC, RIDLEY CORPORATION LIMITED – ASX RIC