Unions want right to approach non-members at work in bid to bolster numbers

Original article by Angus Thompson
The Sydney Morning Herald – Page: Online : 6-Mar-24

The first tranche of the federal government’s Closing Loopholes legislation included the right for unions to appoint delegates in workplaces, and for that delegate to act on behalf of employees who are eligible to join the union. The ACTU wants the Fair Work Commission to insert a clause in all industry awards that includes a right for delegates to communicate with workers about joining the union. Jessica Tinsley from the Australian Chamber of Commerce & Industry says the legislation restricts delegates to engaging in "reasonable communication" with employees about their industrial interests; she contends that this should not apply to communications that are solely about joining the union.

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

Labor’s housing plan panned as a trivial side issue

Original article by Tom McIlroy
The Australian Financial Review – Page: 8 : 6-Mar-24

The Centre for Independent Studies’ chief economist Peter Tulip appeared before a Senate committee on Tuesday. He expressed support for the federal government’s target of building 1.2 million homes in five years. However, Tulip contended that the government’s Help to Buy shared equity scheme is a "trivial distraction" from real solutions to address the housing affordability crisis; he warned that the scheme will only benefit 40,000 home buyers, while increasing house prices and rents for all Australians. The Coalition opposes the scheme, while the Greens are demanding a number of concessions to gain their support.

CORPORATES
THE CENTRE FOR INDEPENDENT STUDIES LIMITED, AUSTRALIAN GREENS

Ex-PwC chief wants tax leak report released

Original article by Edmund Tadros
The Australian Financial Review – Page: 3 : 6-Mar-24

Law firm Linklaters’ report on the tax leaks scandal at PwC Australia was released in 2023, but the professional services firm’s global parent has refused to provide a copy of the report to Australian authorities. PwC International has to date only published a one-page statement which summarises the findings of the report. Kristin Stubbins, who became acting CEO of PwC Australia in the wake of the scandal, appeared before a parliamentary inquiry on Tuesday. Stubbins said she had expected a "more comprehensive release" of the report.

CORPORATES
PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, PRICEWATERHOUSECOOPERS

ANZ-Roy Morgan Consumer Confidence down 2.2pts to 81.0 in early March – lowest since early December 2023

Original article by Roy Morgan
Market Research Update – Page: Online : 6-Mar-24

ANZ-Roy Morgan Consumer Confidence fell 2.2pts to 81.0 in the week to 3 March, the lowest the indicator has been all year; it has now spent a record 57 straight weeks below the mark of 85. Consumer Confidence is now 1.1 points above the same week a year ago (79.9), but 2.3 points below the 2024 weekly average of 83.3. Consumer Confidence was virtually unchanged in the largest states of New South Wales, Victoria and Queensland, and down in WA and SA. Now 19% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 55% (up 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 34% (up 2ppts) expect to be ‘worse off’. Now 11% (up 1ppt) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 32% (up 3ppts) expect ‘bad times’. Meanwhile, 21% (up 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 50% (up 2ppts) say now is a ‘bad time to buy’.

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

Singapore backs AUKUS subs

Original article by Andrew Tillett, Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 6-Mar-24

Prime Minister Anthony Albanese will use a speech on Wednesday to emphasise that Australia’s destiny lies in the Asia-Pacific region. He will also tell ASEAN leaders that Australia is committed to working with them to ensure that the principles of sovereignty, territorial integrity, equality and independence are upheld. Albanese held meetings with the leaders of Thailand, Singapore, Indonesia and Timor Leste on the sidelines of the ASEAN summit in Melbourne on Tuesday. Singapore’s Prime Minister Lee Hsien Loong told Albanese that Australia’s future fleet of nuclear-powered submarines will be welcome to visit the Changi naval base. He also urged China to drop its remaining trade sanctions against Australia.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ASSOCIATION OF SOUTH-EAST ASIAN NATIONS, SINGAPORE. PRIME MINISTER’S OFFICE

Imports fall as households cut back

Original article by Michael Read
The Australian Financial Review – Page: 3 : 6-Mar-24

Data from the Australian Bureau of Statistics shows that the nation’s current account surplus rose to $11.8bn in the December quarter, compared with just $1.3bn in the three months to September. Import volumes fell by 2.8 per cent in seasonally adjusted terms in the December quarter, with import volumes of consumer goods down 5.4 per cent. Export volumes were down 0.4 per cent, although higher iron ore and coal prices boosted overall export prices by 3.1 per cent. Meanwhile, economists expect the national accounts data to be released on Wednesday will show that GDP growth was 0.2 per cent in the December quarter.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS

Facebook ‘damaging communities’: News Corp CEO

Original article by James Madden
The Australian – Page: 2 : 6-Mar-24

News Corporation’s CEO Robert Thomson has criticised Meta Platforms for opting against renewing its revenue-sharing deals with Australian news publishers. Thomson has told a media and telecom conference in San Francisco that Meta’s decision shows a blatant disregard for the Australian community, especially as Meta is a company that talks about ‘community’. Thomson has also questioned Meta’s claim that news comprises less than three per cent of the content people see on their Facebook feed; he contends that while there is core news, 100 per cent of the contemporary factual information on Facebook is news, and this is what Meta should be focusing on.

CORPORATES
NEWS CORPORATION – ASX NWS, META PLATFORMS INCORPORATED, FACEBOOK

ACCC cedes on Suncorp takeover

Original article by Lucas Baird, James Eyers, Liam Walsh
The Australian Financial Review – Page: 17 : 6-Mar-24

The Australian Competition Tribunal has published its full reasons for approving the ANZ Bank’s $4.9bn deal to acquire the banking arm of Suncorp Group. It concluded amongst other things that it will not result in any substantive change in the structure of the market and is unlikely to lead to increased ‘coordination’ between the nation’s four major banks. The Australian Competition & Consumer Commission has advised that it will not appeal against the tribunal’s ruling. The federal government must also approve the deal on national interest grounds.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, SUNCORP BANK, SUNCORP GROUP LIMITED – ASX SUN, AUSTRALIA. COMPETITION TRIBUNAL, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Risk to GDP growth as firms destock

Original article by Michael Read
The Australian Financial Review – Page: 3 : 5-Mar-24

The Australian Bureau of Statistics has reported that inventories fell by 1.7 per cent in the December quarter as private sector companies destocked, in part due to weaker demand. The surprise fall in inventories has increased speculation that GDP figures for the December quarter, which are to be released on Wednesday, will show a contraction, which would be the first since the September 2021 quarter. Asked about the prospect of GDP growth having been negative in the December quarter, Treasurer Jim Chalmers noted that Britain and Japan had recently fallen into a technical recession.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIA. DEPT OF THE TREASURY

Keep cost-of-living focus: MPs, unions

Original article by Sarah Ison
The Australian – Page: 5 : 5-Mar-24

The federal government’s budget in May will include further measures aimed at relieving cost-of-living pressures for households. Some Labor MPs have argued that the cost of living should be the government’s top priority until the next election; they include Queensland MP Graham Perrett, who warns that other issues could become a distraction in the lead-up to the poll. Electrical Trades Union secretary Michael Wright in turn contends that the energy transition is the key issue, arguing that it will result in the single biggest cost of living decrease "in human history".

CORPORATES
AUSTRALIAN LABOR PARTY, ELECTRICAL TRADES UNION