Author: roymorgansocial

Teal demand 75pc emissions target by 2035

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Original article by Rosie Lewis
The Australian – Page: 4 : 17-Jan-24

Teal MPs in Sydney, Melbourne and Perth are pushing for a much more ambitious 2030 emissions reduction target than the federal government’s legislated policy of 43 per cent. Some of them want this target to be reset to around 50 to 60 per cent. The independent MPs contend that people in their electorate want "real "climate action" rather than "another decade of delay". Kylea Tink, Allegra Spender and Kate Chaney are among the teals who advocate stricter emission controls beyond the 2030 target, proposing a 2035 target of around 75 per cent. The government aims to set a 2035 target by February 2024.

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Don’t politicise Kwinana closure: Alcoa

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Original article by Tom Rabe
The Australian Financial Review – Page: 8 : 17-Jan-24

Alcoa’s executive vice president Matt Reed has responded to criticism of the US-based company’s recent decision to close its Kwinana alumina refinery in Western Australia. Reed has cautioned against ‘politicising’ the decision, which will result in the loss of at least 750 jobs; he contends that federal and state government policies were not to blame for the plant’s closure, arguing that the decision was made due to "commercial realities". The cost of producing alumina at the 60-year-old Kwinana plant was about $410 per tonne in 2023, compared with around $250 per tonne at Alcoa’s two other refineries in WA.

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ALCOA INCORPORATED

‘We don’t accept’ genocide case: Wong

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Original article by Yvonne Ball, Jess Malcolm
The Australian – Page: 5 : 17-Jan-24

Foreign Minister Penny Wong says the federal government respects the independence of the International Court of Justice and its role in upholding international law. However, she has emphasised that this does mean that Australia accepts the premise of South Africa’s case of genocide against Israel in the ICJ. Wong also notes that Australia is not currently a party to the genocide claim, and that the ICJ has not yet sought international submissions on the case. Wong held talks with Jordan’s Foreign Minister Ayman Safadi in Amman on Tuesday, which will be followed by two days of talks in Israel. She will meet survivors of the 7 October Hamas terrorist attacks, although she will not visit the sites where the attacks occurred.

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AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, INTERNATIONAL COURT OF JUSTICE

Economists warn of unintended fallout from RBA overhaul

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Original article by Cecile Lefort
The Australian Financial Review – Page: 21 : 17-Jan-24

Economists polled by The Australian Financial Review have expressed some reservations with regard to how the Reserve Bank will communicate monetary policy decisions under its new structure. The RBA’s mew Monetary Policy Board will be responsible for setting interest rates; it will publish details of how the board voted on rate decisions, but not the voting records of each board member. Economists contend amongst other things that not diclosing these votes could potentially give rise to speculation of dissension amongst board members when this does not exist.

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RESERVE BANK OF AUSTRALIA

ANZ-Roy Morgan Consumer Confidence virtually unchanged at 84.4 in second week of 2024

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Original article by Roy Morgan
Market Research Update – Page: Online : 17-Jan-24

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 84.4 in the week to 14 January, and it has now spent a record 50 straight weeks below the mark of 85. Consumer Confidence is 3.3pts below the same week a year ago (87.7), but 6.4 points above the 2023 weekly average of 78.0. Consumer Confidence was down in NSW, Victoria and Queensland, but up in Western Australia and South Australia. Now 21% of Australians (up 2ppts) 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 (the equal highest figure for this indicator since late January 2023), while 31% (down 1ppt) expect to be ‘worse off’ (the lowest figure for this indicator since late January 2023). Only 11% (unchanged) of Australians now expect ‘good times’ for the Australian economy over the next 12 months (the equal highest figure for this indicator since April 2022), while 31% (down 1ppt) expect ‘bad times’ (the lowest figure for this indicator since late January 2023). Meanwhile, 24% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 47% (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

Asylum centre funding behind Nauru ambush

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Original article by Andrew Tillett, Michael Smith
The Australian Financial Review – Page: 5 : 17-Jan-24

The Minister for the Pacific, Pat Conroy, has advised that the federal government was given advance notice by Nauru that it intended to switch diplomatic recognition from Taiwan to China. Conroy says Nauru did not ask the government for additional funds to prevent the diplomatic switch. Meanwhile, a Taiwan media report has claimed that the move was at least partly due to Taiwan’s decision to reject Nauru’s request for an extra $125m to address the financial shortfall caused by the temporary closure of Australia’s offshore immigration detention centre. However, the federal government contends that the facility has never been closed.

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Rio iron exports up as Mongolia bites

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Original article by Peter Ker
The Australian Financial Review – Page: 14 : 17-Jan-24

Rio Tinto’s production report for the December quarter shows that its Pilbara mines shipped 86.25 million tonnes of iron ore in the final three months of 2023, and 338.1 million tonnes in the calendar year. The resources giant is targeting shipments of between 323 million and 338 million tonnes in 2024. Rio Tinto also advised that shipments of its benchmark ‘Pilbara blend’ product fell by five per cent year-on-year, while export volumes for its lower grade SP10 ‘fines’ were 56 per cent higher; the company expects SP10 shipments to remain high until its new mines come into production. Meanwhile, Rio Tinto says it has received a new claim for unpaid taxes by the Mongolian government regarding the Oyu Tolgoi copper mine.

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RIO TINTO LIMITED – ASX RIO

Mortgage stress continued to ease in November despite the RBA raising interest rates on Melbourne Cup Day

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Original article by Roy Morgan
Market Research Update – Page: Online : 17-Jan-24

New research from Roy Morgan shows that 1,490,000 mortgage holders (29.9%) were ‘At Risk’ of ‘mortgage stress’ in the three months to November 2023. This period included only one interest rate increase on Melbourne Cup Day, with the RBA raising interest rates to 4.35%. The figure for November represented a second straight monthly decrease as mortgage stress continued to ease due to a combination of factors – including increased household incomes, increased employment and reduced amounts borrowed and outstanding. This is the first time since January 2022 (before the RBA began raising interest rates) that mortgage stress has decreased for two straight months. However, despite the easing in mortgage stress this was only the sixth time in the history of the index that over 1.45 million mortgage holders were considered ‘At Risk’. The number of Australians ‘At Risk’ of mortgage stress has increased by 683,000 since May 2022 when the RBA began a cycle of interest rate increases. Meanwhile, the number of mortgage holders considered ‘Extremely At Risk’ of mortgage stress is now numbered at 934,000 (19.3% of mortgage holders) which is significantly above the long-term average over the last 10 years of 14.2%. These are the latest findings from Roy Morgan’s Single Source Survey, based on in-depth interviews conducted with over 60,000 Australians each year, including over 10,000 owner-occupied mortgage-holders.

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ROY MORGAN LIMITED

Dutton must explain Woolies boycott: PM

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Original article by Sarah Ison
The Australian – Page: 3 : 16-Jan-24

Prime Minister Anthony Albanese says Opposition leader Peter Dutton needs to clarify his stance on Woolworths after the retail giant advised that it will not stock Australia Day-themed merchandise. Albanese says Dutton should specify whether his call to boycott Woolworths is only meant to apply until after the national holiday or should be ongoing. Albanese adds that the boycott would presumably also apply to Kmart and Aldi, and notes that the three retailers collectively employ about 200,000 people, so Dutton should explain the impact of his proposed boycott on their jobs.

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WOOLWORTHS GROUP LIMITED – ASX WOW, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, KMART AUSTRALIA LIMITED, ALDI STORES SUPERMARKETS PTY LTD

Freed immigration detainee sues Australian government for damages for alleged false imprisonment

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Original article by Paul Karp
The Guardian Australia – Page: Online : 16-Jan-24

A stateless Kurdish man is suing Immigration Minister Andrew Giles for false imprisonment, following his release from immigration detention after the High Court ruled indefinite detention was illegal. Should his case prove successful, it could lead to the 149 people released as a result of the ruling to sue the government for what could be hundreds of thousands of dollars in compensation; the man in question was born in Iran and arrived with his mother by boat at Christmas Island aged 16.

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