Author: roymorgansocial

Qld Labor faces messy brawl for Palaszczuk replacement

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Original article by Ronald Mizen
The Australian Financial Review – Page: 3 : 12-Dec-23

Queensland’s Deputy Premier Steven Miles and Health Minister Shannon Fentiman have both confirmed their intention to run for the Labor leadership. They are both members of state Labor’s Left faction, which accounts for 25 of the party’s 52 MPs. However, the Right faction – which has 18 MPs – could potentially emerge as the ‘kingmaker’ in the leadership ballot. The Right faction’s Cameron Dick could also be a leadership contender, although he is regarded as more likely to become deputy premier. Meanwhile, outgoing premier Annastacia Palaszczuk has rejected suggestions that she resigned after losing the support of Left faction powerbroker and union leader Gary Bullock.

CORPORATES
QUEENSLAND. DEPT OF THE PREMIER AND CABINET, QUEENSLAND HEALTH, AUSTRALIAN LABOR PARTY

Stock rally brings super fund returns back into the black

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Original article by Megan Neil
The Australian – Page: 15 : 12-Dec-23

Data from SuperRatings suggests that the median balanced superannuation fund gained 3.1 per cent in November. This follows negative returns in each of the previous three months, and the research house expects the median fund to achieve a return of about one per cent for the first five months of 2023-24. SuperRatings also estimates that the median fund will post a gain of about 6.8 per cent for the first 11 months of calendar 2023.

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SUPERRATINGS PTY LTD

Family businesses face union delegate threat

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Original article by Robert Gottliebsen
The Australian – Page: 21 : 12-Dec-23

The elements of the Closing Loopholes Bill that were recently passed by federal parliament include provisions that will subject the majority of family businesses to compulsory union power. Any family business that employs a union member needs to be aware of these provisions, as they give the union the power to declare that employee as a union delegate; multiple delegates can also be appointed to the same business. The obligations of these union delegates will be determined by the Fair Work Commission, but they will almost certainly include the way the family business is conducted. Employers must not in any way restrict the delegate in carrying out his or her duties, and must ensure that they receive training in carrying out these duties.

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AUSTRALIA. FAIR WORK COMMISSION

Roy Morgan Federal voting intention poll is unchanged this week: ALP 51% cf. L-NP 49%

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Original article by Roy Morgan
Market Research Update – Page: Online : 12-Dec-23

Roy Morgan’s latest Federal voting intention survey shows support for the ALP is unchanged at 51% on a two-party preferred basis; support for the Coalition is also unchanged at 49%. The ALP’s primary vote has fallen by 2% from a week ago to 30.5%, while the Coalition’s primary vote is down 0.5% to 37%. However, the Greens are up 1.5% to 14% and One Nation is unchanged on 5%. Support for Independents dropped 1% to 7.5%, but support for Other Parties increased by 2% to 6%. The latest Roy Morgan survey is based on interviewing a representative cross-section of 1,719 Australian electors from December 4-10. Further details will be released in Roy Morgan’s weekly video update presented by Roy Morgan CEO Michele Levine.

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

Overseas student numbers expected to drop by 100,000

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Original article by Julie Hare
The Australian Financial Review – Page: 4 : 12-Dec-23

Experts say the federal government’s new visa requirements on international students will help to ‘weed’ out people who are seeking to use the student visa system as a ‘back door’ to the Australian jobs market. Internal government estimates indicate that the new requirements could see the number of foreign students coming to Australia to study fall by around 70,000, while 38,000 graduates could find themselves being sent home for failing to meet English-language tests.

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Insurers’ flood cover options in flux

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Original article by Liam Walsh
The Australian Financial Review – Page: 15 : 12-Dec-23

Allianz has told a federal parliamentary inquiry into the 2022 floods that devasted large parts of eastern Australia that it is reviewing its customer choice flood cover. Currently one of the few home insurers that gives customers the option of having flood coverage, Allianz indicated it is now considering making it mandatory. For its part, Suncorp has told the inquiry that it has abolished two types of caravan and RV insurance, with these relating to relocatable homes and onsite caravans. It stated they were "unsustainable", due to the risks of associated with being located in caravan parks prone to flooding.

CORPORATES
ALLIANZ AUSTRALIA LIMITED, SUNCORP GROUP LIMITED – ASX SUN

Housing industry at loggerheads over stone ban

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Original article by Angus Thompson
Brisbane Times – Page: Online : 12-Dec-23

Lendlease has advised that it will cease using engineered stone in its new development projects in Australia; the construction group is also reviewing its use of the product in other countries. Mirvac has also backed ban on engineered stone, which has been linked to a lung disease called silicosis. However, the Housing Industry Association recently advised its members that they can continue to use engineered stone, although it has recommended that they consider alternative products. Meanwhile, lawyers have warned that employers are likely to be in breach of health and safety laws by continuing to expose their workers to engineered stone.

CORPORATES
LENDLEASE GROUP – ASX LLC, MIRVAC GROUP – ASX MGR, HOUSING INDUSTRY ASSOCIATION LIMITED

Emails to stay secret after Stokes covers Nine’s costs

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Original article by Max Mason
The Australian Financial Review – Page: 3 : 12-Dec-23

Seven and Kerry Stokes’ private company Australian Capital Equity funded Ben Roberts-Smith’s failed defamation action against Nine Entertainment via loan agreements with Roberts-Smith, with Roberts-Smith currently appealing the decision. Nine has been pursuing Seven and ACE for costs in relation to the failed action, and Stokes has now agreed to cover Nine’s costs. As a result, he has avoided the release of thousands of emails between him, his "corporate fixer" Bruce McWilliam, and Roberts-Smith’s legal team

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN CAPITAL EQUITY PTY LTD, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC

Rates on hold, as RBA chief flags more rises

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Original article by Patrick Commins
The Australian – Page: 4 : 6-Dec-23

Reserve Bank of Australia governor Michele Bullock has reiterated that returning inflation to the target range of 2-3 per cent within a reasonable timeframe is still the RBA board’s priority. She added that the board will do whatever is necessary to achieve that outcome, raising the prospect that there may be further official interest rate increases in 2024. The RBA’s decision to leave the cash rate on hold at 4.35 per cent on Tuesday had been widely expected, after five interest rate increases during the calendar year. Treasurer Jim Chalmers has welcomed the decision, noting that Australians did not need another rate rise before Christmas. He adds that encouraging progress is being made in the fight against inflation.

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RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY

More than 870 Australian federal public servants acted corruptly over six years, investigation finds

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Original article by Henry Belot
The Guardian Australia – Page: Online : 6-Dec-23

The Australian Public Service Commission’s latest ‘state of the service’ report has highlighted the extent of misconduct within the nation’s bureaucracy. An internal investigation by the APSC has found that more than 870 public servants had acted corruptly between 2017-18 and 2022-23. It also shows that 162 public servants had acted dishonestly or without integrity in the last 12 months. Meanwhile, the APSC has established a new team to investigate serious misconduct allegations in response to the former Coalition government’s ‘robo-debt’ scandal.

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AUSTRALIAN PUBLIC SERVICE COMMISSION