Author: roymorgansocial

Total debt pile triples in 10 years

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Original article by Patrick Commins
The Australian – Page: 4 : 1-Nov-23

Data from the Parliamentary Budget Office shows that Australia’s net debt has risen to $31,400 per capita over the last decade. Net debt per capita totalled just $8,600 at the federal level in 2013-14, but this is forecast to reach $21,300 in 2023-24. Across the states and territories, net debt per person was just $2,000 in 2013-14, and is slated to reach $11,200 in the current financial year. Victoria has recorded the biggest increase in net debt per capita among the states over the last decade, ahead of NSW and South Australia.

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AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Foreign agents planting digital mines in key tech

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Original article by Liam Mendes, Ellen Whinnett
The Australian – Page: 1 & 4 : 1-Nov-23

The Cyber and Infrastructure Security Centre has warned that Australia’s critical infrastructure is under serious threat from foreign interference and espionage. The CISC’s inagural annual risk review notes that the nation’s critical infrastructure sectors are deeply interconnected, so a significant disruption in one sector will affect others. Concerns have also been raised that foreign players have planted ‘digital landmines’ in Australia’s critical infrastructure that could be triggered in the future.

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CYBER AND INFRASTRUCTURE SECURITY CENTRE

ANZ-Roy Morgan Consumer Confidence down 3.2pts to 75.0 – lowest since early August 2023

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Original article by Roy Morgan
Market Research Update – Page: Online : 1-Nov-23

ANZ-Roy Morgan Consumer Confidence fell 3.2pts to 75.0 in the week to 29 October; it has now spent 39 straight weeks below the mark of 85 – equalling the longest streak at this level set in 1990-91. Consumer Confidence is 4.9pts below the same week a year ago (79.9), and it is now clearly below the 2023 weekly average of 78.1. Consumer Confidence was down in NSW, Victoria, South Australia and Western Australia, but increased slightly in Queensland. Now 17% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 56% (up 3ppts) say their families are ‘worse off’ financially. Only 6% (down 2ppts) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 40% (up 4ppts) expect ‘bad times’. Meanwhile, 18% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 54% (up 4ppts) say now is a ‘bad time to buy’.

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

AusSuper puts Origin deal on edge

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 1 & 22 : 1-Nov-23

The $18.7 billion takeover bid for Origin Energy will require the support of 75 per cent of shareholders when they vote on the deal later in November. However, the acquisition of Origin by Brookfield Asset Management and EIG Partners appears to be increasingly uncertain, following AustralianSuper’s decision to reject the deal. The industry superannuation giant has a 13.7 per cent stake in Origin, contending that the offer of about $8.81 per share is substantially below its estimate of Origin’s long-term value. Several other institutional investors believe that the offer price is too low.

CORPORATES
ORIGIN ENERGY LIMITED – ASX ORG, BROOKFIELD ASSET MANAGEMENT INCORPORATED, EIG GLOBAL ENERGY PARTNERS, AUSTRALIANSUPER PTY LTD

Over 1.57 million Australians are now At Risk of ‘mortgage stress’, representing 30.3% of mortgage holders

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Original article by Roy Morgan
Market Research Update – Page: Online : 1-Nov-23

New research from Roy Morgan shows that a record high 1,573,000 mortgage holders (30.3%) were ‘At Risk’ of ‘mortgage stress’ in the three months to September 2023; this is 7,000 higher than in August. The period encompassed three RBA meetings at which interest rates were left unchanged. The number of Australians ‘At Risk’ of mortgage stress has increased by 766,000 since May 2022, when the RBA began a cycle of interest rate increases. The number of mortgage holders considered ‘Extremely At Risk’ is now numbered at 1,043,000 (20.5%) which is significantly above the long-term average over the last 15 years of 15.3%. 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

Rinehart’s Hancock Prospecting’s $5b profit

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Original article by Brad Thompson
The Australian Financial Review – Page: 13 : 1-Nov-23

Hancock Prospecting has reported an annual profit of $5.04bn for the year to 30 June, compared with $5.81bn in the previous financial year. The result was marred by lower iron ore prices, with Hancock holding controlling stakes in both Roy Hill and Atlas Iron. Hancock also receives royalties from the Hope Down iron ore mines that are operated by Rio Tinto, and which are the subject of a long-running legal dispute with Wright Prospecting. Meanwhile, Hancock has warned that Australia’s international competitiveness in the resources sector is being undermined by red tape and the amount of time it takes to get projects approved.

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HANCOCK PROSPECTING PTY LTD, ROY HILL HOLDINGS PTY LTD, ATLAS IRON LIMITED, RIO TINTO LIMITED – ASX RIO

Economists warn Cup Day rate rise may not be last

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Original article by Cecile Lefort
The Australian Financial Review – Page: 23 : 1-Nov-23

The general consensus of economists polled by the Australian Financial Review is that the Reserve Bank will increase the cash rate by 25 basis points to 4.35 per cent on 7 November. Nine of the 35 economists expect the cash rate to peak at 4.6 per cent, implying that there will be at least one more rate rise beyond November. They include Challenger’s chief economist Jonathan Kearns, who was previously the central bank’s head of domestic markets. However, independent economist Stephen Koukoulas expects the cash rate to remain on hold for a fifth consecutive month in November.

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RESERVE BANK OF AUSTRALIA, CHALLENGER LIMITED – ASX CGF

SBS bets on customer choice to lure viewers as it offers block on gaming, booze and fast food ads

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Original article by Sophie Elsworth
The Australian – Page: 17 : 1-Nov-23

Public broadcaster SBS will allow allow users of its streaming video service to opt out of seeing advertisements for betting companies, alcoholic beverages and quick service restaurants. SBS On Demand viewers who chose to block such content will instead see ads for other products and services. SBS MD James Taylor says viewers have always had complete control over what they watch on SBS On Demand, and they will now have greater control over the ads they see. He expects other TV networks to consider a similar move. The federal government plans to impose greater restrictions on gambling advertisements.

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SPECIAL BROADCASTING SERVICE (SBS)

End game trade deal with EU collapses as both sides walk away

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Original article by Rachel Clun
The Sydney Morning Herald – Page: Online : 30-Oct-23

A free trade deal between Australia and the European Union could be some years away, after talks between Trade Minister Don Farrell and European Commission executive vice-president Valdis Dombrovskis broke down in Osaka on Sunday. Farrell had said prior to their meeting that he hoped he and Dombrovskis could make a deal, but he said afterwards that the two were not able to make progress. National Farmers’ Federation president Fiona Simson had told the National Press Club on 24 October that there was no Australian agriculture sector that was getting a good deal under what the EU was currently offering.

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AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, NATIONAL FARMERS’ FEDERATION LIMITED

Global pressures on PM’s domestic agenda

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Original article by Geoff Chambers
The Australian – Page: 1 & 4 : 30-Oct-23

Prime Minister Anthony Albanese has defended his hectic overseas travel schedule, arguing that personally engaging with world leaders is critical at a time of significant economic and security shocks. Albanese has come under scrutiny over his international travel itenary amid the domestic cost-of-living crisis, a high inflation rate and rising oil prices. Albanese recently returned from his first official visit to the US, while his upcoming trip to China will be the first by an Australian prime minister since 2016. Albanese used a speech on his final day in Washington to emphasise the need to engage with China and to develop understanding, given that the nation accounts for 25 per cent of Australia’s exports. Albanese will also attend the Pacific Islands Forum and the APEC summit in coming weeks.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET