Author: roymorgansocial

ANZ-Roy Morgan Consumer Confidence down 1.1pts to 77.6

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 13-Sep-23

ANZ-Roy Morgan Consumer Confidence fell 1.1pts to 77.6 in the week to 10 September; it has now spent a record 28 straight weeks below the mark of 80. Consumer Confidence is 8.1pts below the same week a year ago (85.7), and just below the 2023 weekly average of 78.1. Consumer Confidence down in Victoria and South Australia, but up slightly in New South Wales, Queensland and Western Australia. Now 21% of Australians (up 1ppt) say their families are ‘better off’ financially than this time last year, while 55% (up 2ppts) say their families are ‘worse off’ financially. Only 7% (unchanged) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 36% (down 1ppt) expect ‘bad times’. Meanwhile, 19% (down 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 53% (up 1ppt) say now is a ‘bad time to buy’.

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

‘Base racism’: Yes leader in no-holds-barred call

roymorgansocial Leave a comment

Original article by Rosie Lewis, Joe Kelly, Sarah Ison, Paige Taylor
The Australian Financial Review – Page: 1 & 4 : 13-Sep-23

Voice advocate Professor Marcia Langton has rejected claims that she accused No voters of racism in a speech in Bunbury on Sunday. Professor Langton said in her speech that if you start pulling apart the No case’s arguments, it either gets down to base racism or sheer stupidity. However, she stresses that she does not believe that the majority of Australians are racist, and contends that No campaigners are using racist tactics. Indigenous Australians Minister Linda Burney has called for both sides of the debate on an Indigenous Voice to parliament to "act respectfully and with care for their fellow Australians".

CORPORATES

Super returns lower in August

roymorgansocial Leave a comment

Original article by Chris Herde
The Australian – Page: 15 : 13-Sep-23

SuperRatings estimates that the median balanced superannuation fund posted a return of minus 0.1 per cent in August, after gaining 1.5 per cent in July. The research house also expects the median growth fund to have lost 0.3 per cent in August. Executive director Kirby Rappell says monthly returns are likely to continue to "bounce around" in the near-term, due to ongoing market uncertainty. He has emphasised the need for super fund members to focus on the long-term performance.

CORPORATES
SUPERRATINGS PTY LTD

Court urged to make example of CBA on pay

roymorgansocial Leave a comment

Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 13-Sep-23

The Federal Court has been urged to impose the maximum penalty on the Commonwealth Bank of Australia for underpaying about 7,4000 employees some $16m over more than a decade. Michael Seck, the lawyer representing the Fair Work Ombudsman, contended that the penalty must be sufficient to deter other large companies from underpaying their staff. The bank had self-reported the underpayments to the FWO and has provided back-pay to all affected employees. The underpayments occured after CBA shifted affected employees from an enterprise agreement to individual agreements.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. FAIR WORK OMBUDSMAN

Top economists see end to rate hikes, predict house price recovery

roymorgansocial Leave a comment

Original article by Millie Muroi
The Age – Page: Online : 13-Sep-23

The Commonwealth Bank of Australia’s chief economist Stephen Halmarick says a falling inflation rate means that official interest rates have now most likely peaked. He expects consumer spending to begin to decline by the end of 2023, prompting the Reserve Bank to start easing monetary policy in 2024. Halmarick also forecasts that house prices will rise by seven per cent in 2023 and a further five per cent in 2024, citing factors such as rising migration levels and housing supply constraints. Besa Deda from Westpac also suggests that interest rates may have peaked, and she expects the cash rate to begin falling in the second half of 2024.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, RESERVE BANK OF AUSTRALIA

Rinehart raid shows Liontown’s quality

roymorgansocial Leave a comment

Original article by Brad Thompson
The Australian Financial Review – Page: 15 & 19 : 13-Sep-23

Gina Rinehart’s Hancock Prospecting has built up a 7.72 per cent strategic stake in lithium hopeful Liontown Resources. This includes the purchase of almost 60 million shares several days after Liontown’s board endorsed Albemarle’s sweetened takeover off on 4 September. Liontown chairman Tim Goyder says Hancock’s emergence on its share register demonstrates the quality of the Kathleen Valley lithium project in Western Australia. Meanwhile, Mineral Resources MD Chris Ellison has been appointed as the chairman of Delta Lithium; Mineral Resources has a 17.4 per cent stake in Delta.

CORPORATES
LIONTOWN RESOURCES LIMITED – ASX LTR, HANCOCK PROSPECTING PTY LTD, ALBERMARLE CORPORATION, MINERAL RESOURCES LIMITED – ASX MIN, DELTA LITHIUM LIMITED – ASX DLI

Key crossbenchers in bid to split up IR bill

roymorgansocial Leave a comment

Original article by Ewin Hannan
The Australian – Page: 5 : 13-Sep-23

Workplace Relations Minister Tony Burke has reiterated that the federal government wants the entire Closing Loopholes Bill to be passed by the end of 2023. This follows a push by Senate crossbenchers to remove four provisions from the bill and legislate them by the end of the year. They include proposed changes that would make it easier for first responders such as firefighters and ambulance crews to claim workers’ compensation for job-related post-traumatic stress disorder. Independent senator David Pocock says this would allow more time to consider the more contentious elements of the bill.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS

Developers scoff at 1.2m homes target

roymorgansocial Leave a comment

Original article by Michael Bleby
The Australian Financial Review – Page: 1 & 8 : 13-Sep-23

Housing Minister Julie Collins has told a property summit that the federal government’s target of building 1.2 million new homes in five years is "ambitious but achievable". However, Western Australian property developer Nigel Satterley says that at best about 600,000 to 650,000 dwellings are likely to be completed within this time-frame, citing a labour supply shortage. Melbourne-based developer Tim Gurner agrees that the target will be difficult to achieve, noting that high costs and poor planning laws are also a challenge for the sector.

CORPORATES

PM flies blind in Qatar storm

roymorgansocial Leave a comment

Original article by Joe Kelly,Robyn Ironside
The Australian – Page: 1 & 5 : 6-Sep-23

The Senate will hold an inquiry into the federal government’s decision to block Qatar Airways’ application for additional flights to Australia, which was made by Transport Minister Catherine King on 10 July. There have been allegations that the decision was aimed at protecting Qantas from competition. Prime Minister Anthony Albanese told parliament on Tuesday that he did not discuss the issue with outgoing Qantas CEO Alan Joyce before the decision was made. He conceded that he had discussed the application with Virgin Australia Jayne Hrdlick on 13 July, and stated that he had only been made aware of King’s decision on Tuesday. However, this had been widely reported on 18 July. Five women who are suing Qatar Airways for invasive physical searches were also told of the decision in a letter from King that was dated 10 July.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET,QATAR AIRWAYS,QANTAS AIRWAYS LIMITED – ASX QAN,AUSTRALIA. DEPT OF INFRASTRUCTURE, TRANSPORT, REGIONAL DEVELOPMENT, COMMUNICATIONS AND THE ARTS

RBA to keep rates on hold as inflation stalls

roymorgansocial Leave a comment

Original article by Patrick Commins
The Australian – Page: 2 : 6-Sep-23

Philip Lowe has used his final statement as Reserve Bank of Australia governor to contend that the series of interest rate rises since May 2022 are working to establish a "more sustainable balance between supply and demand in the economy". He adds that the decision on Tuesday to pause official rates at 4.1 per cent for a third successive month will give the RBA board more time to assess the economic outlook and the impact of the interest rate rises to date. Lowe emphasised that bringing inflation under control is still the board’s priority. JP Morgan expects the RBA to increase the cash rate one more time, in November. Michele Bullock will formally succeed Lowe on 18 September.

CORPORATES
RESERVE BANK OF AUSTRALIA,JP MORGAN AUSTRALIA LIMITED