Author: roymorgansocial

ANZ-Roy Morgan Consumer Confidence up 2.3pts to 78.1 as Consumer Confidence hits a record six months below 80

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 30-Aug-23

ANZ-Roy Morgan Consumer Confidence rose 2.3pts to 78.1 in the week to 27 August; however, it has now spent a record 26 straight weeks below the mark of 80. Consumer Confidence is now 6.9pts below the same week a year ago (85.0), and it is in line with the 2023 weekly average of 78.1. Consumer Confidence was up in the three largest States of New South Wales, Victoria and Queensland, but down slightly in both Western Australia and South Australia. Driving the improvement in the index this week were positive moves in sentiment related to both personal finances and the fortunes of the Australian economy over the next year.

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

Howard calls on No supporters to maintain their rage

roymorgansocial Leave a comment

Original article by Paige Taylor
The Australian – Page: 4 : 30-Aug-23

Former prime minister John Howard has reiterated his view that the proposed constitutional amendment to establish an Indigenous Voice to parliament will divide Australia by race. He says the proposal for an Indigenous advisory body goes against what makes people Australian, and notes that former Labor PM Bob Hawke stated in 1988 that the only thing that defines someone as an Australian is their commitment to Australia. Howard hopes the voice is defeated in every state, while he contends that the notion of establishing a treaty with Indigenous people is absurd because treaties are made between sovereign nations.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET

Qatar turbulence worsens as PM washes his hands of flights decision

roymorgansocial Leave a comment

Original article by Joe Kelly, Robyn Ironside, Glen Norris
The Australian – Page: 1 & 7 : 30-Aug-23

Prime Minister Anthony Albanese says the decision to reject Qatar Airlines’ application for additional flights into Australia was made solely by Transport Minister Catherine King, and that he had no role in it. However, Albanese contends that the former Coalition government had made similar decisions. It has also been revealed that King did not consult with her colleagues prior to rejecting Qatar Airways’ request. King has stated that the decision was made in the national interest, while Assistant Treasurer Stephen Jones recently said Labor did not want to drive airfares down to a level where it is unsustainable for the existing Australia-based carrier. ANZ Bank CEO Shane Elliott says he is "disturbed" by reports that Qatar had been rebuffed in order to protect the profits of Qantas.

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

Banking for the rich fear: ANZ

roymorgansocial Leave a comment

Original article by Glen Norris
The Australian – Page: 13 & 19 : 30-Aug-23

ANZ Bank CEO Shayne Elliott has expressed concern about the impact of over-regulation of the sector and stricter lending standards on access to banking services. He notes that complying with new regulations cost ANZ some 4.7 cents for every dollar of revenue in 2022, compared with just 0.7 cents when he took the helm in 2017. Elliott adds that the regulatory burden is making it harder to obtain a loan or credit card, or to start a business. He acknowledges that lending standards needed to be tightened after the global financial crisis and the Hayne royal commission, but says there is a risk that banking and access to credit may become limited to wealthy people in the future.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

Lynas hit with cost blowout on rare earths plant

roymorgansocial Leave a comment

Original article by Brad Thompson
The Australian Financial Review – Page: 16 : 30-Aug-23

Lynas Rare Earths has reported a 2022-23 net profit of $310.7m, compared with $540.8m for the previous financial year; revenue fell from $920m in 2021-22 to $739.3m. The company received an average price of $46.20 per kilogram for its rare earths oxides, compared with an average of $60.30 per kilogram in 2021-22. Meanwhile, Lynas has revealed that the cost of building its cracking and leaching plant at Kalgoorlie in Western Australia has risen to $730m. Its previous estimate was $575m, and the cost increase has been attributed to factors such as the need to meet a deadline of 1 January to cease downstream processing at its plant in Malaysia.

CORPORATES
LYNAS RARE EARTHS LIMITED – ASX LYC

Super fund satisfaction drops to 65% in July 2023 – down 7% points from record high 18 months ago in January 2022

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 30-Aug-23

New data from Roy Morgan’s Superannuation Satisfaction Report shows an overall super fund satisfaction rating of 65% in July 2023. This compares with a record high of 72% in January 2022. However, satisfaction with super funds is still significantly higher than the long-term average of 58.1% from 2007-2023. Customer satisfaction for Industry Funds has fallen by 7.4% points since January 2022, to 66.8%, while satisfaction with retail funds is down 7.3% points to 59.6%. Customer satisfaction for Public Sector Funds has in turn declined by 7.9% points to 71.2%; this the largest decline for any of the super fund categories, and the lowest customer satisfaction for Public Sector Funds since September 2020. Satisfaction with Self-Managed Funds is down 5.6% points to 74.4%. The report’s findings are from Roy Morgan Single Source, Australia’s most trusted consumer survey, compiled by in-depth interviews with over 60,000 Australians each year.

CORPORATES
ROY MORGAN LIMITED

Billionaire MinRes boss charts a new course for lithium

roymorgansocial Leave a comment

Original article by Brad Thompson
The Australian Financial Review – Page: 13 : 30-Aug-23

Mineral Resources has reported a 2022-23 net profit of $244m, which is 30 per cent lower than previously. The result was marred by a $552m writedown in the value of its iron ore assets. However, revenue rose by 40 per cent to $4.7bn and underlying EBITDA was 71 per cent higher at $1.8bn. MD Chris Ellison says Mineral Resources is looking at bypassing battery manufacturers and chemicals producers to sell lithium directly to car manufacturers. He has also indicated that the company’s Yilgarn iron ore project is likely to reach the end of its mine life within three years.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN

First home deposit sizes soar as more parents step up

roymorgansocial Leave a comment

Original article by John Collett
The Age – Page: Online : 30-Aug-23

A report from the National Housing Finance & Investment Corporation and the Commonwealth Bank highlights the growing cost of entering the housing market. It shows that average gross household income for first-home buyers with the CBA was about $117,000 in early 2023, while the average purchase price was almost $629,000. Meanwhile, the average deposit for first-home buyers was $159,000; this compares with just $108,400 at the start of 2020. SQM Research MD Louis Christopher says the figures suggest that many people are getting financial help from their parents to buy their first home. This in turn means that people who cannot rely on the so-called ‘bank of mum and dad’ are being locked out of the housing market.

CORPORATES
NATIONAL HOUSING FINANCE AND INVESTMENT CORPORATION – ASX NFI, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, SQM RESEARCH PTY LTD

ANZ-Roy Morgan Consumer Confidence down 2.4pts to 75.8 as Australian Dollar hits lowest since November 2022

roymorgansocial Leave a comment

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

ANZ-Roy Morgan Consumer Confidence fell 2.4pts to 75.8 in the week to 20 August, and it has now spent a record 25 straight weeks below the mark of 80. Consumer Confidence is now 9.8pts below the same week a year ago (85.8), and 2.3pts below the 2023 weekly average of 78.1. Consumer Confidence was down in the three largest States of New South Wales, Victoria and Queensland, but up slightly in both Western Australia and South Australia. Now 19% of Australians (down 2ppts) say their families are ‘better off’ financially than this time last year, while 53% (unchanged) say their families are ‘worse off’ financially. Some 29% (down 2ppts) of Australians now expect their family to be ‘better off’ financially this time next year, while 36% (up 2ppts) expect to be ‘worse off’ financially. Only 7% (unchanged) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 39% (up 3ppts) expect ‘bad times’. Meanwhile, 18% (down 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 55% (down 2ppts) say now is a ‘bad time to buy’.

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

Voice poll: PM set to name the day

roymorgansocial Leave a comment

Original article by Rosie Lewis
The Australian – Page: 1 & 6 : 23-Aug-23

Prime Minister Anthony Albanese is expected to reveal the date of the referendum on an Indigenous Voice to parliament during a visit to Adelaide next week. The referendum has been widely tipped to be held on 14 October, which would allow for a six-week official campaign. Parliament is scheduled to sit during the first two weeks of September, although Albanese is also slated to visit Indonesia, The Philippines and India during this period. Albanese says Australia will be stronger as a nation if the referendum succeeds, and he stresses that the Voice interfere with the way that the government operates on a day-to-day basis.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET