Author: roymorgansocial

Investment in new Australian wind and solar farms stalls amid ‘raft of barriers’, report finds

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Original article by Peter Hannam
The Guardian Australia – Page: Online : 23-Aug-23

Data from the Clean Energy Council shows that only four proposed renewable energy projects reached financial closure during the June quarter. The four wind and solar projects will have a combined generation capacity of 348 megawatts, while their combined investment value is just $225m; this compares with a rolling 12-month average of $1.3bn. CEC CEO Kane Thornton says the lack of political leadership, planning and foresight over the last decade has resulted in significant barriers to investment in clean energy projects in Australia. He adds that these barriers make Australia less attractive at a time when there are significant clean energy investment opportunities worldwide.

CORPORATES
CLEAN ENERGY COUNCIL LIMITED

Buttrose to quit ABC as contenders circle

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Original article by Sophie Elsworth, Nick Tabakoff
The Australian – Page: 3 : 23-Aug-23

Peter Tonagh is widely regarded as the leading internal contender to succeed Ita Buttrose as the ABC’s chair. Buttrose has advised that she will not seek a second five-year term as the public broadcaster’s chair when her current term expires in March 2024. Communications Minister Michelle Rowland says Buttrose was "the right chair for the right time". Tonagh is currently the ABC’s deputy chair, while other potential candidates are said to include former Foxtel CEO Kim Williams and lawyer Danny Gilbert. Meanwhile, former Q+A host Stan Grant has confirmed that he has left the ABC and intends to make a permanent departure from "daily journalism" after four decades in the media industry.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIA. DEPT OF INFRASTRUCTURE, TRANSPORT, REGIONAL DEVELOPMENT, COMMUNICATIONS AND THE ARTS, FOXTEL MANAGEMENT PTY LTD

Homes in 33pc of Sydney now twice the price

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Original article by Nila Sweeney
The Australian Financial Review – Page: 32 : 23-Aug-23

Data from CoreLogic shows that the prices of homes in 12.1 per cent of suburbs across Australia have doubled over the last decade. However, the value of units has increased by a similar amount in just two per cent of suburbs nationwide. CoreLogic’s figures also show that house prices in 163 suburbs in Sydney have more than doubled in the last decade, led by South Turramurra with a gain of 151 per cent in the last 10 years. Meanwhile, Melbourne house prices have doubled in the Mornington Peninsula suburbs of Dromana, Frankston North and Sorrento.

CORPORATES
CORELOGIC AUSTRALIA PTY LTD

Fears of a slow-economy China contagion

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Original article by Patrick Commins, Joe Kelly
The Australian – Page: 1 & 4 : 23-Aug-23

The federal government’s latest Intergenerational Report will show that Australia faces slower growth and higher taxes due to an ageing population and lower productivity. The Treasury has also forecast that quarterly economic growth will be ‘marginal’ over the next year, leaving Australia vulnerable to domestic and overseas shocks. The deteriorating Chinese economy is a key potential risk to Australia’s growth outlook, with the Chinese government appearing to be reluctant to pursue further stimulus measures at this stage. Meanwhile, Treasury officials expect the projected Budget surplus of more than $20bn for 2022-23 to be a one-off, with the prospect of deficits for at least the next decade.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY

Labor shuns calls for bold tax reform

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Original article by Phillip Coorey, Michael Read
The Australian Financial Review – Page: 1 & 4 : 23-Aug-23

The federal government is expected to pursue an incremental approach to tax reform due to the perception that large-scale changes would be politically challenging. Sources have indicated that Labor will not seek major tax changes during its current term in office, and it will adopt a similar approach if it is re-elected in 2025. The government’s agenda for its current term includes changes to the petroleum resource rent tax and an increase in the tax rate for superannuation accounts exceeding $3m; however, it is believed to have ruled out changes to the company tax rate, the goods and services tax and the legislated stage-three income tax cuts. The Business Council of Australia recently called for an overhaul of the tax system.

CORPORATES
AUSTRALIAN LABOR PARTY, BUSINESS COUNCIL OF AUSTRALIA

Economic conditions pose greatest challenge to Australian farmers; except WA where government policies are the top challenge

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

A special Roy Morgan Survey of Australian farmers has found that the biggest challenge currently facing almost half of them is economic uncertainty – including global economic conditions – and the rising cost of doing business (mentioned by 49% of farmers). Several other issues were widely mentioned by farmers, including the Weather (20%), Staffing issues (13%), Government policy (12%), Rising interest rates (10%), Business/financial viability (9%), Climate change (8%), Natural disasters (5%) and Biosecurity (5%). Western Australian farmers stand in contrast to farmers in other States, where the largest challenge was government policy – mentioned by 41% of farmers in the West – with great concern expressed about the WA government’s recently repealed Aboriginal Cultural Heritage Act. The results in the Roy Morgan Farmer Agribusiness Survey are based on 1,002 detailed online interviews with Australian farmers during June and July 2023. Farmers were asked to list (open-ended) the biggest farming challenges they currently face.

CORPORATES
ROY MORGAN LIMITED

BHP rejects talk of iron ore price freefall

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Original article by Nick Evans
The Australian – Page: 13 & 18 : 23-Aug-23

BHP has posted a 2022-23 underlying net profit of $US13.4bn ($20.8bn), which is 37 per cent lower than previously. Its iron ore division reported underlying EBITDA of $US16.6bn for the year, down from $US21.7bn previously but in line with market expectations. BHP produced 285 million tonnes of iron ore in the Pilbara during 2022-23, while it expects output of 282 to 294 million tonnes in 2023-24. CEO Mike Henry has also downplayed fears that the iron ore price might fall below $US80 per tonne if China reduces its steel production. Meanwhile, lower prices and changes to the Queensland government’s royalties regime resulted in a sharp fall in the earnings of BHP’s coking coal mines in 2022-23.

CORPORATES
BHP GROUP LIMITED – ASX BHP

Readership of magazines is up 4.1% from a year ago with increases in readership for all magazine categories

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

The Roy Morgan Australian Readership report for the 12 months to June 2023 shows that 11.5 million Australians aged 14+ (53.1%) now read print magazines, up 4.1 per cent on a year ago. This market broadens to 15 million Australians aged 14+ (69.5%) who read magazines in print or online either via the web or an app, a small drop of 1.8 per cent from a year ago. Print readership increased for all 17 magazine categories compared to a year ago, as readership rebounded following the end of the pandemic restrictions. Eight of the top 10 magazines increased their print readership over the past year, as did 21 out of the top 25 titles. Better Homes & Gardens is still Australia’s most widely read paid magazine with print readership of 1,821,000, up 15.7 per cent on a year ago, ahead of the Australian Women’s Weekly on 1,328,000 (up 10.5 per cent). These are the latest findings from the Roy Morgan Single Source survey of 66,234 Australians aged 14+ in the 12 months to June 2023.

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ROY MORGAN LIMITED

No legislated Voice if vote fails

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Original article by Joe Kelly, Sarah Ison
The Australian – Page: 4 : 16-Aug-23

Prime Minister Anthony Albanese has reiterated that enshrining an Indigenous Voice to parliament in the Constitution is a "modest request". He adds that the federal government will not seek to legislate a Voice to parliament if the upcoming referendum is rejected by voters, arguing that Indigenous Australians have not asked for this. Meanwhile, Indigenous leader Warren Mundine has rejected suggestions that the ‘No’ campaign is using the issue of a treaty to wage a scare campaign against the Voice. Mundine opposes the Voice but says he has been a supporter of the treaty process for more than three decades.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Premiers cool on PM’s holiday plan

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Original article by Andrew Tillett
The Australian Financial Review – Page: 5 : 16-Aug-23

Prime Minister Anthony Albanese has emphasised that state and territory leaders will ultimately decide whether to declare a public holiday if the Matildas win the FIFA Women’s World Cup. However, South Australian Premier Peter Malinauskas has indicated that he will oppose a public holiday when the national cabinet meets in Brisbane on Wednesday. He estimates that a holiday would cost the state’s economy about $18m; his government will instead provide a "lasting legacy" by investing the same amount of money into women’s sporting facilities.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, FEDERATION INTERNATIONALE DE FOOTBALL ASSOCIATION, MATILDAS