Author: roymorgansocial

Commonwealth Bank fined a record $3.55m for breaching spam laws with millions of emails

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Original article by Josh Taylor
The Guardian Australia – Page: Online : 7-Jun-23

The Australian Communications & Media Authority has ordered the nation’s biggest bank to pay a record penalty for breaching the Spam Act. The Commonwealth Bank has been fined $3.55m for sending 65 million unsolicited emails to customers; the bulk of them required customers to log in to their account in order to unsubscribe, which is prohibited under the legislation that took effect in 2021. The bank has also agreed to a three-year court-enforceable undertaking to independently review its online marketing practices and staff training.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 75.8 this week before RBA meeting

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Original article by Roy Morgan
Market Research Update – Page: Online : 7-Jun-23

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 75.8 in the week to 4 June. Consumer Confidence has now spent 14 straight weeks below the mark of 80, the longest stretch below 80 since the index began being conducted on a weekly rather than a monthly basis in October 2008. Consumer Confidence is now 11.2pts below the same week a year ago (87), and 4pts below the 2023 weekly average of 79.8. Consumer Confidence was up in Victoria, Queensland and Western Australia, but down in NSW and SA. Now 17% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 54% (up 1ppt) say their families are ‘worse off’ financially. Some 28% (down 1ppt) of Australians now expect their family to be ‘better off’ financially this time next year (the lowest figure for this indicator since April 2020 at the start of the pandemic), while 39% (up 4ppts) expect to be ‘worse off’ financially (the highest figure for this indicator since August 1989). Only 5% (down 2ppts) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 39% (down 1ppt) expect ‘bad times’. Meanwhile, 21% (up 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 52% (down 2ppts) say now is a ‘bad time to buy’.

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

BHP seeks to lift nuclear barriers

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Original article by Geoff Carmody
The Australian – Page: 1 & 2 : 7-Jun-23

It has been revealed that BHP used its pre-budget submission to urge the federal government to include nuclear power in the nation’s energy mix in order to help achieve its climate targets. BHP’s chief technical officer Laura Tyler had previously told a forum in 2022 that nuclear energy needs to be "part of the conversation" and that uranium should be considered as a source of baseload power. The International Energy Agency has also stated that nuclear power can play an important role in the energy transition, while Opposition leader Peter Dutton used his budget reply speech in May to argue the case for small modular nuclear reactors.

CORPORATES
BHP GROUP LIMITED – ASX BHP, INTERNATIONAL ENERGY AGENCY, LIBERAL PARTY OF AUSTRALIA

Thousands flee homes as collapse of dam is blamed on Russian forces

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Original article by Dan Sabbagh, Julian Borger
The Guardian – Page: Online : 7-Jun-23

The Ukrainian government has accused Russia of deliberately engineering the collapse of the Nova Kakhovka hydro-electric dam. The dam is located in the part of Kherson region that is controlled by Russia’s occupying forces, and Ukrainian President Volodymyr Zelensky alleges that it was mined and blown up by the Russians. He has also described the dam’s destruction as an act of terrorism, while European Union officials have suggested that it might constitute a war crime. The dam’s collapse has resulted in thousands of people being evacuated, and prompted concerns that it may take decades to recover from the resulting environmental disaster. Ukrainian officials say there is no immediate risk to the nearby Zaporizhzhia nuclear power station, although there are fears about the plant’s long-term future.

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Pain, blame and, at this rate, it’s not over

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Original article by Patrick Commins
The Australian – Page: 1 & 4 : 7-Jun-23

Reserve Bank of Australia governor Philip Lowe has defended the decision to increase the case rate by 25 basis points to 4.1 per cent on Tuesday. He says the 12th rate rise since May 2022 was necessary to provide greater confidence that inflation will return to the target range within a reasonable timeframe. He also cautioned that further rate rises may be needed, depending on the outlook for the economy and inflation. The Australian Chamber of Commerce & Industry contends that the recent 5.75 per cent increase in the minimum wage had forced the RBA’s hand. However, Treasurer Jim Chalmers rejects suggestions that the minimum wage increase and the federal government’s 9 May budget were to blame for the latest rate rise. The cash rate is now at its highest level since April 2012.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIA. DEPT OF THE TREASURY

Goldman slashes iron ore forecast 18pc on weak Chinese demand

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Original article by Joanne Tran
The Australian Financial Review – Page: 27 : 7-Jun-23

Investment bank Goldman Sachs has downgraded its three-month price target for iron ore to $US80 per tonne, and it now expects demand for the steel input to be flat in 2023. Goldman Sachs anticipates that there will be a global surplus of iron ore for the first time since 2018, and this surplus will increase in 2024. The firm also expects the iron ore price to average $US90 per tonne in the first half of 2023, compared with its previous forecast of $US110/tonne.

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THE GOLDMAN SACHS GROUP INCORPORATED

ABC Radio listeners in key city tune out

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Original article by James Madden
The Australian – Page: 3 : 7-Jun-23

GfK’s latest radio ratings survey shows that the ABC’s audience share across all timeslots in Melbourne has fallen by 0.2 percentage points to 6.0 per cent. This compares with an audience share of 10.1 per cent in December 2021. ABC Radio Melbourne has shed an average of 26,000 listeners in the latest survey period, with the broadcaster’s flagship morning, afternoon and drive timeslots recording a loss of audience share. In contrast, ABC Radio Sydney’s audience share rose across the key timeslots; the ABC’s audience share in Adelaide and Perth also rose, but its audience fell across all timeslots in Brisbane. The GfK ratings include streaming data for the first time.

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GFK PTY LTD, ABC RADIO, AUSTRALIAN BROADCASTING CORPORATION

Childcare first to test new workplace laws

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Original article by Ewin Hannan, Geoff Chambers
The Australian – Page: 7 : 6-Jun-23

United Workers Union national secretary Tim Kennedy says unions and around 50 childcare employers are to lodge an application with the Fair Work Commission to enter into multi-­employer bargaining under the federal government’s new industrial relations laws. The government is expected to seek to be a party to the proceedings, as it would ultimately have to fund any pay rise that results from the bargaining process. Employment and Workplace Relations Minister Tony Burke says he expects the new multi-­employer bargaining laws to be used in sectors that have not been able to get access to enterprise bargaining.

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UNITED WORKERS UNION, AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS

Environmentalists take Tanya Plibersek to court over coal mine assessments

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Original article by Mike Foley
Brisbane Times – Page: Online : 6-Jun-23

The Environment Council of Central Queensland has launched legal action against Environment Minister Tanya Plibersek in the Federal Court. The Council is asking the court to review Plibersek’s decision not to take global warming into account when assessing Mach Energy’s application to expand its Mount Pleasant open-cut coal mine and Whitehaven Coal’s application to expand its Narrabri underground mine; both mines are in NSW. The Council is being represented in court by Environmental Justice Australia, with senior lawyer Retta Berryman saying if the judicial review is successful it could compel all coal and gas projects to be assessed for climate change impacts.

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ENVIRONMENT COUNCIL OF CENTRAL QUEENSLAND, AUSTRALIA. DEPT OF CLIMATE CHANGE, ENERGY, THE ENVIRONMENT AND WATER, MACH ENERGY, WHITEHAVEN COAL LIMITED – ASX WHC, ENVIRONMENTAL JUSTICE AUSTRALIA

Hawkei armoured cars bound for Ukraine war in Australian support deal

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Original article by Peter Hartcher
The Age – Page: Online : 6-Jun-23

Defence Minister Richard Marles says he expects that details of Australia’s new support package for Ukraine will be announced soon, with its four-wheel-drive armoured car known as the Hawkei said to be on top of Ukraine’s wish list. Locally made, the Hawkei is designed to be fitted with the same Norwegian-American air defence system that protects the White House. It is likely that details of Australia’s latest package for Ukraine will be released by the time Prime Minister Anthony Albanese travels to a NATO summit in Lithuania in July. Australia is also said to be negotiating a deal to supply Ukraine with its fleet of F/A-18 Hornets, which have been retired from service by the RAAF; however, this would require approval from the US government.

CORPORATES
AUSTRALIA. DEPT OF DEFENCE, NORTH ATLANTIC TREATY ORGANISATION