Author: roymorgansocial

Australia’s economy is in better shape than most: Fitch

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Original article by Cecile Lefort
The Australian Financial Review – Page: 26 : 24-May-23

Fitch Ratings expects the Australian economy to expand by just 1.5 per cent in 2023, slightly below the Reserve Bank’s forecast of 1.7 per cent growth. However, Fitch contends that the domestic economy is better-placed than most developed nations to cope with rising borrowing costs and slowing economic activity; this includes the other 10 nations that still have an AAA rating from the three major rating agencies. Fitch cites a number of factors in Australia’s favour, including a high level of household savings in the wake of the pandemic, exports to China and an increase in net overseas migration in coming years.

CORPORATES
FITCH RATINGS LIMITED

ANZ-Roy Morgan Consumer Confidence up 1.4pts to 77.3 – recovering some of the post-RBA interest rate increase slump

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Original article by Roy Morgan
Market Research Update – Page: Online : 24-May-23

ANZ-Roy Morgan Consumer Confidence rose 1.4pts to 77.3 in the week to 21 May. The index has now spent 12 straight weeks below the mark of 80; the last time Consumer Confidence spent at least 12 weeks below the mark of 80 was during the 1990-91 recession, when the index was conducted on a monthly rather than a weekly basis. Consumer Confidence is now 13.5pts below the same week a year ago (90.8), and 2.9pts below the 2023 weekly average of 80.2. Consumer Confidence was up in Victoria, Queensland, WA and SA, but down in New South Wales. Now 18% of Australians (up 1ppt) say their families are ‘better off’ financially than this time last year, while 49% (down 7ppts) say their families are ‘worse off’ financially. Some 30% (unchanged) of Australians now expect their family to be ‘better off’ financially this time next year, while 36% (down 1ppt) expect to be ‘worse off’ financially. Only 8% (up 2ppts) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 39% (up 2ppts) expect ‘bad times’. Meanwhile, 17% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 53% (down 2ppts) say now is a ‘bad time to buy’.

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

Union fights BHP labour-hire pay

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 2 : 24-May-23

The Mining & Energy Union has applied to the Fair Work Commission to hold a ballot on protected industrial action against BHP regarding its in-house labour hire firm. The proposed industrial action by employees of BHP’s Operation Services division follows nearly six months of negotiations over a new pay deal, which has been rejected by a majority of the 4,500-strong workforce. The union also wants the FWC to reject a new maintenance agreement that was backed by a majority of OS staff in March; the union contends that BHP did not properly explain to workers the difference in pay and hours between the industry award and this agreement.

CORPORATES
BHP GROUP LIMITED – ASX BHP, MINING AND ENERGY UNION, AUSTRALIA. FAIR WORK COMMISSION

ABC staff lead bogus claims against News

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Original article by James Madden
The Australian – Page: 1 & 2 : 24-May-23

The ABC’s somewhat controversial coverage of King Charles III’s coronation continues to attract scrutiny. Critics of News Corp Australia in turn have made false claims about the extent of the Rupert Murdoch-controlled media group’s reporting of the ABC’s coronation coverage. The Guardian Australia recently claimed that The Australian and Sky News had mentioned the public broadcaster’s coronation coverage and presenter Stan Grant more than 150 times in the last two weeks. This unverified claim has since been repeated by other left-leaning media outlets, but independent research has shown that shown that the Guardian’s figures are incorrect. Despite this, the ABC continues to contend that it is "under attack" from News Corp.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, SKY NEWS, THE GUARDIAN AUSTRALIA

Support for the Andrews Government up since the Victorian Election; Pesutto’s handling of Moira Deeming had a negative impact on his job approval as leader

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Original article by Roy Morgan
Market Research Update – Page: Online : 24-May-23

A Roy Morgan Snap SMS Poll shows that support for the ALP Government in Victoria has increased to 61.5% (up 6.5% points since the 2022 state election) on a two-party preferred basis; support for the Liberal-National Coalition is on 38.5% (down 6.5% points). Primary vote support for the ALP has increased by 5.3% points to 42% since the election, while support for the L-NP Coalition is down 6% points to 28.5%. Support for the Greens is up 1% point to 12.5%, while support for other minor parties and independents attracts 17% of the vote (down 0.3% points). Meanwhile, Premier Daniel Andrews has a large lead over Opposition leader John Pesutto as the preferred Premier in the first head-to-head poll Roy Morgan has conducted between the two leaders. Now 64% of electors say Andrews would make the ‘Better Premier’, compared to only 36% who say Pesutto. Now 52.5% (down 5% points since November) of Victorian electors approve of the way Andrews is handling his job, while 47.5% (up 5% points) disapprove. In contrast, a majority of 53.5% of Victorian electors disapprove of the job Pesutto is doing, and only 46.5% approve. This Roy Morgan Snap SMS Poll was conducted from May 17-22, 2023, with a Victoria-wide cross-section of 2,095 Victorian electors aged 18+.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF VICTORIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, VICTORIA. DEPT OF PREMIER AND CABINET

Strong super gains tipped for 2023

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Original article by Louise Brannelly
The Australian – Page: 17 : 24-May-23

Data from Chant West shows that the median growth superannuation fund posted a return of f 1.2 per cent in April and 8.1 per cent for the first 10 months of 2022-23. Mano Mohankumar of Chant West shows that returns have been flat so far in May, but growth funds are still on track to achieve a full-year return of around eight per cent. This compares with a loss of 3.3 per cent in 2021-22. SuperRatings’ executive director Kirby Rappell is also upbeat about the sector’s performance in 2022-23.

CORPORATES
CHANT WEST FINANCIAL SERVICES PTY LTD, SUPERRATINGS PTY LTD

Heavy price as cash crisis crushes Victoria

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Original article by Shannon Deery
Herald Sun – Page: 7 : 24-May-23

Victoria’s Treasurer Tim Pallas says the Covid debt levies announced in the state’s 2023 budget are temporary, targeted and responsible. Victorians who own holiday homes and investment properties will pay a new land tax which is expected to raise around $4.7bn over the forward estimates period and will remain in place for a decade. There are fears that the levy will worsen the housing crisis by pushing up rents and deterring investment in the rental market. The government also expects to raise $3.9bn via a new payroll tax levy on businesses with a wages bills of more than $10m. The state’s own wages bill is forecast to rise by $5bn over the next four years, despite plans to shed up to 4,000 public sector jobs. Opposition leader John Pesutto says the budget is mean and nasty, adding that it shows that Victoria is broke.

CORPORATES
VICTORIA. DEPT OF TREASURY AND FINANCE, LIBERAL PARTY OF VICTORIA

Stage-three tax cuts cost blowout predicted with the wealthy and men to benefit most

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Original article by Paul Karp
The Guardian Australia – Page: Online : 17-May-23

The Parliamentary Budget Office’s latest analysis of the legislated stage-three personal income cuts is that the package will cost $313bn over a decade. This compares with a previous estimated of $254bn, released in October 2022. The PBO’s analysis was undertaken on behalf of the Greens, and concludes that men will receive 65 per cent of the tax cuts over 10 years, or $203.7bn of the total. People in the highest income brackets are also set to gain the most benefit from the tax package. Greens leader Adam Bandt describes the stage-three tax cuts as a "massive black hole", and argues that the money should be spent on services for all Australians rather than benefiting the wealthy.

CORPORATES
AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, AUSTRALIAN GREENS

Inflation Expectations dropped 0.3% points to 5.3% in April 2023

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Original article by Roy Morgan
Market Research Update – Page: Online : 17-May-23

In April 2023, Australians expected inflation of 5.3% annually over the next two years, down 0.3% points from March. The monthly decrease in Inflation Expectations came before the RBA decided to increase interest rates in early May and before last week’s Federal Budget. The monthly decrease in April has been sustained in the first two weeks of May, with weekly Inflation Expectations still at 5.3% in mid-May and averaging 5.3% since late March. A look at Inflation Expectations on a State-based level shows Inflation Expectations declining in most States in April; however, Queensland and Tasmania bucked the trend. A key factor to take account of is that Queensland and Tasmania are the two most decentralised States in Australia, with the majority of the population living outside the respective Capital Cities. The data for the Inflation Expectations series is drawn from the Roy Morgan Single Source, which has interviewed an average of around 4,900 Australians aged 14+ per month over the last decade and includes interviews with 7,489 Australians aged 14+ in April.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

BCA pushes against same job, same pay law

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 6 : 17-May-23

The Business Council of Australia contends that the federal government’s proposed ‘same job, same pay’ laws for labour hire firms are not necessary. The BCA has used its submission to a consultation paper on the reforms to argue that they could have unintended consequences, such as the increased use of casual labour and fewer enterprise agreements. The BCA also says the reforms should be restricted to traditional labour hire firms rather than including in-house ones such as BHP’s Operations Services division. The labour hire changes will be a key part of the government’s second tranche of industrial relations reforms.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA