Author: roymorgansocial

Construction insolvencies approach decade high

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Original article by Michael Bleby
The Australian Financial Review – Page: 29 & 31 : 19-Apr-23

Data from the Australian Securities & Investments Commission shows that there were 524 insolvencies in the construction sector in the March quarter and 1,601 in the first nine months of 2022-23. Australian Restructuring Insolvency & Turnaround Association CEO John Winter says the number of insolvencies in the sector is on track to exceed the decade-high of 1,802 recorded in fiscal 2014. He adds that the residential construction sector is suffering a severe hangover after years of a surge fuelled by cheap credit.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN RESTRUCTURING INSOLVENCY AND TURNAROUND ASSOCIATION

Fox and Dominion settle for $US787.5m in defamation lawsuit over election lies

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Original article by Sam Levine, Kira Lerner
The Guardian – Page: Online : 19-Apr-23

Fox Corporation has agreed to an out-of-court settlement with Dominion Voting Systems regarding the latter’s $US1.6bn defamation case. The legal action centred on claims made by Fox News presenters that Dominion’s voting machines were used to manipulate the 2020 US presidential election. The parties reached a settlement shortly before the six-week jury trial was scheduled to begin. The terms of the $US787.5m ($1.17bn) settlement have not been disclosed. Fox Corp chairman Rupert Murdoch is amongst those who had been called to testify.

CORPORATES
FOX CORPORATION, FOX NEWS, DOMINION VOTING SYSTEMS CORPORATION

Burying a $34bn budget bomb

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Original article by Patrick Commins, Geoff Chambers
The Australian Financial Review – Page: 1 & 4 : 19-Apr-23

The federal government’s Economic Inclusion Advisory Committee has made 37 recommendations in a report that has been released ahead of the budget on 9 May. The Treasury’s modelling suggests that implementing all of the recommendations would cost more than $34bn over the forward estimates period. This includes $24bn for the committee’s proposal to increase the JobSeeker allowance to 90 per cent of the age pension. Treasurer Jim Chalmers has indicated that the government will consider some of the recommendations, but he has downplayed the prospect of a large increase in JobSeeker amid the need for fiscal restraint. However, he says the budget will include measures to address disadvantage.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY

ANZ-Roy Morgan Consumer Confidence down 2.1pts to 77.2

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Original article by Roy Morgan
Market Research Update – Page: Online : 19-Apr-23

ANZ-Roy Morgan Consumer Confidence fell 2.1pts to 77.2 in the week to April 16. The index has now been below the mark of 80 for a seventh straight week – the longest stretch since the index began being conducted on a weekly rather than monthly basis in October 2008. Consumer Confidence is now 19.6pts below the same week a year ago (96.8) and 3.8pts below the 2023 weekly average of 81.0. Consumer Confidence was down in New South Wales, Victoria, Queensland and South Australia, but up slightly in Western Australia; it now the only State with Consumer Confidence above the mark of 80. Now 18% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 50% (down 2ppts) say their families are ‘worse off’ financially. Some 30% (down 2ppts) of Australians now expect their family to be ‘better off’ financially this time next year, while 36% (up 3ppts) expect to be ‘worse off’ financially. Only 6% (down 2ppts) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 36% (down 1ppt) expect ‘bad times’. Meanwhile, 18% (down 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 55% (up 3ppts) say now is a ‘bad time to buy’.

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

Twin RBA rate rises may be on horizon

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Original article by Alex Gluyas
The Australian Financial Review – Page: 27 : 19-Apr-23

Morgan Stanley believes that the strength of the domestic economy means that the Reserve Bank of Australia may increase the cash rate by 25 basis points in both August and September. Shares in retail and property-related stocks have risen in recent weeks amid speculation that the RBA’s monetary policy tightening cycle may have ended following the pause in April. However, Morgan Stanley cautions that the rebound may be premature, given that inflation remains high and the official unemployment rate is steady at 3.5 per cent.

CORPORATES
MORGAN STANLEY AUSTRALIA LIMITED, RESERVE BANK OF AUSTRALIA

Women are (slowly) closing the superannuation gap

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Original article by Roy Morgan
Market Research Update – Page: Online : 19-Apr-23

New research from Roy Morgan shows that over the last decade, women have been closing the ‘gender superannuation gap’ on men both for ownership levels and average balances. In 2012 only 66.2% of females had super, compared with 74.8% of males – a gap of 8.6% points. The gap has since been reduced to 3.9% points, with 70.9% of females now having super compared with 74.8% of males. Meanwhile, the average super balance for females has grown faster than males since 2012. Over the last decade the average super balance of females grew by 38% (to $154k), compared to males with an increase of 26% (to $216k). These are the latest results from Roy Morgan’s Single Source survey, which is based on in-depth personal interviews conducted with over 500,000 Australians over the last decade, including over 300,000 with superannuation.

CORPORATES
ROY MORGAN LIMITED

OZ Minerals boss Andrew Cole won’t follow his mines to BHP

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Original article by Peter Ker
The Australian Financial Review – Page: 15 : 19-Apr-23

OZ Minerals CEO Andrew Cole intends to "take a break" after more than eight years at the helm of the copper and nickel miner, and he will not join BHP when the $9.6bn takeover is completed. BHP is paying $28.25 per share for OZ; the company’s shares were trading at around $3 when Cole was appointed CEO in late 2014. Cole is highly regarded within the resources sector, and some Newcrest Mining shareholders had called for him to be recruited to succeed Sandeep Biswas following the latter’s departure in December.

CORPORATES
OZ MINERALS LIMITED – ASX OZL, BHP GROUP LIMITED – ASX BHP, NEWCREST MINING LIMITED – ASX NCM

Labor considering tougher anti-money laundering laws

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Original article by Tom McIlroy
The Australian Financial Review – Page: 2 : 13-Apr-23

A Senate committee recommended a number of changes to Australia’s money-laundering laws in a report that was released prior to the 2022 federal election. A spokesman for Attorney-General Mark Dreyfus has indicated that the federal government is considering the report. Amongst other things, the committee has called for the implementation of the Tranche 2 reforms, which would broaden the nation’s anti-money laundering and counter terrorism financing laws to apply to the real estate, accounting and legal professions. Australia, the US and Canada are the only major developed countries whose money-laundering laws do not apply to these sectors.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT

Roy Morgan Business Confidence down 2.2 points to 93.6 in March before the RBA paused interest rate hikes

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

In March 2023, Roy Morgan Business Confidence was 93.6 (down 2.2pts since February), after the RBA raised interest rates for a record tenth consecutive meeting in March but before it left the cash rate unchanged in April. The fall in Business Confidence in March was the second consecutive fall after a new year’s boost in January, although the index remains below the recent low of 90.2 reached in November 2022. Business Confidence is also 18.9pts below the long-term average of 112.5. Now 41.8% of businesses (up 0.6ppts) expect the business will be ‘better off’ financially this time next year, while 27.1% (down 1ppt) expect the business will be ‘worse off’. Meanwhile, 46.1% (down 0.4ppts) say the next 12 months will be a ‘good time to invest in growing the business’, while 45.2% (down 1ppt) say it will be a ‘bad time to invest in growing the business’.

CORPORATES
ROY MORGAN LIMITED

Distrust behind recent election losses for the Liberals

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

The Liberal Party suffered a crippling and unexpected loss in the Aston by-election in early April, losing the once safe seat in Melbourne’s outer eastern suburbs to Labor – the first time a government has won a seat off an opposition at a federal by-election since 1920. This latest loss came only a week after the Liberals suffered defeat at the New South Wales election, following losses at the federal, Victorian and South Australian elections in 2022. Roy Morgan’s data has consistently shown that the Liberal Party, as well as its leaders, are suffering from deep levels of distrust (far outweighing their levels of trust), while the Labor Party has generally recorded near equal levels of trust and distrust. Roy Morgan CEO Michele Levine says that before the Liberal Party can re-gain the trust of the Australian people and form government again, it must first neutralise its high levels of distrust. This must be a key focus for the opposition between now and the next federal election.

CORPORATES
ROY MORGAN LIMITED, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY