Author: roymorgansocial

Real wages growth story is an ugly one

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Original article by Patrick Commins
The Australian – Page: 4 : 18-Jan-23

Treasurer Jim Chalmers has talked up the fact that wages grew by 3.1 per cent in the year to November. This was the fastest growth in wages since September 2013, and Chalmers has highlighted the fact that average wage growth has been just 2.3 per cent annually over the last decade. However, an inflation rate of 7.3 per cent means that real wages shrank by 4.2 per cent in the year to September, and average annual real wage growth over the last decade was just 0.4 per cent. The Treasury and the Reserve Bank do not anticipate real wage growth until 2024.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA

Rio’s big new mine to hit full speed

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Original article by Peter Ker
The Australian Financial Review – Page: 17 : 18-Jan-23

Rio Tinto has advised that it expects iron ore shipments from the Pilbara in calendar 2023 to be within the range of 320 million to 335 million tonnes. This is in line with its 2022 guidance; its shipments for the year were at the bottom end of this range, at 321.6 million tonnes. Meanwhile, Rio Tinto has indicated that its new Gudai-Darri iron ore mine is expected to reach its maximum capacity of 43 million tonnes a year on a "sustained basis" at some stage in 2023. BHP and Fortescue Metals Group are slated to release their quarterly iron ore export data in coming days.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP GROUP LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG

Roy Morgan Business Confidence rebounded by 5.8 points to 96.0 in December as Australians spent big for Christmas

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Original article by Roy Morgan
Market Research Update – Page: Online : 18-Jan-23

In December 2022, Roy Morgan Business Confidence rose 5.8 points to 96.0, largely recovering from the 6.4 point decline in November. The increase in Business Confidence came despite the Reserve Bank’s decision to raise interest rates for an eighth straight month in early December. However, Business Confidence is 16.8pts below the long-term average of 112.8. Now 39.2% (up 5.1ppts) of businesses expect ‘good times’ for the Australian economy over the next year, while 39.4% (up 5.9ppts) expect ‘good times’ for the economy over the next five years. Meanwhile, 58.7% of businesses expect ‘bad times’ for the economy over the next year, and 54.5% expect ‘bad times’ for the economy over the next five years.’ Some 47.3% (up 2.6ppts) of businesses expect the business will be ‘better off’ financially this time next year, and 39.6% (down 3.5ppts) say the next 12 months will be a ‘good time to invest in growing the business’.

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ROY MORGAN LIMITED

Nine to take a hit from Kyrgios’s Australian Open exit

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Original article by Sophie Elsworth
The Australian – Page: 2 : 18-Jan-23

Data from OzTAM shows that the Nine Network’s broadcast of the first night session of the 2023 Australian Open attracted a national audience of just 476,000; this compares with 885,000 viewers in 2022. The withdrawal of Nick Kyrgios from the grand slam tournament due to injury is expected to affect Nine’s rating for the remainder of the event, given that he was one of the major drawcards. A TV industry insider notes that viewers have traditionally tended to lose interest when the leading tennis stars are not playing or are defeated in the early rounds. Nine Entertainment Company renewed its broadcasting rights deal in late 2022; it is paying about $85m a year, plus contra.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, AUSTRALIAN OPEN TENNIS

Chalmers still open to JobSeeker increase

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Original article by Sarah Ison
The Australian – Page: 2 : 18-Jan-23

Australian Council of Social Service CEO Cassandra Goldie has called for the JobSeeker payment to be increased from $48 per day to at least $73. The Greens in turn advocate increasing it to $88 per day. Treasurer Jim Chalmers has indicated that he may be open to increasing JobSeeker, after some members of the federal government’s economic inclusion advisory committee supported such a move. However, he has reiterated the need to take into account other pressures on the economy. Gareth Aird from the Commonwealth Bank cautions that increasing JobSeeker would boost inflation and may create a disincentive for unemployed people to work.

CORPORATES
AUSTRALIAN COUNCIL OF SOCIAL SERVICE, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE TREASURY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

S&P warns of climate credit risks

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Original article by David Ross
The Australian – Page: 15 : 18-Jan-23

S&P Global Ratings says the severity and frequency of bushfires and floods facing Australia is increasing. The firm has warned that the credit ratings of the nation’s banks, insurers, and state and local governments could potentially be downgraded if this trend continues. S&P Global Ratings adds that insurers face the greatest risk from weather-related events, given that they are set to experience two successive years of large losses.

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S&P GLOBAL RATINGS

ANZ-Roy Morgan Consumer Confidence virtually unchanged at 87.7 in second week of January – highest since September 2022

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Original article by Roy Morgan
Market Research Update – Page: Online : 18-Jan-23

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 87.7 in the week ended 15 January, at its highest level since late September 2022 (87.8). However, Consumer Confidence is 10.5pts below the same week a year ago (97.9), although it is now only 1pt below the 2022 weekly average of 88.7. Consumer Confidence was mixed around Australia and was up in Victoria and Western Australia (for the first time this year), but down in NSW, Queensland and South Australia. Now 22% of Australians (unchanged) say their families are ‘better off’ financially than this time last year, while 43% (down 2ppts) say their families are ‘worse off’ financially. Some 35% (up 2ppts) of Australians expect their family to be ‘better off’ financially this time next year (the highest figure for this indicator since March 2022), while 29% (up 1ppt) expect to be ‘worse off’ financially. Only 8% (down 1ppt) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 31% (down 1ppt) expect ‘bad times’. Meanwhile, 26% (unchanged) of Australians say now is a ‘good time to buy’ major household items, while 46% (up 1ppt) say now is a ‘bad time to buy’.

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

No vote would be bad look: Albanese

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Original article by Paul Garvey
The Australian – Page: 2 : 11-Jan-23

Prime Minister Anthony Albanese says Australia’s international reputation would be damaged if the referendum on an Indigenous voice to parliament is defeated. He says a ‘no’ vote would send a bad message with regard to reconciliation, as well as the in the way Australia is perceived internationally. Albanese contends that the voice would be subservient to the parliament and will only be a voice of consultation on matters that affect Aboriginals and Torres Strait Islanders. Former prime minister Tony Abbott has cautioned that changing the Constitution should never be done lightly.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Bowen considers import carbon tariff

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Original article by Peter Ker
The Australian Financial Review – Page: 5 : 11-Jan-23

Climate Change and Energy Minister Chris Bowen says the federal government may be open to implementing a Carbon Border Adjustment Scheme along the lines of the one that will be introduced by the European Commission. Bowen says it is the right time for Australia to "cautiously" consider a tariff on imported products that have a large carbon footprint. However, such a scheme could potentially affect Australia’s key trading partners such as China, Japan and the US. Bowen says any decision on such a scheme will be not be made by July, when changes to the safeguard mechanism will take effect.

CORPORATES
AUSTRALIA. DEPT OF CLIMATE CHANGE, ENERGY, THE ENVIRONMENT AND WATER

Unions push for a wage deal levy for non-members

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Original article by Angus Thompson
The Age – Page: Online : 11-Jan-23

Data from the Australian Bureau of Statistics shows that union membership fell to a record low of just 12.5 per cent in 2022. Several unions have called for a long-standing ban on imposing bargaining fees on non-members to be overturned. The Health Services Union’s national president Gerard Hayes and Australian Manufacturing Workers’ Union secretary Steve Murphy are amongst those who contend that workers who benefit from union-negotiated enterprise agreements but are not members of the union should pay a fee. Meanwhile, the ACTU has used its submission to a migration review to call for migrant workers to be inducted by unions and be given the opportunity to join one.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, HEALTH SERVICES UNION OF AUSTRALIA, AUSTRALIAN MANUFACTURING WORKERS’ UNION, ACTU