Author: roymorgansocial

Delays to business travel likely

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Original article by Hannah Wootton
The Australian Financial Review – Page: 7 : 11-Jan-23

Australia China Business Council president David Olsson does not expect a significant upturn in business travel to China until March. He notes that airline and rail tickets in China are scarce in the lead-up to the Lunar New Year, so many business leaders are not planning to travel to China until February or March. He adds that there a number of challenges in gaining business visas for China, as it is taking longer than usual to process visa applications and China is not yet issuing multiple-visit visas.

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AUSTRALIA CHINA BUSINESS COUNCIL

Labor caps carbon price

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Original article by John Kehoe
The Australian Financial Review – Page: 1 & 5 : 11-Jan-23

Australia’s 215 biggest industrial polluters will be required to reduce their greenhouse gas emissions by an average of 4.9 per cent annually between 2023 and 2030, under the federal government’s changes to the safeguard mechanism. The changes take effect on 1 July, and will apply to sectors such as mining, oil and gas, manufacturing and transport. The government will cap the carbon price for heavy emitters at $75 per tonne, although it will rise in line with the inflation rate. The government will also provide $600m from the Powering the Regions Fund to assist trade-­exposed businesses and regions to ­invest in technologies that will lower their carbon emissions.

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Chalmers asks ACCC to probe deposit rates

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Original article by Ayesha de Kretser
The Australian Financial Review – Page: 12 & 15 : 11-Jan-23

Treasurer Jim Chalmers says consumers with savings accounts should consider switching banks to get a better deal, given that some banks still have low deposit interest rates despite eight increases in the cash rate during 2022. Chalmers contends that banks should treat their customers fairly with regard to savings accounts, and he has asked the Australian Competition & Consumer Commission to examine this issue in 2023. Analysis shows that smaller banks generally have much more competitive interest rates on deposit accounts than the nation’s four major banks.

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AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

ANZ-Roy Morgan Consumer Confidence jumps 4.9pts to 87.4 in traditional New Year’s bounce – highest since September 2022

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Original article by Roy Morgan
Market Research Update – Page: Online : 11-Jan-23

ANZ-Roy Morgan Consumer Confidence rose 4.9pts to 87.4 in the week ended 8 January, to reach its highest level since late September 2022 (87.8). However, Consumer Confidence is 18.6pts below the same week a year ago (106.0), although it is now only 1.3pts below the 2022 weekly average of 88.7. Consumer Confidence was up in NSW, Victoria, Queensland and South Australia, but down in Western Australia. Now 22% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 45% (down 1ppt) say their families are ‘worse off’ financially. Some 33% (up 3ppts) of Australians expect their family to be ‘better off’ financially this time next year, while 28% (down 5ppts) expect to be ‘worse off’ financially. Only 9% (up 3ppts) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 32% (down 3ppts) expect ‘bad times’. Meanwhile, 26% (up 4ppts) of Australians say now is a ‘good time to buy’ major household items, while 45% (down 3ppts) say now is a ‘bad time to buy’.

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

Fortescue’s finance boss wants time with family

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 18 : 11-Jan-23

Fortescue Metals Group’s outgoing chief financial officer Ian Wells says that having the opportunity to contribute to the iron ore miner has been a privilege. He will leave Fortescue on 31 January after nearly 13 years at the company, including five years as CFO. Wells says he is looking forward to spending some time with his family and friends. He adds that Fortescue is in a strong position to deliver on its short, medium and long-term growth options, including the Iron Bridge magnetite project and the Fortescue Future Industries subsidiary’s clean energy projects.

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FORTESCUE METALS GROUP LIMITED – ASX FMG, FORTESCUE FUTURE INDUSTRIES PTY LTD

Worry about Japan not China, says Beijing’s top envoy in Australia

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Original article by Matthew Knott
The Age – Page: Online : 11-Jan-23

China’s ambassador to Australia Xiao Qian says the relationship between the two nations is at "a critical stage of turnaround". Xiao has claimed that the AUKUS alliance is targeting China and buying nuclear-powered submarines will not solve Australia’s security concerns. Xiao contends that Japan is a greater military threat than his nation, given that Japan has never officially apologised for its conduct during World War II, including the bombing of Darwin and the mistreatment of prisoners of war. He argues that the lack of an apology means that Japan could potentially go to war with Australia again. However, Australia and Japan have established close security ties in recent decades.

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Battle of the Murdochs

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Original article by Alex Barker
The Australian Financial Review – Page: 36 & 37 : 11-Jan-23

The future of the Murdoch family’s media empire is under scrutiny in the wake of a proposal to reunify News Corp and Fox Corp. Succession planning has emerged as a key issue, with patriarch Rupert Murdoch in his 90s and eldest son Lachlan Murdoch widely seen as the heir apparent. However, the question arises as to whether the Murdoch family will allow Lachlan to take over. For most of his career, Rupert Murdoch did not have control of the family business, as he could be outvoted by his siblings. Lachlan may face the same situation, given that his own siblings have equal stakes in the media empire.

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NEWS CORPORATION – ASX NWS, FOX CORPORATION

Labor urged to keep golden ticket investor visa primarily used by Chinese migrants

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Original article by Paul Karp
The Guardian Australia – Page: Online : 10-Jan-23

The Productivity Commission recommended abolishing the significant investor visa in 2016, and Home Affairs Minister Clare O’Neil stated in September 2022 that the visa could be scrapped because it is not "adding value" to Australia. However, the Australia China Business Council has used its submission to a migration review to argue that these visas can generate significant economic benefits and should be retained. Some 2,300 significant investor visas have been granted since 2012, with migrants from Chinese receiving some 85 per cent of them.

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AUSTRALIA. PRODUCTIVITY COMMISSION,AUSTRALIA. DEPT OF HOME AFFAIRS,AUSTRALIA CHINA BUSINESS COUNCIL

Australian Open boss Craig Tiley slams calls to move tournament date

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Original article by
abc.net.au – Page: Online : 10-Jan-23

Australian Open tournament director Craig Tiley has attacked a recent media article that called for the event to be moved to another date, but he does agree that the tennis season should be reduced in length. There are regular calls for the Australian Open to be shifted to another date, due to the heat of Australia’s summer and to give players more time to prepare after their short off-season. Tiley has also confirmed players will no longer be required to report positive COVID-19 tests but will be encouraged to stay away if sick, while he is confident that Australian Open spectators will welcome back Novak Djokovic after he missed the 2022 event as a result of being deported in the wake of his refusal to get vaccinated against COVID-19.

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More older Australians working than ever before, data reveals

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Original article by Noah Yim
The Daily Telegraph – Page: Online : 10-Jan-23

Data from the Australian Bureau of Statistics shows that five per cent of the nation’s workers – some 689,900 people – were aged 65+ in November 2022. This compares with 619,800 in November 2019, prior to the onset of the COVID-19 pandemic. Independent economist Chris Richardson notes that employers had to reconsider the value of older workers during the pandemic, due to the historically low unemployment rate and the lack of access to younger workers from overseas. He adds that Australia’s shift to a service economy means the physical negatives of ageing are now much less of a problem than in the past.

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AUSTRALIAN BUREAU OF STATISTICS