Author: roymorgansocial

Right to strike law risks jobs

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Original article by David Marin-Guzman, Phillip Coorey, Carrie LaFrenz
The Australian Financial Review – Page: 1 & 6 : 28-Oct-22

The federal government tabled its Secure Jobs, Better Pay bill in parliament on Thursday. A Senate inquiry into the proposed legislation will report on 17 November, after a push by independent senator David Pocock to delay it until February was rejected. Workplace Relations Minister Tony Burke has indicated that he is open to making changes to the multi-­employer bargaining provisions of the bill, which will allow unions to undertake industry-wide industrial action for the first time. Business leaders have expressed concern about the proposed reforms; Australian Industry Group CEO Innes Willox says they will result in more strikes and fewer jobs, while Minerals Council of Australia CEO Tania Constable warns that expanding multi-employer bargaining will "unleash industrial chaos" on the mining sector.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS, THE AUSTRALIAN INDUSTRY GROUP, MINERALS COUNCIL OF AUSTRALIA

Higgins lashes justice system stacked against victims

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Original article by Kristin Shorten, Remy Varga, Sarah Ison
The Australian – Page: 1 & 5 : 28-Oct-22

Alleged rape victim Brittany Higgins could potentially face a contempt of court charge over comments she made after the trial of Bruce Lehrmann was aborted. Higgins addressed the media after the jury had been discharged, stating that she felt that she had been the person on trial as her life had been publicly scrutinised while Lehrmann was not required to give evidence during his trial. Lehrmann’s lawyers have referred Higgins to both the Australian Federal Police and the ACT Supreme Court over the comments. The jury was discharged after it emerged that one of them had an academic paper on sexual assault. Justice Lucy McCullum said she had warned the jurors on multiple occasions that they must not undertake any research of their own on matters relating to the case. Lehrmann will face a new trial in February.

CORPORATES
AUSTRALIAN FEDERAL POLICE, SUPREME COURT OF THE AUSTRALIAN CAPITAL TERRITORY

Brisbane house prices set to fall 15pc: ME Bank

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Original article by Nila Sweeney
The Australian Financial Review – Page: 33 : 28-Oct-22

ME Bank now expects dwelling prices across Australia’s capital cities to fall by a larger margin than it had forecast in June. House prices in most capital cities have fallen sharply since the Reserve Bank started tightening monetary policy in May. ME Bank’s chief economist Peter Munckton says Brisbane house prices in particular have fallen more quickly than expected in recent months. ME Bank expects house prices in the Queensland capital to fall by 15 per cent from peak to trough, compared with its June forecast of an eight per cent decline.

CORPORATES
ME BANK, RESERVE BANK OF AUSTRALIA

Future dark under ALP: Dutton

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Original article by Geoff Chambers
The Australian – Page: 1 & 2 : 28-Oct-22

Opposition leader Peter Dutton has used his budget-reply speech to criticise the federal government’s stance on a range of issues, including industrial relations, energy policy, housing and taxation. Dutton described Labor’s push for multi-employer bargaining as a "throwback to the 1980s" that will reduce productivity and result in strike action across the country. Dutton also contended that the government’s first budget will leave the average family about $2,000 worse off by Christmas, given that it will result in a rise in power prices, the cost of living, taxes, interest rates, unemployment and the deficit. Dutton said the government has already broken its election promise to reduce energy bills by $275 within three years, and he claimed that Labor is "laying the groundwork to break" its promise on the stage-three tax cuts. He also backed the Coalition’s proposal to allow people to use superannuation savings to buy their first home, contending that Labor’s budget plan to encourage super funds and other institutional investors to fund one million new homes is unrealistic.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY

Economists tip supersized Cup day rate rise

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Original article by Ronald Mizen
The Australian Financial Review – Page: 11 : 28-Oct-22

Westpac’s chief economist Bill Evans expects the Reserve Bank of Australia to increase the cash rate by 50 basis points in November, in response to the latest inflation data. Westpac now anticipates that official interest rates will peak at 3.85 per cent, a view shared by the Commonwealth Bank. National Australia Bank and ANZ in turn expect interest rates to peak at 3.6 per cent and 3.1 per cent respectively. Meanwhile, financial markets have priced in a 25 basis point increase in November.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, RESERVE BANK OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Consumer spending for the Spring Racing Carnival to reach $1.6 billion

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Original article by Roy Morgan
Market Research Update – Page: Online : 28-Oct-22

New research from the Australian Retailers Association in collaboration with Roy Morgan shows that over 1.5 million people plan to attend a Spring Racing Carnival event trackside this year. More than 1.9 million Australians plan to attend events not on the track, such as in restaurants or other hospitality venues. People celebrating the Spring Racing Carnival will spend an average amount of $1,076 on themselves, totalling $1.6 billion in spending. Meanwhile, 52% of people say they are spending the same or more than they did last year on their Spring Racing Carnival celebrations. A new dress or suit is the most common consumer purchase (mentioned by 68% of people planning to attend a Spring Racing Carnival event), followed by a hat/fascinator (35%), a pair of shoes (31%) and jewellery (26%). The ARA-Roy Morgan Snap SMS survey was conducted with an Australia-wide cross-section of 1,694 Australians aged 18+ on Friday September 30 to Tuesday October 4.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN RETAILERS ASSOCIATION

Fortescue exports up, prices down

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Original article by Nick Evans
The Australian – Page: 13 & 17 : 28-Oct-22

Fortescue Metals Group has advised that its Pilbara iron ore shipments totalled 47.5 million tonnes in the September quarter, four per cent higher than the previous corresponding period. Fortescue expects full-year shipments for 2022-23 to be within the range of 187 million to 192 million tonnes. Meanwhile, the iron ore miner’s average cash production costs rose 16 per cent year-on-year, to $US17.69 a tonne. Fortescue chairman Andrew Forrest says rising fuel prices was the major contributor to the higher production costs during the period. Meanwhile, the average price Fortescue received for its iron ore fell to $US87.43 per dry metric tonne.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Labor scraps pay secrecy clauses

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Original article by Ewin Hannan
The Australian – Page: 1 & 4 : 19-Oct-22

Federal cabinet has approved the Secure Jobs Better Pay bill, which will be put before parliament on 27 October. Employment and Workplace Relations Minister Tony Burke says that helping to close the gender pay gap is a key objective of the bill. Amongst other things, the legislation will ban the use of pay secrecy clauses in employment contracts, while gender equity will be become a central objective of the Fair Work Act. The bill will also broaden the scope of multi-employer bargaining, simplify the ‘better-off-overall test’ and abolish the Australian Building & Construction Commission. A second tranche of industrial reforms in 2023 will include increased workplace rights for gig economy workers and ‘same job, same pay’ rules for labour hire workers.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS

Shorten: NDIS blows out to $50b

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Original article by Phillip Coorey, Michael Read
The Australian Financial Review – Page: 1 & 6 : 19-Oct-22

The federal government will bring forward a review of the National Disability Insurance Scheme, amid growing concern about the rising cost of the program. NDIS Minister Bill Shorten says the review will examine its operation, sustainability and responsiveness to participants’ needs. He has conceded that many people who use the NDIS do not have "complex needs". Shorten has revealed that the government’s first Budget on 25 October would show that the projected cost of the NDIS will rise by $8.8bn over the next four years, to $50bn a year. The former Coalition government had estimated that it would cost $44.6bn annually by 2025-26.

CORPORATES
AUSTRALIA. DEPT OF SOCIAL SERVICES

ALP increases its large election-winning lead over the Liberal-National Coalition in Victoria in September: ALP 60% cf. L-NP 40%

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Original article by Roy Morgan
Market Research Update – Page: Online : 19-Oct-22

A multi-mode Roy Morgan Poll shows that the ALP has increased its election-winning lead over the Liberal-National Coalition in Victoria. The ALP is now on 60% (up 2% points since August) on a two-party preferred basis, well ahead of the L-NP on 40% (down 2% points) less than two months before the State Election. If a State Election were held today the ALP would win easily. The ALP’s primary vote is now 42% (up 5.5% points since August) and has now moved even further ahead of the L-NP on 28% (down 1% point). Despite the increase in support for the ALP, support for both major parties has dropped since the 2018 State Election. Meanwhile, support for the minor parties is up significantly since 2018, mirroring the trend seen at the recent Federal Election when 34.1% of Victorians voted for a minor party. Overall, nearly a third of Victorians (30%) say they will vote for a minor party or independent in the State Election in November. The Greens attract the most support from these voters at 14.5% (up 0.5% points since August 2022) and a further 15.5% is spread between an array of minor parties and independents. This Roy Morgan Poll on State voting intention was conducted with a representative cross-section of 1,379 Victorian electors aged 18+ during the month of September.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF VICTORIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS