Author: roymorgansocial

No doubt interest rates will continue to climb: RBA

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Original article by Ronald Mizen
The Australian Financial Review – Page: 2 : 19-Oct-22

The Reserve Bank of Australia’s deputy governor Michele Bullock says inflation is still too high and further rises in the cash rate will be necessary in order to return it to the RBA’s target range of 2-3 per cent. Bullock has told the Australian Finance Industry Association’s annual conference that the RBA believes that it can reduce the inflation rate while avoiding a recession and preserving most of the jobs that have been created in recent times. Meanwhile, the minutes from the RBA’s latest meeting show that the board was of the view that slowing the pace of rate rises in October will give it time to assess incoming economic data.

CORPORATES
RESERVE BANK OF AUSTRALIA

ABC warns national anti-corruption commission could investigate journalists’ work

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Original article by Paul Karp
The Guardian Australia – Page: Online : 19-Oct-22

The ABC has raised a number of concerns in its submission to a parliamentary inquiry on the proposed National Anti-Corruption Commission. The public broadcaster said the definition of corruption means the legitimate work of ABC journalists could come under scrutiny by the NACC if they receive confidential government information or documents in the normal course of their work. The ABC has called for editorial work to be excluded from the scope of the NACC’s powers. The Australia’s Right To Know Coalition in turn has expressed concern that warrants could be used to reveal journalists’ sources.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIA’S RIGHT TO KNOW COALITION OF MEDIA COMPANIES

Flood crisis: Serious challenges over coming days

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Original article by Rachel Baxendale
The Australian – Page: 3 : 19-Oct-22

Victorian Premier Daniel Andrews has stressed that the state’s flood crisis is far from over, with more rain forecast in coming days. Andrews announced additional disaster relief assistance on Tuesday, following a visit to the flood-hit town of Shepparton. Emergency warnings remain in place in Rochester, Shepparton and other towns in the region’s flood zone, while evacuation orders remain in place for residents of towns near the Goulburn River. Evacuation orders have also been issued for Barmah and Lower Moira, while flood-hit Echuca residents are building a massive levee amid expectations that the Murray River will peak within days.

CORPORATES
VICTORIA. DEPT OF PREMIER AND CABINET

ANZ-Roy Morgan Consumer Confidence drops 2.4pts to 82.2 after Australian Dollar drops to lowest since April 2020

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

ANZ-Roy Morgan Consumer Confidence fell 2.4pts to 82.2 in the week ended 16 October. It is now 24.8pts below the same week a year ago (107.0), and 8.1pts below the 2022 weekly average of 90.3. Consumer Confidence fell in most States: down in NSW, Victoria, Queensland and South Australia, but there was an improvement in Western Australia. Now 22% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 45% (up 1ppt) say their families are ‘worse off’ financially. Some 32% (unchanged) of Australians expect their family to be ‘better off’ financially this time next year, while 34% (up 4ppts) expect to be ‘worse off’ financially. Only 7% (up 1ppt) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 38% (unchanged) expect ‘bad times’. Meanwhile, 22% (down 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 48% (up 3ppts) say now is a ‘bad time to buy’.

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

Gold miner St Barbara smashed by skills, gear shortage

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Original article by Peter Ker
The Australian Financial Review – Page: 18 & 24 : 19-Oct-22

St Barbara has advised that its gold production for 2022-23 will be within the range of 260,000 to 290,000 ounces. It had forecast full-year output of between 280,000 ounces and 315,000 ounces in mid-September. The company has attributed the production downward to labour shortages at its flagship Gwalia mine, which posted a significant fall in output for the September quarter. St Barbara sold 62,726 ounces of gold during the period, at an average price of $2,486 per ounce. Its shares closed nearly 22 per cent lower at $0.525 on Tuesday.

CORPORATES
ST BARBARA LIMITED – ASX SBM

Solar Energy Systems on households have more than doubled since 2018 – now at nearly a third of all households (32.3%)

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

The latest Roy Morgan research shows that over 3.2 million Australian households (32.3% of all households) owned a Solar Energy System in the year to June 2022, up from only 1.32 million (14%) in the year to June 2018. There were big increases in ownership of Solar Energy Systems in 2019 and 2020, although growth has levelled off over the last two years as the penetration of Solar Energy Systems approached one-third of all households. On a State-by-State basis there are more households in NSW (885,000) with Solar Energy Systems than anywhere else followed by Queensland (756,000), Victoria (728,000), WA (439,000) and SA (332,000). SA and WA have the highest rates of Solar Energy System penetration – over 40% of households. The ownership rates are significantly lower in South-Eastern Australia with under a third of households in Tasmania (30.2%), Victoria (27.7%) and New South Wales (26.6%) owning Solar Energy Systems. A primary reason which explains the lower rates of households with Solar Energy Systems in NSW and Victoria is the higher density living and far higher number (and proportion) of apartments, flats, units, semi-detached terraces and townhouses.

CORPORATES
ROY MORGAN LIMITED

Rio enlists Wrights to unlock phenomenal iron ore play

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Original article by Peter Ker, Brad Thompson
The Australian Financial Review – Page: 1 & 24 : 19-Oct-22

Rio Tinto hopes to commence production at the Rhodes Ridge iron ore deposit in the East Pilbara by 2030 after reaching agreement with Wright Prospecting to modernise their joint venture arrangement. The original agreement was signed in 1972, and Rhodes Ridge has been the subject of a long-running legal dispute between the descendants of Pilbara iron ore pioneers Peter Wright and Lang Hancock. Rio Tinto’s head of iron ore Simon Trott notes that most of the ore grade at Rhodes Ridge is above the benchmark level of 62 per cent iron content. Meanwhile, Rio Tinto has advised that it shipped 82.9 million tonnes of iron ore in the September quarter.

CORPORATES
RIO TINTO LIMITED – ASX RIO, WRIGHT PROSPECTING PTY LTD

Inflation Expectations down 0.2% points to 5.4% in September – before the petrol excise returned in full

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Original article by Roy Morgan
Market Research Update – Page: Online : 18-Oct-22

In September 2022, Australians expected inflation of 5.4% annually over the next two years, down 0.2% points from August. Inflation Expectations in September are 0.9% points higher than a year ago, and 2.2% points above the record low of 3.2% reached in June 2020. Although Inflation Expectations have dropped for a second straight month, the return of the full petrol excise at the end of September is set to lead to higher inflation expectations going forward. A deeper look at Inflation Expectations by employment status shows that the largest increase has been for people who are unemployed, up 2.6% points to 6.4% since the measure reached a record low in June 2020. The second highest Inflation Expectations are for those people who are under-employed, employed part-time but wanting more work, up 2% points to 5.8% since June 2020. On a State-based level Inflation Expectations were highest in New South Wales at 5.8% and Tasmania at 5.6%. The data for the Inflation Expectations series is drawn from the Roy Morgan Single Source which has interviewed an average of 4,700 Australians aged 14+ per month over the last decade, and includes interviews with 6,069 Australians aged 14+ in September.

CORPORATES
ROY MORGAN LIMITED

Greens warn attorney general could weaponise and release secret reports of anti-corruption body

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Original article by Paul Karp
The Guardian Australia – Page: Online : 18-Oct-22

The joint select committee examining the National Anti-Corruption Commission legislation will begin four days of hearings on 18 October, at which transparency advocates will call for a lower threshold for public hearings by the NACC than is currently outlined in the legislation. The Coalition has called for greater safeguards before public hearings are to be considered, while the Greens have warned that giving the attorney-general of the day the discretion to publish secret NACC reports could allow that person to discredit political opponents.

CORPORATES
AUSTRALIAN GREENS

Floods hit cost of living: Chalmers

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 18-Oct-22

The office of Treasurer Jim Chalmers has indicated that it is too soon to estimate the inflationary and budgetary impact of the floods in Victoria and NSW. However, Chalmers has conceded that the floods will increase the cost of living and may boost the inflation rate, given that some of the east coast’s major food production regions have been affected. He adds that the forecast Budget deficit for the current financial year is also likely to increase. Meanwhile, the Victorian government has announced a $351m flood recovery package. There are fears that the town of Echuca is facing a second flood peak, while Kerang is expected to be isolated by floodwaters for up to two weeks. Heavy rainfall that is forecast for later in the week also looms as a new threat for flood-affected towns.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY