Author: roymorgansocial

New Zealand proposes taxing cow burps to reduce emissions

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Original article by George Wright
BBC News – Page: Online : 12-Oct-22

New Zealand’s agricultural sector accounts for about 50 per cent of the nation’s greenhouse gas emissions. The NZ government has proposed the introduction of a tax on the methane emissions of cows as part of its strategy to counter climate change. However, Federated Farmers national president Andrew Hoggard has warned that the levy may prompt many farmers to sell up. Some critics also contend that the proposal could increase carbon emissions, as food production might shift to countries that have less efficient farming methods.

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FEDERATED FARMERS OF NEW ZEALAND INCORPORATED

Treasurer tipped for $114b revenue windfall

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Original article by Tom McIlroy, Ronald Mizen
The Australian Financial Review – Page: 4 : 12-Oct-22

Deloitte Access Economics has forecast that the federal government’s Budget on 25 October will include additional revenue of $114.4bn over four years. Deloitte also anticipates that government spending will be higher than expected, and the firm has forecast that cumulative underlying cash deficits will be $45.5bn lower over four years. Stephen Smith of Deloitte says the strength of the domestic economy is a key reason why Australia has emerged from the pandemic with a budget position that is far healthier than most of its peers.

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DELOITTE ACCESS ECONOMICS PTY LTD

ANZ-Roy Morgan Consumer Confidence drops 0.9pts to 84.6 after RBA raises interest rates to nine-year high of 2.6%

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Original article by Roy Morgan
Market Research Update – Page: Online : 12-Oct-22

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 84.6 in the week ended 9 October. It is now 21pts below the same week a year ago (105.6), and 5.9pts below the 2022 weekly average of 90.5. The fall in Consumer Confidence was patchy, with three States down (NSW, Victoria and WA) and two States increasing slightly (Queensland and SA). Now 23% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 44% (up 2ppts) say their families are ‘worse off’ financially. Some 32% (up 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, while 30% (down 1ppt) expect to be ‘worse off’ financially. Only 6% (unchanged) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 38% (up 2ppts) expect ‘bad times’. Meanwhile, 24% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 45% (up 2ppts) say now is a ‘bad time to buy’.

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

A majority of Australians have no trust in telcos

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Original article by Roy Morgan
Market Research Update – Page: Online : 12-Oct-22

A special Roy Morgan telecommunications industry Trust Survey asked Australians about the telecommunications companies they trust and distrust, and what worried them about the recent data breach at Optus. The survey reveals that the data breach has driven distrust across the industry, with a majority of Australians indicating that they have either no trust in any telco or that they distrust all telcos. Unsurprisingly, Optus is currently the most distrusted telecommunications brand in Australia with more people now saying they distrust Optus than trust, which is a substantial difference to what was seen in the recent Roy Morgan Risk Report of August 2022 which had only a marginal Net distrust score. The normally deeply distrusted Telstra appears to have been the main beneficiary, with results indicating that more respondents say that they trust Telstra compared to those who distrust the brand. We also asked respondents what worries them about the Optus data breach; what is clear from the responses is that the data breach has made Australians highly aware and concerned about the risks of data piracy and privacy in general. This special Roy Morgan Snap SMS survey was conducted with an Australia-wide cross-section of 1,241 Australians aged 18+ on September 28-29, 2022.

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ROY MORGAN LIMITED, SINGTEL OPTUS PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS

Almost 200,000 robodebt cases to be wiped as Albanese government condemns shameful scheme

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Original article by Josh Butler
The Guardian Australia – Page: Online : 12-Oct-22

The federal government has advised that it will not proceed with reviews of 197,000 welfare recipients who were alleged to have been overpaid via the Coalition’s "robodebt" scheme. The reviews of these people’s income and welfare payments were suspended in 2019 after concerns emerged about the ill-fated scheme. The government will announce on Wednesday that these cases will be officially ‘wiped’. The government announced a royal commission into the robodebt scheme in August.

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Traditional owners compare FMG damage to Juukan Gorge

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Original article by Brad Thompson
The Australian Financial Review – Page: 20 : 12-Oct-22

Fortescue Metals Group faces a compensation claim from the Yindjibarndi people over the construction of its Solomon iron ore hub in the Pilbara. The compensation claim is based on a Federal Court ruling that part of the Solomon hub was built without the permission of the traditional owners. Fortescue has been accused of destroying sacred and significant sites, and the Yindjibarndi’s compensation claim will be based on factors such as cultural loss, pain and suffering, and economic loss. The Yindjibarndi Aboriginal Corporation has likened the cultural significance of the traditional owners’ losses to Rio Tinto’s destruction of ancient Indigenous rock shelters at Juukan Gorge.

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FORTESCUE METALS GROUP LIMITED – ASX FMG, FEDERAL COURT OF AUSTRALIA, YINDJIBARNDI ABORIGINAL CORPORATION, RIO TINTO LIMITED – ASX RIO

APRA warns on bank cyber risks

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Original article by Cliona O’Dowd
The Australian – Page: 13 & 19 : 12-Oct-22

Australian Prudential Regulation Authority chairman Wayne Byres has told a parliamentary committee hearing that a cyber attack on one of the nation’s financial institutions is inevitable. Byres said the sector has invested significantly in protecting their systems from hackers, but it is only a matter of time before a hacker is successful. He added that it is equally important to invest in response capabilities so any breaches are detected quickly and action is taken to limit the damage. S&P Global Ratings recently warned that Australia’s regional banks in particular are vulnerable to data breaches.

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AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, S&P GLOBAL RATINGS

Freeze rents or we’ll block Labor housing bill: Greens

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Original article by Geoff Carmody
The Australian – Page: 4 : 5-Oct-22

Legislation to establish the federal government’s Housing Australia Future Fund will be put before parliament after the Budget is handed down on 25 October. Investment returns from the fund will be used to build 30,000 new social and affordable homes over the first five years. However, the Greens contend that this will not be sufficient to meet the nation’s housing needs, and will seek a number of concessions in return for their support. They include a commitment to building 275,000 new public and affordable homes over five years and imposing a nationwide rent freeze for two years.

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AUSTRALIAN GREENS

Don’t break tax promise: Labor MPs

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Original article by Greg Brown
The Australian – Page: 1 & 2 : 5-Oct-22

Labor MPs Helen Polley, Mike Freelander and Meryl Swanson have stated that the federal government must not back down on its election commitment to proceed with the Coalition’s stage-three personal income cuts. Freelander says he is "uncomfortable" about the tax cuts – which will benefit high-income earners in particular – but he contends that governments must keep their promises. Treasurer Jim Chalmers has again refused to rule out making changes to the tax package, while Assistant Treasurer Andrew Leigh has also emphasised the need to abide by election commitments. Meanwhile, Chalmers has doubled down on his warning about the outlook for the global economy and the prospect of a further rise in Australia’s inflation rate.

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AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY

Miners say they’re pawns in IR inquiry

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Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 5-Oct-22

The Minerals Council of Australia has criticised a Senate committee’s decision to require industry representatives to appear before its inquiry into a bill on labour hire firms that has been put forward by One Nation’s Malcolm Roberts. MCA CEO Tanya Constable argues that it is not necessary as the industry is already consulting with the federal government regarding its own proposed ‘same job, same pay’ legislation. Labor’s 2022 federal election platform included a commitment to crack down on the use of labour hire workers in sectors such as mining.

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MINERALS COUNCIL OF AUSTRALIA, ONE NATION PARTY, AUSTRALIAN LABOR PARTY