Author: roymorgansocial

Labor canvasses capping stage three tax cuts

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 4-Oct-22

The federal government has ruled out scrapping the stage-three income tax cuts that are slated to take effect in mid-2024, although it may be open to scaling them back. The Greens and the majority of independents in the Senate favour winding back the tax cuts, which will primarily benefit people on higher incomes. Labor could potentially announce any change in its stance on the legislated tax cuts in the Budget on 25 October. The British government has reversed its decision to abolish the nation’s top tax rate, and the Greens have urged Labor to follow its example.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Interest rate rises: One in four Aussie mortgage holders could face financial stress

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Original article by Sarah Sharples
News.com.au – Page: Online : 4-Oct-22

Roy Morgan research reveals that close to one in four mortgage holders would be at risk of mortgage stress if the Reserve Bank lifts interest rates by 0.5% in both October and November. It would be the equivalent of 1.1 million people, and would represent the highest number of mortgage holders classed as being at risk since July 2013; Roy Morgan defines mortgage stress as having repayments greater than between 25% and 45% of household income. Roy Morgan CEO Michele Levine says the variable that has the greatest impact on whether a borrower falls into the ‘at risk’ category is household income – which is directly related to employment. She says that if employment figures remain strong, the number of mortgage holders at risk should not reach the levels seen during the global financial crisis between 2007 and 2009, when the percentage of mortgage holders at risk peaked at 35.6% in May 2008.

CORPORATES
ROY MORGAN LIMITED, RESERVE BANK OF AUSTRALIA

BHP outlines path to iron ore growth

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Original article by Nick Evans
The Australian – Page: 15 : 4-Oct-22

BHP’s long-term goal is to increase its iron ore shipments from the Pilbara to 330 million tonnes a year. However, BHP’s head of iron ore Brandon Craig has conceded that the resources group will not be in a position to achieve this run rate until the late 2020s. Doing so will also require it to develop at least one new iron ore mine and upgrade its rail and port facilities. Craig adds that BHP’s priority in the near-term is to increase the quality of its Pilbara ore to at least 67 per cent.

CORPORATES
BHP GROUP LIMITED – ASX BHP

October rate raise could be final straw for lower income spenders

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Original article by Emma Koehn
Brisbane Times – Page: Online : 4-Oct-22

Low-income households will come under further pressure if the Reserve Bank of Australia increases the cash rate by another 50 basis points on Tuesday. The latest quarterly consumer survey from UBS shows that low income earners have an "outright negative" financial outlook, although wealthy Australians are expected to keep spending. Australian Retailers Association CEO Paul Zahra notes that the full impact of the recent interest rate increases have yet to flow through the economy, adding that retail sales could soften in coming months.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIAN RETAILERS ASSOCIATION

Interest rates: Ghost of ’89 may come to haunt us

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Original article by Patrick Commins
The Australian – Page: 2 : 4-Oct-22

National Australia Bank’s chief economist Alan Oster expects the cash rate to rise by 50 basis points on Tuesday, followed by a 25 basis point increase in November. However, he warns that the nation could pay a heavy price for a "policy mistake" by the Reserve Bank of Australia’s board, noting that the central bank’s aggressive tightening of monetary policy in 1989 ultimately led to a recession and a sharp rise in the unemployment rate. Oster is not predicting a recession in Australia at this stage, but he says the worsening global economic outlook will inevitably have an impact in Australia.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, RESERVE BANK OF AUSTRALIA

Low TV crowd for all-Sydney decider

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Original article by Edmund Tadros
The Australian Financial Review – Page: 15 : 4-Oct-22

Ratings data from OzTAM shows that the National Rugby League grand final boasted a total audience of just 2.76 million viewers. This compares with 3.2 million in 2020 and 3.6 million in 2021, with COVID-19 restrictions boosting the audience in both years. The Nine Network’s coverage of the 2022 premiership decider had an average audience of 1.67 million metropolitan viewers, plus 696,000 viewers in regional areas; an additional 389,000 people watched the grand final on the 9Now app.

CORPORATES
NATIONAL RUGBY LEAGUE, NINE NETWORK AUSTRALIA LIMITED

Gas, coal and lithium drives export record

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 18 : 4-Oct-22

The Department of Industry, Science & Resources has forecast that the value of Australia’s commodity exports will rise to a record $450bn in 2022-23. It had previously forecast that revenue from commodity exports would fall to just $311bn in the current fiscal year, following a record $422bn in 2021-22. The revised forecast has been driven by expectations that the price of LNG, coal and lithium will stay high. Iron ore shipments are forecast to total $119bn in 2022-23.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, SCIENCE AND RESOURCES

Australians are the world’s richest people: Credit Suisse

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Original article by Michael Read
The Australian Financial Review – Page: 3 : 21-Sep-22

Credit Suisse’s annual global wealth report shows that the median Australian adult had a net worth of $US273,900 at the end of 2021. This makes them richer than the comparable resident of any other country, according to the report. However, Australia ranked fourth on a mean wealth basis, behind Switzerland, the US and Hong Kong. The median Australian adult’s net wealth rose by $US28,450 during the calendar year, boosted by strong growth in share prices and the housing market. The number of millionaires in Australia rose to 2.18 million in US dollar terms in 2021, and Credit Suisse expects this to reach 2.94 million by 2026.

CORPORATES
CREDIT SUISSE AG

ANZ-Roy Morgan Consumer Confidence is virtually unchanged at 86.0 in mid-September

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Original article by Roy Morgan
Market Research Update – Page: Online : 21-Sep-22

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 86.0 in the week ended 18 September. However, it is now 17.3pts below the same week a year ago (103.3), and 4.9pts below the 2022 weekly average of 90.9. On a State-by-State basis most were up, including NSW, Queensland and WA but Victoria was down slightly. Now 23% (down 2ppts) of Australians say their families are ‘better off’ financially than this time last year, while 42% (up 1ppt) say their families are ‘worse off’ financially. Some 34% (up 2ppts) of Australians expect their family to be ‘better off’ financially this time next year, while 29% (down 3ppts) expect to be ‘worse off’ financially. Only 7% (down 1ppt) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 35% (up 2ppts) expect ‘bad times’. Meanwhile, 23% (up 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 46% (down 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

PM’s plea to pause for a minute and remember

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Original article by Jess Malcolm
The Australian – Page: 9 : 21-Sep-22

A memorial service for Queen Elizabeth II will be held in the Great Hall of Parliament House in Canberra at 11am on Thursday, which has been designated as a national day of mourning for the late monarch. Members of parliament, state and territory leaders, High Court judges and diplomats will attend the service, which will be broadcast nationwide. Prime Minister Anthony Albanese has urged all Australians to observe a minute’s silence at 11am to reflect on the Queen’s lifetime of dedication and service.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET