Author: roymorgansocial

Fast-track tax cuts off budget plan

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Original article by Simon Benson, Geoff Chambers
The Australian – Page: 1 & 6 : 16-Mar-22

Senior federal government sources have indicated that bringing forward the stage-three income tax cuts will not be on the agenda for the Budget on 29 March. The government will instead seek to address cost-of-living pressures with temporary and targeted assistance. The final stage of the government’s tax cuts package is slated to take effect in 2024-25; Deloitte Access Economics partner Chris Richardson says bringing forward the tax cuts is not necessary given that Australia’s unemployment rate is close to a five-decade low, and he warns that such a move would risk driving up inflation. The government has also considered extending the low-and-middle-income tax offset for another year.

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DELOITTE ACCESS ECONOMICS PTY LTD

Mining, defence top agenda on PM’s Perth visit

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 16-Mar-22

The federal government will provide four critical minerals projects with funding via its $1.3 billion modern manufacturing initiative. The $243m funding package will be announced by Prime Minister Scott Morrison during his trip to Western Australia; the projects include a battery material refinery hub near Kalgoorlie and a rare earth separation plant in the Northern Territory. Industry Minister Angus Taylor says the government support is aimed at addressing China’s global dominance of critical minerals supply. Morrison has also announced a $4.3bn upgrade of the Henderson naval shipyards in WA.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF INDUSTRY, SCIENCE, ENERGY AND RESOURCES

ANZ-Roy Morgan Consumer Confidence drops 4.3pts to 95.8 as Russian invasion of Ukraine causes spike in fuel prices

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Original article by Roy Morgan
Market Research Update – Page: Online : 16-Mar-22

ANZ-Roy Morgan Consumer Confidence fell 4.3pts to 95.8 during the second week of March; it is now 15.1pts below the same week a year ago (110.9) and clearly below the 2022 weekly average of 100.6. Consumer Confidence is now below the neutral level of 100 in all States and dropped in New South Wales, Victoria, Queensland and South Australia, but it was up slightly in Western Australia. Now 26% (down 1ppt) of Australians say their families are ‘better off’ financially than this time last year, while 35% (up 4ppts) say their families are ‘worse off’ financially. In addition, 36% (down 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, and 24% (up 4ppts) expect to be ‘worse off’ financially. Just 12% (down 1ppt) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 29% (up 2ppts) expect ‘bad times’. Meanwhile, 35% (unchanged) of Australians say now is a ‘good time to buy’ major household items, while 36% (up 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

Aussie gold production set to grow

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Original article by Stuart McKinnon
The West Australian – Page: Online : 16-Mar-22

Fitch Solutions is upbeat regarding the near-term outlook for Australian gold producers. The research house has forecast that local gold production will grow by an average of one per cent over 2022-2026, and gold output will rise from 10.8 million ounces in 2021 to at least 11.15 million ounces in 2031. The firm now expects the gold price to average $US1,900/oz in 2022, compared with its previous forecast of $US1,700/oz; it notes that the invasion of Ukraine has prompted renewed interest in gold as a ‘safe haven’ asset.

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FITCH SOLUTIONS

Booster shots for children aged 12 to 15 considered by ATAGI

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Original article by Dana Daniel
Brisbane Times – Page: Online : 16-Mar-22

Some 85 per cent of Australians aged 12-15 have received one dose of a COVID-19 vaccine, while 79 per cent are now double-dosed. A meeting of the Australian Technical Advisory Group on Immunisation on Wednesday will consider whether to recommend extending the booster program to children in this age group. Epidemiologist Peter McIntyre says any booster shots should be administered to children aged 12-15 after six months rather than three, as they are at lower risk and the focus should be on immunising older and vulnerable people. Queensland recorded 5,589 new COVID-19 cases and 10 deaths on Tuesday; there were 10,689 new infections and six deaths in NSW, while Victoria reported 7,460 new cases and four deaths.

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AUSTRALIAN TECHNICAL ADVISORY GROUP ON IMMUNISATION

Inflation Expectations up 0.2% points to 5.1% in February; highest for nearly eight years since June 2014

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Original article by Roy Morgan
Market Research Update – Page: Online : 16-Mar-22

In February 2022, Australians expected inflation of 5.1% annually over the next two years, up 0.2% points from January. The level of Inflation Expectations in February is the highest since June 2014 (5.3%). Inflation Expectations are now 0.4% points above the long-term average of 4.7%, and 1.4% points higher than a year ago (3.7%). A look at Inflation Expectations by home ownership status in February 2022 shows that renters have clearly the highest Inflation Expectations at 5.9%, up 2.3% points since the low point of August 2020. People who are currently paying off their homes have the lowest Inflation Expectations at only 4.5% (up 1.5% points since August 2020), while those who own their home now have Inflation Expectations of 4.8% (up 1.7% points). During this same time period the Inflation Expectations of all Australians have increased by 1.9% points to 5.1%. On a State-based level Inflation Expectations were highest in Queensland at 5.5%; Inflation Expectations were also higher than the national average at 5.4% in both Western Australia and South Australia.

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ROY MORGAN LIMITED

Ukraine will not join NATO, says Zelensky, as shelling of Kyiv continues

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Original article by Isobel Koshiw, Jon Henley, Julian Borger
The Guardian – Page: Online : 16-Mar-22

Officials in the Ukrainian capital of Kyiv have imposed a 35-hour curfew as Russian air strikes on the city continue. At least five people have been killed in the latest bombardment, amid indications that Russia has shifted its focus to targeting residential areas and civilian infrastructure in the besieged city. There have also been further air strikes on the city of Kharkiv, while Fox News has advised that two of its employees – a producer and a cameraman – have been killed in an air strike near Kyiv. Meanwhile, Ukraine’s President Volodymyr Zelensky has conceded that his country will not become a member of the NATO defence pact. He has also warned that the Russian "war machine" will inevitably target more countries if it is not stopped.

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NORTH ATLANTIC TREATY ORGANISATION

Roy Morgan Business Confidence jumped 19pts to 120.5 in February as Omicron variant rapidly receded

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Original article by Roy Morgan
Market Research Update – Page: Online : 16-Mar-22

In February 2022, Roy Morgan Business Confidence rose 19pts (+18.7%) to 120.5. This is the biggest monthly increase during the pandemic and essentially returns Business Confidence to its pre-Omicron level. There were positive moves across all aspects of the index; now 62.3% of businesses say they expect ‘good times’ for the Australian economy over the next year, while 53.1% of businesses say that the next 12 months will be a ‘good time to invest in growing the business’. On a State-based level there were large monthly increases across the board in February led by Victoria, up a large 29.5pts (+30.6%) to 125.7, South Australia, up 25pts (+25.7%) to 122.5, Queensland, up 17pts (+18.3%) to 109.5 and Western Australia, up 14.6pts (+12.6%) to 130.4 – once again the highest Business Confidence in the nation as the State prepared to fully re-open its borders in early March. Business Confidence has risen to its highest level since the start of the ‘Delta wave’ of COVID-19 in June 2021 (128.3).

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ROY MORGAN LIMITED

Housing market hits record $9.9 trillion

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Original article by Nila Sweeney
The Australian Financial Review – Page: 39 : 16-Mar-22

The Australian Bureau of Statistics estimates that the total value of the nation’s housing stock rose to a new high of $9.9 trillion in the December quarter. This is $512.6 billion higher than in the previous three months, with growth of 4.7 per cent in national dwelling values. Brisbane recorded 9.6 per cent growth in housing values during the December quarter, while Adelaide and Melbourne recorded growth of 6.8 per cent and 3.9 per cent respectively; however, growth in Sydney slowed to 4.1 per cent. Meanwhile, dwelling prices rose by 23.7 per nationally in the year to December.

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AUSTRALIAN BUREAU OF STATISTICS

News bargaining code a success not to be repeated: Sims

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Original article by John Davidson
The Australian Financial Review – Page: 21 : 1-Mar-22

Australian Competition & Consumer Commission chairman Rod Sims claims that the news media bargaining code has been one of the most successful policy initiatives in 50 years. The code requires technology platforms such as Google and Facebook to pay Australian media outlets for their content, and has seen Facebook and Google pay Australian media companies over $200 million since it took effect in March 2021. However, Sims does not consider the code should be used as a ‘template’ for a wider crackdown on big technology companies.

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AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, GOOGLE AUSTRALIA PTY LTD, FACEBOOK AUSTRALIA PTY LTD