Author: roymorgansocial

Economists give Lowe a pass for 2021, except for one thing

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Original article by Ronald Mizen
The Australian Financial Review – Page: 3 : 7-Jan-22

A survey of 23 economists regarding their views on the performance of the Reserve Bank in 2021 has seen RBA governor Philip Lowe score 72.5 per cent for his leadership. The RBA scored 76 per cent on management of monetary policy, while its communication of policy and intentions scored 66 per cent. The only area in which the economists felt that the RBA failed was in regards to its termination of its policy to suppress the yield on three-year Treasury bonds, which received only 41 per cent support.

CORPORATES
RESERVE BANK OF AUSTRALIA

Border farce: court to rule on Djokovic visa

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Original article by Jamie Walker, Remy Varga
The Australian – Page: 1 & 4 : 7-Jan-22

Federal Court judge Anthony Kelly has issued an interim injunction against the federal government’s attempt to deport Novak Djokovic. The injunction means that the world’s number one men’s tennis player can remain in Australia until at least Monday, when the court will review Djokovic’s legal challenge against Australia’s border security rules and the cancellation of his visa for breaching vaccination orders. He will remain in hotel quarantine until his hearing is heard, with his lawyer Nick Wood stating the Australian Open would be hoping for a decision on whether Djokovic can stay in Australia by Tuesday, so it can reschedule the draw if necessary.

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FEDERAL COURT OF AUSTRALIA

My Foodie Box enlists Thermomix as a partner as it seeks to take on Hellofresh and Marley Spoon

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Original article by Cameron England
The Australian – Page: Online : 7-Jan-22

Meal kit company My Foodie Box will make its debut on the ASX on 7 January, after having raised $6 million through what was an oversubscribed initial public offering. It will use the money raised to expand operations from its Perth base, with an initial focus on Sydney and Melbourne. Its prospectus indicates it has a current customer base of over 1,650, generating around $105,000 per week. My Foodie Box will be competing with Hellofresh and Marley Spoon, while it has a tie-up with the only distributor of Thermomix appliances in Australia.

CORPORATES
MY FOODIE BOX, HELLOFRESH AUSTRALIA, MARLEY SPOON AG – ASX MMM

It’s ‘like a lockdown’: omicron chaos crippling business

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Original article by Hannah Wootton, David Marin-Guzman
The Australian Financial Review – Page: Online : 7-Jan-22

Australia posted 72,392 new cases of COVID-19 on Thursday, along with 13 deaths. NSW recorded the most new cases, with 34,994, followed by Victoria, with 21,997. The record number of cases comes as businesses in a range of sectors are experiencing significant disruptions to their operations as a result of staff being sick or having to isolate. Treasurer Josh Frydenberg said he had spoken to the CEOs of Coles, Wesfarmers, Metcash and Woolworths in regard to supply chain and workforce problems, and that Treasury was relying on its National Co-ordination Mechanism to "resolve these issues". Business groups have compared the current chaos being caused by the surge in omicron cases as akin to being in lockdown, with confusion over new rules for testing and monitoring of cases only adding to the problem.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, COLES GROUP LIMITED – ASX COL, WESFARMERS LIMITED – ASX WES, METCASH LIMITED – ASX MTS, WOOLWORTHS GROUP LIMITED – ASX WOW

South32, Alcoa to go green in Brazil

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Original article by Ben Potter
The Australian Financial Review – Page: Online : 7-Jan-22

South32 and Alcoa Corporation have announced plans to restart their Alumar aluminium smelter in Brazil, with first production due in the June quarter. The two companies intend to spend around $USS175 million ($243 million) on the restart, and are intending to only use renewable energy. South32 owns 40 per cent of the smelter, and will contribute $US70 million as its share of the cost of getting it restarted. Full production capacity of 447,000 tonnes per annum is expected to be reached by the March 2023 quarter.

CORPORATES
SOUTH32 LIMITED – ASX S32, ALCOA INCORPORATED

Absent anti-vaxxer Novak Djokovic ‘won’t hit TV ratings’

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Original article by Rachel Baxendale
The Australian – Page: Online : 7-Jan-22

Advertising executives do not think the likely absence of Novak Djokovic from the Australian Open will have too much impact on ratings for the event, which will be broadcast by Nine Entertainment. Spinach Advertising general manager Ben Willee notes ratings for the Australian Open are determined by a range of factors, including whether there is an Australian player "who gets a long way through". Both Willee and Mumbrella head of content Damian Francis suggest a jump in COVID-19 cases could help ratings, with Willee noting a surge in cases means people are more likely to be staying home and watching television.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SPINACH ADVERTISING PTY LTD, MUMBRELLA

Food suppliers calls for close contact rule to be abolished amid supply chain chaos

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Original article by Jared Lynch
The Australian – Page: Online : 7-Jan-22

Gold Coast-based food distributor Jeff Godden is among the many members of Australia’s food supplies industry calling for close contact rules to be scrapped. He says the rule has meant he has had stand down almost 50 per cent of his drivers, while he estimates his Godden Food Group business has lost hundreds of thousands of dollars in the past fortnight. He is also unhappy that food distributors must rapid antigen test their employees every day, costing them between $500 and $5,000 a week.

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GODDEN FOOD GROUP

Warning of city unit shortage as migrants return

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Original article by Mackenzie Scott
The Australian – Page: Online : 7-Jan-22

Housing Industry Association chief economist Tim Reardon suggests the lack of recent new development of city apartments will become evident in 2022 as Australia’s national borders reopen and migrants and international students return. Australian Bureau of Statistic figures reveal that just 76,000 townhouses and apartments were approved in the year to October, some 12 per cent below the decade average. Residential housing development has been more popular than higher-density living options like apartments and townhouses during the pandemic, due to the health aspects associated with residential housing and strong housing stimulus packages.

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HOUSING INDUSTRY ASSOCIATION LIMITED

Long delays for new vehicle buyers will ease later this year

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Original article by Kanika Sood
The Australian Financial Review – Page: 3 : 7-Jan-22

Over one million new cars were sold in Australia in 2021, despite buyers experiencing long wait times, with 2021 sales being 14.5 per cent higher than in 2020. Toyota Australia executive Sean Hanley says that "longer than usual delivery times" are likely to remain an issue until March, while Federal Chamber of Automotive Industries chief executive Tony Weber is optimistic that delivery times will ease in 2022. Toyota had the biggest share of sales in 2021 with 21.3 per cent, while SUVs accounted for over half of new car sales

CORPORATES
TOYOTA MOTOR CORPORATION AUSTRALIA LIMITED, FEDERAL CHAMBER OF AUTOMOTIVE INDUSTRIES

Australian social services department underpaid dozens of staff $400,000 over five years

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Original article by Luke Henriques-Gomes
The Guardian Australia – Page: Online : 22-Dec-21

Documents released under freedom of information laws, show that a key federal government agency has admitted to underpaying its staff. The Department of Social Services self-reported the underpayments totalling more than $400,000 to the Fair Work Ombudsman. The Community & Public Sector Union contends that the Department had been aware of the underpayments in 2017 and had failed to address the issue until it was issued with a compliance notice by the FWO in July 2021. A total of 68 current and former employees of the Department’s communications services branch were affected by the underpayments.

CORPORATES
AUSTRALIA. DEPT OF SOCIAL SERVICES, AUSTRALIA. FAIR WORK OMBUDSMAN, COMMUNITY AND PUBLIC SECTOR UNION