Author: roymorgansocial

COVID testing firm kept $12m in JobKeeper cash amid soaring profits

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Original article by Clay Lucas
The Sydney Morning Herald – Page: Online : 11-Nov-21

Pathological group Australian Clinical Labs has been a beneficiary of both the federal government’s COVID-19 testing program and the JobKeeper wage subsidy. The company’s revenue increased by 29 per cent in 2020-21, while its after-tax profit rose from $11.7m to $88.7m. Australian Clinical Labs received JobKeeper payments totalling $34.3m over the last two financial years, but it repaid just $21.9m. Australian Clinical Labs’ annual report for 2020 notes that revenue fell sharply in the months immediately following the onset of the pandemic in March of that year, making the firm eligible for JobKeeper. The company also receives a government subsidy for every COVID-19 test it performs.

CORPORATES
AUSTRALIAN CLINICAL LABS LIMITED – ASX ACL

Andrews’ pandemic powers risk state rule by decree

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Original article by Rachel Baxendale, Angelica Snowden
The Australian – Page: 5 : 11-Nov-21

The Victorian Bar has urged the state government to reconsider its controversial new pandemic laws. Amongst other things, it has expressed concern that the Department of Health could exercise its new powers under the legislation without sufficient oversight by parliament. Sixty barristers have in turn signed an open letter in which they warn that the legislation would enable the government to effectively rule the state by decree for the foreseeable future. The bill was passed by the lower house in October and will require the support of at least three crossbenchers in the upper house.

CORPORATES
VICTORIAN BAR INCORPORATED

Victoria’s major parties both lose support to minor parties although ALP would still win easily; while Premier Daniel Andrews’ job approval is still high at 60.5% but over 10% points lower than a year ago

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Original article by Roy Morgan
Market Research Update – Page: Online : 11-Nov-21

A Victorian Roy Morgan Poll on State voting intention shows primary support is down for both the ALP State Government on 43% (down 2% points from November 2020) and the Liberal-National Opposition on 31% (down 3.5% points); while support for the Greens is unchanged on 11%. The beneficiaries are the minor parties and independents – now attracting the support of 15% of electors – up 5.5% points. Minor party support is highest for Clive Palmer’s United Australia Party on 3%, Derryn Hinch’s Justice Party is on 2%, while 3.5% support other parties and 6.5% support Independents. Despite the drift in support to minor parties the ALP still holds a strong two-party preferred lead: ALP 58% cf. L-NP 42%. However, Premier Daniel Andrews’ job approval is now at 60.5%, down a large 10.5% points from November 2020 when approval for the Premier hit a record high after the end of Victoria’s long second lockdown, and disapproval is 39.5%. Detailed analysis of results shows significant gender and age differences on voting intentions and sentiment towards Premier Andrews. Full details and key demographic breakdowns will be released later today. This Roy Morgan Poll surveyed yesterday (Wednesday) a cross section of 1,357 Victorian electors.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF VICTORIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, UNITED AUSTRALIA PARTY, JUSTICE PARTY, VICTORIA. DEPT OF PREMIER AND CABINET

ANZ-Roy Morgan Consumer Confidence continued to slowly increase this week but there were divergent moves in re-opened Sydney and Melbourne

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Original article by Gary Morgan, Michele Levine, Julian McCrann
Market Research Update – Page: Online : 11-Nov-21

ANZ-Roy Morgan Consumer Confidence is now at 109.0 and has increased in 11 of the last 13 weeks since hitting a ‘Delta-wave’ low of 98.6 on August 7/8, 2021. That low was the week Victoria entered its record sixth lockdown, and Consumer Confidence has since increased by 10.4pts (+10.5%). We have been asked about the moves in Consumer Confidence in the key cities of Sydney and Melbourne which this week were in different directions. Consumer Confidence in Sydney increased by 4.4pts (+4.1%) to 112.8 as restrictions in the city continued to ease. Consumer Confidence in Sydney has now increased for two straight weeks. In contrast, Consumer Confidence in Melbourne was down 5pts (-4.4%) to 107.6. This decline reverses the similarly sized increase of 5.4pts (+5.0%) a week earlier. There were several likely drivers of this decline in Melbourne during the past week. There were large protests outside the Victorian Parliament against the proposed pandemic legislation which would give the Premier the power to declare a pandemic indefinitely, as well as the mandatory vaccinations being ordered by the Government. The State Government has also been in the spotlight over the last week as the Independent Broad-based Anti-corruption Commission investigates allegations of misuse of public funds to engage in ‘branch stacking’.

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

‘Existential crisis’: United States and China stun COP26 with joint climate change pact

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Original article by Nick O’Malley, Bevan Shields
The Sydney Morning Herald – Page: Online : 11-Nov-21

The COP26 climate summit in Glasgow has received a major boost after the US and China issued a joint statement in which they committed to "concrete and pragmatic" co-operation to address the issue of climate change. They declared climate change to be an "existential crisis" that requires them to work together. China’s climate envoy Xie Zhenhua stressed the need to actively address climate change for the benefit of both nations and the entire world. US climate envoy John Kerry has described the joint declaration as a "roadmap" for the nations’ present and future collaboration on climate change.

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ALP (53.5%) lead over the L-NP (46.5%) cut slightly as PM Scott Morrison attends G20 & COP26 meetings

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Original article by Roy Morgan
Market Research Update – Page: Online : 11-Nov-21

The latest Roy Morgan Poll on Federal voting intention shows that support for the ALP is now 53.5% (down 0.5% points since late October), cf. the L-NP on 46.5% (up 0.5% points) on a two-party preferred basis. The small swing to the L-NP came while Prime Minister Scott Morrison attended the Group of 20 summit in Rome and the COP26 climate summit in Glasgow. If a Federal Election were held now the ALP would be elected with a similar margin to that won by John Howard at the 1996 Federal Election (ALP 53.6% cf. L-NP 46.4%). Primary support for the L-NP was unchanged at 36.5% in early November and is still ahead of the ALP, which was also unchanged at 35%. Support for the Greens dropped by 2% points to 11.5 and support for One Nation was down 0.5% points to 3%, but support for Independents/Others rose 2.5% points to 14%. Meanwhile, the Roy Morgan Government Confidence Rating has dropped by 2.5ps to 95.5 in early November. Now 40% (down 1% point) of Australians say the country is ‘heading in the right direction’, while 44.5% (up 1.5% points) say the country is ‘heading in the wrong direction’. This Roy Morgan Poll on Federal voting intention and Government Confidence was conducted via telephone and online interviewing over the last two weekends. Roy Morgan interviewed 2,723 Australian electors aged 18+ on the weekends of October 30/31 and November 6/7.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, ONE NATION PARTY

Failing super funds retain 1m members

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Original article by Michael Read
The Australian Financial Review – Page: 8 : 11-Nov-21

Data from the Australian Prudential Regulation Authority shows that 1.1 million superannuation fund members have been advised that their fund has failed the new performance test. However, just 68,000 of these members responded by switching funds. Xavier O’Halloran of Super Consumers Australia says that some funds which failed the test have promoted benefits such as discounts on leisure activities in order to retain members. Brendan Coates of the Grattan Institute has in turn called for further reforms in the super sector, including the introduction of a shortlist of top-performing default super funds.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, SUPER CONSUMERS AUSTRALIA, GRATTAN INSTITUTE

Downgrades fuel Scarborough doubts

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 19 : 11-Nov-21

Woodside Petroleum’s proposed $16bn Scarborough LNG project is under renewed scrutiny in the wake of the oil and gas group’s recent downgrading of the reserves at its Wheatstone and Pluto gas fields. Woodside is slated to make a final investment decision on Scarborough by the end of 2021, and some analysts have scaled back their gas reserve estimates for Scarborough in the wake of the Wheatstone and Pluto downgrades. There may also be implications for the valuation of Woodside if its proposed merger with BHP’s petroleum division proceeds.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, BHP GROUP LIMITED – ASX BHP

BHP miners sent home without pay

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Original article by Ewin Hannan
The Australian – Page: 5 : 11-Nov-21

BHP imposed a deadline of 10 November for all workers at its Mt Arthur open-cut coal mine to receive their first COVID-19 shot under its mandatory vaccination policy. BHP has advised that almost 80 unvaccinated workers at the mine have been stood down without pay, although it will not take any further action until the Fair Work Commission issues a ruling on a legal challenge to the vaccination policy. The Construction, Forestry, Maritime, Mining & Energy Union had sought to delay implementation of the policy. Workers at all other BHP sites must be vaccinated by the end of January.

CORPORATES
BHP GROUP LIMITED – ASX BHP, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. FAIR WORK COMMISSION

Global tax avoidance operation nets $5.2b

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Original article by Tom McIlroy
The Australian Financial Review – Page: 9 : 10-Nov-21

The Tax Inspectors Without Borders program has collected $US3.9bn ($5.2bn) globally in its crackdown on tax evasion and avoidance. This includes nearly $US1bn ($1.35bn) in tax revenue in Africa and almost $US300m ($405m) across Asia. The joint initiative of the OECD and the United Nations is focused on tax avoidance in developing countries. The Australian Taxation Office’s own tax avoidance task force raised $3.03bn in tax liabilities and almost $1.3bn in cash collections in 2020-21, while it is estimated that the introduction of a global 15 per cent minimum company tax rate could boost Australia’s tax revenue by up to $3bn a year.

CORPORATES
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, UNITED NATIONS, AUSTRALIAN TAXATION OFFICE