Author: roymorgansocial

Miners prefer casual jobs for loading

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 14-Jul-21

Representatives of labour hire firms have appeared before the Senate inquiry into job security. One Key Resources MD Ben Lewis said that less than one per cent of its workforce of about 900 asks to convert from casual to permanent employment each year, attributing this to the higher rate of pay when the casual loading is taken into account. He added that a similar proportion of workers opt to switch from permanent to casual employment. Chandler Macleod’s chief people officer Mark Graham also said that many of its casual workers have rejected an offer of permanent employment.

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ONE KEY RESOURCES PTY LTD, CHANDLER MACLEOD GROUP LIMITED

Victoria blasts Scott Morrison for double standard on Sydney COVID support

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Original article by Josh Butler
The New Daily – Page: Online : 14-Jul-21

The Victorian government has criticised its federal counterpart over the COVID-19 financial support package for New South Wales. A state government spokesman says Victoria had to "beg" for financial support during its recent outbreak of the Delta variant. A spokesman for Prime Minister Scott Morrison says both states received the same level of financial support during the first two weeks of their respective lockdowns, and Victoria would get the same support if it were forced into another lockdown of more than two weeks. Meanwhile, the ACTU and the federal Opposition contend that the support package is insufficient.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

The lithium party’s still young

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Original article by Alex Gluyas
The Australian Financial Review – Page: 24 : 14-Jul-21

Matthew Hope of Credit Suisse forecasts that the strong rise in the price of lithium since February will be sustained. He says the lithium supply glut has ended, and the world faces a growing supply deficit as current and proposed lithium projects will be insufficient to meet demand. Rising demand for lithium has also boosted the share prices of Australian-listed producers; Pilbara Minerals’ shares gained 522.6 per cent in 2020-21, which was the second-best return among S&P/ASX 200 stocks.

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CREDIT SUISSE (AUSTRALIA) LIMITED, PILBARA MINERALS LIMITED – ASX PLS

Andrews tax a $7bn hit to the economy

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Original article by Rachel Baxendale
The Australian – Page: 7 : 14-Jul-21

Matthew Kandelaars, the CEO of the Urban Development Institute of Australia’s Victorian branch, has called for an urgent review of the state government’s proposed ‘windfall gains tax’ on property developers. Modelling undertaken on behalf of UDIA Victoria suggests that the rezoning tax will reduce state ­economic output by $7bn and result in the loss of 20,000 direct jobs, while at least 6,700 dwellings will not be built if the Budget measure goes ahead. UDIA Victoria has proposed an alternative model for the rezoning tax.

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URBAN DEVELOPMENT INSTITUTE OF AUSTRALIA (VICTORIA)

Don’t trust Labor to cut high-income tax: Treasurer

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Original article by Phillip Coorey
The Australian Financial Review – Page: 9 : 14-Jul-21

Labor leader Anthony Albanese says the party will decide its stance on the stage-three income tax cuts at "an appropriate time". He adds that the COVID-19 pandemic is Labor’s top priority at present. Labor is expected to formally commit to retaining the legislated tax cuts if it wins the next federal election, after the issue was discussed by the party’s leadership group in recent days. However, Treasurer Josh Frydenberg says Labor has consistently opposed the Coalition’s tax policy and it cannot be trusted to honour any commitment regarding the stage-three tax cuts.

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AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY

NSW preparing for another four weeks of lockdown

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Original article by Alexandra Smith, Lucy Cormack
The Sydney Morning Herald – Page: Online : 13-Jul-21

New South Wales has reported 89 new locally-acquired COVID-19 cases in the last 24 hours, including at least 21 who were active in the community while they were infectious. The federal and NSW governments have responded to the growing outbreak in Greater Sydney by agreeing to provide a combined $5.1bn in COVID-19 disaster payments for businesses and individuals who have been affected by the lockdown. The funding commitment is based on expectations that the lockdown will be extended by at least four weeks. Prime Minister Scott Morrison says it is in the national interest to increase the financial support, given the severity of the Sydney outbreak, while Premier Gladys Berejiklian says the package will encourage compliance with lockdown rules.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET

$75m lifeline for performing arts sector hit by Sydney lockdown

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Original article by Linda Morris
The Sydney Morning Herald – Page: Online : 14-Jul-21

The New South Wales government will allocate $75m from a $5.1bn COVID-19 support package to Sydney’s arts and cultural sector. Live Performance Australia president Richard Evans has welcomed the funding commitment, saying that the state government understands the value of live performance to Sydney’s economy. NSW Arts Minister Don Harwin says not-for-profit and commercial performing arts organisations will be eligible for financial assistance, as will live music venues that have had to cancel shows due to the lockdown. The arts sector supports 118,000 jobs in NSW and contributes $16.4bn to the economy.

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Banks brace for lockdown losses

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Original article by Joyce Moullakis
The Australian – Page: 13 & 17 : 14-Jul-21

Richard Wiles of Morgan Stanley expects Australia’s major banks to announce combined coronavirus-related loan impairment charges of $700m for the June quarter. Wiles adds that the COVID-19 lockdown in Greater Sydney is likely to prompt the banks to adopt a more conservative approach to making provisions for loan losses. Morgan Stanley also expects loss rates to increase in the second half of 2021 and the first six months of 2022.

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MORGAN STANLEY AUSTRALIA LIMITED

ANZ-Roy Morgan Consumer Confidence up 2.2pts to 110.0 after Government increases support to those in lockdown in NSW

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-Jul-21

ANZ-Roy Morgan Consumer Confidence rose 2.2pts to 110.0 on July 10/11, after the Federal Government announced an increase in support to those impacted by the lockdown in Sydney. Consumer Confidence is now sitting just below the 2021 weekly average of 111.2; however, it remains 18.4 points higher than the same week a year ago (91.6). Now 27% (unchanged) of Australians say their families are ‘better off’ financially than this time last year, while 27% (also unchanged) say their families are ‘worse off’ financially. In addition, 39% (up 2ppts) of Australians expect their family to be ‘better off’ financially this time next year, and 14% (down 1 ppt) expect to be ‘worse off’ financially. Some 17% (up 1 ppt) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 18% (down 1ppt) expect ‘bad times’. Meanwhile, 43% (up 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 24% (unchanged) 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 opens the Pfizer floodgates

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Original article by Dennis Shanahan, Yoni Bashan
The Australian – Page: 1 & 5 : 9-Jul-21

The federal government has secured a deal with Pfizer to receive about one million doses of its COVID-19 vaccine per week from 19 July. This will significantly boost the vaccination rollout program, given that Australia received an average of 300,000 to 350,000 doses of the Pfizer jab each week during May and June. The vaccination program will also be ramped up in Sydney to combat the harbour city’s growing COVID-19 outbreak; an additional 150,000 doses of both the Pfizer and AstraZeneca vaccines will be made available, with a focus on vulnerable people in suburbs that have a high case load. The state government has not ruled out a further extension of the Greater Sydney lockdown.

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PFIZER INCORPORATED, ASTRAZENECA PLC