Author: roymorgansocial

Inflation pressures are percolating: Nestle chief

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Original article by Eli Greenblat
The Australian – Page: 13 & 17 : 24-Jun-21

Nestle Australia has revealed that it recorded sales of $2.37 billion for the 2020 calendar year, up 7.9 per cent. It posted a profit of $122.6 million, up from $30.7 million in 2019, with that result having been impacted by $48 million in impairments. Nestle Oceania CEO Sandra Martinez says the company has had deal with dramatic increases in costs over the past 12 months, covering everything from coffee to shipping containers. She says its increased costs will have to be passed onto consumers at some point.

CORPORATES
NESTLE AUSTRALIA LIMITED

Only 31pc of aged care staff have had their jab

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Original article by Tom McIlroy
The Australian Financial Review – Page: 4 : 23-Jun-21

It has been revealed that as of the week beginning 22 June, just 31 per cent of aged care workers have told their employer that they have at least one COVID-19 vaccine dose. Australian Medical Association president Omar Khorshi said that 31 per cent was "nowhere near good enough", and that aged care staff should be subject to mandatory vaccination requirements. Opposition health spokesman Mark Butler has accused Prime Minister Scott Morrison of leaving aged care workers to fend for themselves, while he noted that Morrison had "promised to fully vaccinate aged care workers by Easter".

CORPORATES
AUSTRALIAN MEDICAL ASSOCIATION LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Joyce’s backers query childcare funds boost

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Original article by Tom McIlroy
The Australian Financial Review – Page: 5 : 23-Jun-21

A combined meeting of Liberal and National MPs on 22 June is believed to have seen heated debate on the federal government’s proposed $1.7 billion funding boost for childcare services. National MPs George Christensen and Matt Canavan are said to have argued for bigger tax breaks and welfare payments for families, claiming this would encourage stay-at-home parenting; both Christensen and Joyce backed Barnaby Joyce in his leadership challenge against ousted leader Michael McCormack on 21 June. Christensen is said to have told the meeting that the package amounts to an "outsourcing" of parental responsibilities, while Liberal MPs Jane Hume and Katie Allen were among those to speak in favour of the funding boost.

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LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

Canadians blow up Rinehart’s coal plans

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Original article by Nick Evans
The Australian – Page: 13 & 16 : 23-Jun-21

Regulators in Canada have rejected environmental approval of Riversdale Resources’ proposed Grassy Mountain coking coal project in Alberta. Riversdale Resources is owned by Gina Rinehart’s Hancock Prospecting, which paid $800 million to acquire it in 2019. News of the rejection of the Grassy Mountain project had a significant impact on the share price of Montem Resources and Atrum Coal on 22 June, with both companies having projects in the vicinity of Grassy Mountain; Montem’s shares fell 52.8 per cent, while Atrum’s shares were down by 40.4 per cent.

CORPORATES
RIVERSDALE RESOURCES, HANCOCK PROSPECTING PTY LTD, MONTEM RESOURCES LIMITED.- ASX MR1, ATRUM COAL LIMITED – ASX ATU

School in fear as outbreak grows

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Original article by Kieran Gair, Lydia Lynch
The Australian – Page: 5 : 23-Jun-21

NSW reported 10 new local COVID-19 cases on 22 June, while the Bondi cluster has risen to 21. NSW Premier Gladys Berejiklian said a student at a Waverley primary school was the one mystery infection among the new cases, while she announced that mask rules will be extended until 30 June. Victoria has banned people from seven Sydney local government areas from entering the state as from 1am on 23 June, while the trans-Tasman bubble between NSW and New Zealand has been paused for 72 hours. Queensland recorded one new local COVID-19 case, while it will open its border to people from Melbourne from 1am on 25 June.

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Aussie wealth rockets despite virus

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Original article by Cliona O’Dowd
The Australian – Page: 17 : 23-Jun-21

Just under one in 10 Australians are millionaires in US dollar terms, according to Credit Suisse’s latest global wealth report. Credit Suisse found that Australians increased their wealth by more than all other countries except Switzerland during the pandemic, while it estimates that the number of Australian millionaires will rise by 70 per cent over the next five years to three million. Credit Suisse found that Australia topped the list for median wealth per adult in 2020, while it placed fourth in terms of mean wealth.

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CREDIT SUISSE AG

ANZ-Roy Morgan Consumer Confidence up 1.4pts to 112.4 after Melbourne’s restrictions ease further

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Original article by Roy Morgan
Market Research Update – Page: 3 : 23-Jun-21

ANZ-Roy Morgan Consumer Confidence rose 1.4pts to 112.4 on June 19/20, as Melbourne’s lockdown restrictions eased further. This week’s small increase was driven by more Australians saying they are ‘better off’ financially than this time a year ago and more Australians expecting ‘good times’ for the Australian economy over the next 12 months. Consumer Confidence is now above the 2021 weekly average of 111.3 and is 14.9pts higher than the same week a year ago. Looking at future conditions, over a fifth of Australians, 22% (up 1ppt), are expecting ‘good times’ for the economy over the next five years compared to only 13% (up 1ppt) expecting ‘bad times’. A decreasing plurality of Australians, 42% (down 3ppts), say now is a ‘good time to buy’ major household items while 24% (down 1ppt) say now is a ‘bad time to buy’.

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

Soul Patts in $11bn LIC merger

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Original article by Cliona O’Dowd
The Australian – Page: 13 & 17 : 23-Jun-21

Shares in listed investment company Milton rose by as much as 16 per cent to $5.80 on 22 June after it was announced it would be merging with investment house Washington H. Soul Pattinson. Soul Patts, which already owns a three per cent stake in Milton, will acquire it in an all-scrip merger that will increase Soul Patts’ market capitalisation to $10.8 billion. Soul Patts owns major holdings in Australian Pharmaceutical Industries, Brickworks, TPG Telecom and New Hope Group, while both it and Milton are chaired by Robert Milner. Soul Patts CEO Todd Barlow says the merger will mean a larger war chest for future investments and increased portfolio diversification.

CORPORATES
MILTON CORPORATION LIMITED – ASX MLT, WASHINGTON H SOUL PATTINSON AND COMPANY LIMITED – ASX SOL, AUSTRALIAN PHARMACEUTICAL INDUSTRIES LIMITED – ASX API, BRICKWORKS LIMITED – ASX BKW, TPG TELECOM LIMITED – ASX TPG, NEW HOPE GROUP, NEW HOPE CORPORATION LIMITED – ASX NHC, WAM CAPITAL LIMITED – ASX WAM

NSW property developers face extra taxes

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Original article by Aaron Patrick
The Australian Financial Review – Page: Online : 23-Jun-21

Tax changes introduced by NSW Planning Minister Rob Stokes on 22 June are the result of recommendations made by the NSW Productivity Commission in 2020. The Commission suggested that changes be made to the manner in which property developers are taxed in return for their projects being approved. Under the changes introduced by Stokes, land owners will have to give the government money or land when they sell or subdivide land that has increased in value because of government decisions. The changes are tipped to raise an extra $250 million a year in revenue.

CORPORATES
NEW SOUTH WALES. DEPT OF PLANNING AND ENVIRONMENT, NEW SOUTH WALES PRODUCTIVITY COMMISSION

Rental affordability worsens as housing supply dwindles

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Original article by Nila Sweeney
The Australian Financial Review – Page: Online : 23-Jun-21

Suburbtrends has reported that 51 per cent of the 2,809 house markets it assessed require families to spend more than 30 per cent of their household income on rent, due to dwindling rental supply. It further found that there are 164 suburbs where families have to spend over 50 per cent of their household income to pay the rent on an average three-bedroom house. Suburbtrends director Kent Lardner says regions have been hit the hardest by rental shortages, while SQM Research MD Louis Christopher agrees rental supply is a big challenge for the regions.

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SUBURBTRENDS