Author: roymorgansocial

Consumer groups savage responsible lending plan

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Original article by Paul Smith
The Australian Financial Review – Page: 19 : 23-Nov-20

The federal government’s proposed changes to responsible lending laws have been attacked by a consortium of consumer rights advocacy groups. In a submission to the government’s inquiry into the proposed changes, the groups have labelled them as "fundamentally defective". They note that the changes represent a direct contradiction of the banking royal commission’s first recommendation, namely that the National Consumer Credit Protection Act should not be revised to alter the "obligation to assess unsuitability".

CORPORATES
CONSUMER CREDIT LEGAL SERVICE, CONSUMER ACTION LAW CENTRE, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

HILDA report shows home ownership sliding, incomes falling and inequality rising

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Original article by Rod Myer
The New Daily – Page: Online : 20-Nov-20

The Melbourne Institute’s latest Household, Income and Labour Dynamics in Australia (HILDA) report shows that the nation’s average household assets increased by 64 per cent to $1.37 million between 2002 and 2018. However, average household debt rose by 104 per cent to $213,496 over this period. The HILDA survey also found that the proportion of Australians with a mortgage rose from 33.8 per cent to 36.3 per cent, although home ownership has declined from 68.1 per cent in 2002 to 63.9 per cent.

CORPORATES
UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH

Victoria closes border to South Australia after outbreak

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Original article by Rachael Dexter, Benjamin Preiss, Craig Butt
The Age – Page: Online : 20-Nov-20

South Australian residents will be banned from crossing the border into Victoria for 48 hours. The border closure took effect at 11.59pm on 19 November, although some exemptions will apply, including freight drivers and people needing medical care. The Victorian government will introduce a permit system on 21 November. The border closure was prompted by the discovery of coronavirus traces in wastewater at Portland and Benalla. Acting Chief Health Officer Allen Cheng says they could be from an active case or a recovered case who is still shedding the virus. Victoria has now recorded 20 consecutive days with no new COVID-19 cases. Premier Daniel Andrews says his government is still on track to further ease coronavirus restrictions within days.

CORPORATES
VICTORIA. DEPT OF HEALTH AND HUMAN SERVICES, VICTORIA. DEPT OF PREMIER AND CABINET

ABS October unemployment estimate counts 134,000 Australians working zero hours in October for economic reasons as employed

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Original article by Gary Morgan, Michele Levine, Julian McCrann
Market Research Update – Page: Online : 20-Nov-20

The ABS unemployment estimate for October 2020 claims 960,900 Australians were unemployed (7.0% of the workforce), up 0.1% points on September 2020. However, the ABS claim the participation rate has dropped from 66% in March to 65.8% in October. If the ABS participation rate was steady at 66% there would be an extra 60,000 people in the workforce now and a total of 1.03 million unemployed. In addition, within the ABS employment release for hours worked it notes that 133,800 Australians the ABS count as employed worked zero hours in October for economic reasons. If these non-workers are added the adjusted ABS unemployment estimate is 1.16 million – an unemployment rate of 8.4%. Combined with the ABS under-employment estimate of 1.43 million that would be 2.59 million Australians unemployed or under-employed in October – 18.8% of the Australian workforce. This ‘adjusted’ ABS estimate is significantly closer to Roy Morgan’s unemployment & under-employment estimate of 22.2% for October released two weeks ago.

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ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

SA COVID-19 lockdown: Marshall says public exercise ban will be first to go

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Original article by Andrew Hough, Matt Smith, Claire Bickers
The Advertiser – Page: Online : 20-Nov-20

South Australia recorded no new COVID-19 cases on 10 November, and the number of cases in the Parafield cluster has fallen to 22 after a close contact of a hotel security guard tested negative. However, health authorities are investigating 17 suspected cases that are linked to the cluster, while another 3,200 close and secondary contacts are in quarantine. Premier Steven Marshall has signalled that the unpopular ban on exercising in public places may be the first restriction to be eased, potentially before the six-day lockdown ends. There are 34 active COVID-19 cases across the state.

CORPORATES
SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET

Victoria, WA circle Crown over new reports on shady deals

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Original article by Lucas Baird
The Australian Financial Review – Page: 21 & 26 : 20-Nov-20

The Victorian Commission for Gambling & Liquor Regulation has directed Crown Resorts to produce two reports that it presented to the New South Wales inquiry into its Sydney casino. The reports indicate that money laundering occurred in ‘shell accounts’ linked to Crown’s Perth and Melbourne casinos, while the VCGLR has indicated that it has received a response from Crown about the ‘show cause’ notice issued in October regarding Crown’s links with questionable junket operators with alleged links to organised crime. Evidence regarding the shell accounts will also be considered by Western Australia’s Gaming and Wagering Commission on 24 November.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, VICTORIAN COMMISSION FOR GAMBLING AND LIQUOR REGULATION, WESTERN AUSTRALIA. GAMING AND WAGERING COMMISSION

New report into Consumers and COVID-19: from crisis to recovery examines the impact of COVID-19 on rental housing, mortgage providers, energy, telco, insurance, credit markets and more

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Original article by CPRC – Consumer Policy Research Centre
Market Research Update – Page: Online : 20-Nov-20

The Consumer Policy Research Centre (CPRC) has partnered with Roy Morgan Research to conduct monthly surveys measuring the financial impacts and consumer experiences of COVID-19 across essential and important services markets, including housing, energy, telecommunications, credit and insurance. The September Report has just been released which examines consumer concerns about financial wellbeing and dealing with household expenses such as telcos and those of essential services providers. The report explores how renters and mortgagors have been impacted and the steps they’ve taken to manage household expenses across a range of consumer sub-groups who have had to deal with very different impacts from COVID-19. Click through to view a detail report in granular detail on the impact of COVID-19 on Australians.

CORPORATES
CONSUMER POLICY RESEARCH CENTRE, ROY MORGAN LIMITED

Campbell apologises for Afghanistan war crimes

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Original article by Andrew Tillett
The Australian Financial Review – Page: 4 : 20-Nov-20

The Brereton report into war crimes by Australian Defence Force personnel in Afghanistan has recommended that 19 serving and former soldiers be referred for prosecution. Paul Brereton, the Assistant Inspector-General of the ADF, found that there is evidence that 25 special forces soldiers were involved in the murder of 39 prisoners and civilians between 2009 and 2013. He also concluded that the elite solders had attempted to cover up their crimes by planting weapons on the victims. Defence Force Chief Angus Campbell has responded to the report by abolishing the SAS squadron at the centre of the allegations; he has also announced a review of all honours and awards received by Australian soldiers in Afghanistan.

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AUSTRALIAN DEFENCE FORCE, SPECIAL AIR SERVICE REGIMENT

BGH lifts takeover offer for Village

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Original article by Ben Wilmot
The Australian – Page: 21 : 20-Nov-20

BGH Capital is set to increase its takeover offer for Village Roadshow from $2.22 per share to $3, valuing its revised bid at $586m. Spheria Asset Management’s portfolio manager Matthew Booker has previously indicated that an offer of around $3 per share should satisfy shareholders; Spheria has a 7.8 per cent stake in Village. However, 14.34 per cent shareholder Mittleman Brothers is of the view that the revised offer still undervalues the cinemas and theme parks group.

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, BGH CAPITAL PTY LTD, SPHERIA ASSET MANAGEMENT PTY LTD

2020 Christmas retail sales set to grow 2.8% to $54.3 billion

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Original article by Roy Morgan
Market Research Update – Page: Online : 20-Nov-20

Roy Morgan’s annual Christmas retail sales forecasts conducted in conjunction with the Australian Retailers Association indicate that Australians will spend over $54.3 billion across retail stores during the Christmas trading period. Forecast retail spending this Christmas of over $54.3 billion is an increase of 2.8% from the $52.9 billion of retail expenditure during the 2019 Christmas trading period and is a better than expected forecast than many would have thought possible during the year as Australia dealt with the unprecedented pandemic. Because of the huge impact on spending patterns caused by COVID-19, and the associated lockdowns around Australia, spending across the six categories measured has diverged significantly during 2020. Unsurprisingly, the largest percentage increasing in spending is predicted for the Food category, with pre-Christmas spending forecast to grow by 10% from a year ago to over $23.8 billion. Due to the impact of COVID-19 and the continuing restrictions, Hospitality spending is forecast to be 18.7% down on a year ago at just under $6.1 billion.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN RETAILERS ASSOCIATION