Author: roymorgansocial

Tax warning for 130,000: Labor out to get you

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Original article by Matthew Cranston
The Australian – Page: 6 : 29-Apr-25

The federal government is continuing to attract scrutiny over its plans to tax the unrealised capital gains of superannuation funds. Shadow treasurer Angus Taylor says Labor is "coming after superannuation", despite stating prior to the 2022 election that it did not plan to do so; he adds that the policy will particularly affect people such as farmers and small business owners. However, Treasurer Jim Chalmers says it is only a "modest change" that will affect a small number of people with more than $3m in their superannuation fund. Meanwhile, Wilson Asset Management chairman Geoff Wilson has expressed concern about the policy in a letter to the firm’s 130,000 investors.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, WILSON ASSET MANAGEMENT

Cultural heritage laws face overhaul

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Original article by Mohammad Alfares
The Australian – Page: 9 : 29-Apr-25

Shadow Indigenous Australians minister Jacinta Nampijinpa Price says a Coalition government will overhaul the nation’s cultural heritage protection laws, and that it will introduce a "national interest test" for cultural heritage claims. Nampijinpa Price said a national register of culturally significant sites would be set up to accelerate approvals, fees and processing times for cultural heritage applications will be capped, and penalties for making false cultural heritage claims would be introduced. She accused Environment Minister Tanya Plibersek of "dropping the ball" on promised heritage reforms, saying the federal government had preferred to listen to ‘fringe groups’ rather than doing what was best for Indigenous Australians and local communities.

CORPORATES
AUSTRALIA. DEPT OF CLIMATE CHANGE, ENERGY, THE ENVIRONMENT AND WATER

Overseas students to cop 25pc visa fee hike

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Original article by Natasha Bita
The Australian – Page: 7 : 29-Apr-25

International students currently pay $1,600 to apply for a visa, but the federal government proposes to increase this to $2,000 from 1 July. Finance Minister Katy Gallagher says the 25 per cent increase is a "sensible and modest change" that puts an appropriate price on the benefits of studying in Australia. However, Universities Australia CEO Luke Sheehy says the nation already has the world’s highest student visa fees, while the Regional Universities Network has warned that the proposed increase will affect the desirability and competitiveness of Australia in the international education market.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, UNIVERSITIES AUSTRALIA LIMITED, REGIONAL UNIVERSITIES NETWORK

Insolvency wave builds despite hopes for rate relief

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Original article by Matt Bell
The Australian – Page: 17 : 29-Apr-25

Data from the Australian Securities & Investments Commission shows that 3,393 businesses were declared insolvent in the March quarter; this is 27.6 per cent higher than the same period in 2024. Meanwhile, some 11,162 businesses have appointed insolvency specialists so far in the financial year, with the figures current as at 6 April. This represents an increase of 44.1 per cent year-on-year, and Jarvis Archer from Business Reset says insolvencies are on track to exceed 15,000 in 2024-25. Construction, hospitality and retailing are amongst the sectors that have recorded the biggest growth in insolvencies.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, BUSINESS RESET PTY LTD

Labor releases election promise costings including saving of $6.4bn from cutting more consultants

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Original article by Henry Belot, Patrick Commins
The Guardian Australia – Page: Online : 29-Apr-25

Treasurer Jim Chalmers released the federal government’s election policy costings on Monday. Amongst other things, Labor expects to reduce government expenditure by about $6.4bn over four years by further reducing the use of consultants and labour firms. Finance Minister Katy Gallagher says the proposed cutbacks will not affect the quality of the service provided by federal public servants. The government’s plan to increase visa application fees for international students is in turn expected to boost revenue by about $760m.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE

‘Locked in’: Westpac’s big interest rate cut call

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Original article by Cameron Micallef
The Australian – Page: 23 : 29-Apr-25

Westpac’s chief economist Luci Ellis believes that the Reserve Bank of Australia is certain to reduce the cash rate by 25 basis points in May. She says a rate cut is likely even if inflation data for the March quarter is slightly disappointing. Ellis does not expect the RBA to reduce the cash rate by 50 basis points in May, although she says there is the potential for a cut of 35 basis points, which would reduce the cash rate to 3.75 per cent. Ellis also expects rate cuts in both August and November.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, RESERVE BANK OF AUSTRALIA

Bitcoin emerges from bear market as traders tip $US125K

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Original article by Alex Gluyas
The Australian Financial Review – Page: 23 : 29-Apr-25

The price of bitcoin rose by 12 per cent last week, compared with a 6.7 per cent gain for the Nasdaq. The cryptocurrency recorded its largest weekly rise since shortly after Donald Trump won the US presidential election in November. It subsequently peaked at around $US109,000 following his inauguration in late January, before falling sharply in response to the tariffs-induced trade war. Tony Sycamore from IG believes that bitcoin could test its record level again, adding that there is potential for it to rise to around $US125,000.

CORPORATES
IG MARKETS LIMITED, NASDAQ COMPOSITE INDEX

Rio: D-day looms for Tassie smelter

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Original article by Peter Ker
The Australian Financial Review – Page: 15 : 29-Apr-25

The future of Rio Tinto’s aluminium smelter in Tasmania is under renewed scrutiny, with the plant’s electricity supply deal set to expire at the end of 2025. Rio Tinto has warned that the Bell Bay smelter could potentially be closed if the company fails to negotiate a new supply deal with the state-owned Hydro Tasmania; the smelter directly employs about 500 people. The future of Rio Tinto’s Tomago aluminium smelter in NSW is also uncertain, with its power supply deal scheduled to expire in 2028.

CORPORATES
RIO TINTO LIMITED – ASX RIO, HYDRO TASMANIA

Roy Morgan Poll: ALP in front but two-party preferred lead cut significantly as early voting favours the Coalition: ALP 53% cf. L-NP 47%

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Original article by Roy Morgan
Market Research Update – Page: Online : 29-Apr-25

If a Federal Election were held last weekend the ALP would have been returned to Government with an increased majority with the ALP on 53% (up 0.9% from the 2022 Federal Election) ahead of the L-NP Coalition on 47% (down 0.9%) on a two-party preferred basis, the latest Roy Morgan survey finds. This result represents a two-party preferred swing of 2.5% to the L-NP Coalition compared to a week ago. Despite the large two-party preferred swing, primary support for the major parties was little changed with the Coalition on 34.5% (up 0.5%) now just ahead of the ALP on 34% (down 0.5%). Support for the Greens dropped 1.5% to 13% and One Nation increased 1.5% to 7.5%. This is not a ‘direct transfer’ of voting intention but indicates movement between the two major parties and the two key minor parties of the ‘left’ (Greens) and the ‘right’ (One Nation). An unchanged 11% support other minor parties and independents. Within that bloc, the largest support is for so-called ‘Teal Independents’ (2%) and Clive Palmer’s ‘Trumpet of Patriots’ (1.5%). These results take into account that minor parties and independents are not running in every seat.

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

PM scores AAA for denial

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Original article by Greg Brown, Matthew Cranston
The Australian – Page: 1 & 6 : 29-Apr-25

S&P Global has warned that Australia’s coveted ‘AAA’ credit rating is at risk due to the erosion of "sound fiscal management". The firm has raised concern about how the major political parties will fund their election promises if they win the election on 3 May, noting that the budget deficit could widen if the election promises are not funded via revenue or cost savings. S&P also expressed concern about the growing use of so-called ‘off-budget’ spending. However, Prime Minister Anthony Albanese has rejected suggestions that Australia could face a credit rating downgrade, while Treasurer Jim Chalmers says Opposition leader Peter Dutton and the Coalition are the biggest risk to the nation’s credit rating.

CORPORATES
S&P GLOBAL RATINGS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY