Author: roymorgansocial

Manufacturing vision drives blueprint for future

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Original article by Geoff Chambers,Simon Benson,Rosie Lewis
The Australian – Page: 1 & 4 : 28-Sep-20

Sectors such as defence, medical technology, biotechnology, agriculture and resources are expected to be the focus of the federal government’s strategy to boost Australia’s manufacturing capacity in the wake of the coronavirus pandemic. Prime Minister Scott Morrison will reveal details of the manufacturing strategy ahead of the federal Budget on 6 October. The push to increase local manufacturing is part of the government’s five-year plan to revive the economy and increase jobs.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Resource exports face $40bn hit

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Original article by Jared Lynch
The Australian – Page: 13 & 16 : 28-Sep-20

Australia’s resources and energy exports rose to a record $290bn in 2019-20, driven by a rally in the iron ore price. However, the Department of Industry’s latest Resources and Energy Quarterly report forecasts that the nation will export just $256bn worth of commodities in 2020-21. The total value of resources and energy exports in 2021-22 is forecast to be $252bn. The Department expects a pullback in the iron ore price to around $US85 a tonne by the end of 2020-21; iron ore shipments are expected to fall to $80bn, after reaching a record $102bn in 2019-20. Meanwhile, gold export earnings are forecast to reach a record $31bn in 2020-21.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, SCIENCE, ENERGY AND RESOURCES

New Hope cuts jobs, dividend after loss

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Original article by Perry Williams
The Australian – Page: 16 : 23-Sep-20

Coal producer New Hope Corporation has posted a net loss of $156.7m for the year to 31 July, following a $210.4m profit for the previous financial year. The latest result was marred by writedowns totalling $346m, including a $110.7m impairment charge against its New Acland thermal coal mine. New Hope has also retrenched 175 workers at the New Acland mine, whose proposed expansion is subject to a legal challenge from environmentalists. A total of 23 jobs have also been cut at its head office and Brisbane coal terminal, while shareholders will not receive a final dividend.

CORPORATES
NEW HOPE CORPORATION LIMITED – ASX NHC

Shock and awe budget rate cut to cushion bumpy recovery

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Original article by Patrick Commins
The Australian – Page: 1 & 4 : 23-Sep-20

The Reserve Bank of Australia’s deputy governor Guy Debelle has signalled that there could be a further reduction in the cash rate, which fell to a record low of 0.25 per cent in March. The next scheduled meeting of the central bank’s board is on 6 October, when the federal government will also hand down the Budget. National Australia Bank’s chief economist Alan Oster says the cash rate is likely to be reduced to 0.1 per cent on this day or in November. He adds that further cutting the cash rate may not do much to stimulate the economy or create jobs,

CORPORATES
RESERVE BANK OF AUSTRALIA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Citizens detaining fellow citizens a bridge too far: jurists

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Original article by Damon Johnson, Rachel Baxendale
The Australian – Page: 1 & 5 : 23-Sep-20

A group of barristers and retired judges have written an open letter to the Victorian government expressing concern about the COVID-19 Omnibus (Emergency Measures) and Other Acts Amendment Bill. They have urged the state’s upper house to reject the bill outright or push for changes to it, warning that the powers that would be given to ‘authorised officers’ to arrest and detain people would be "unprecedented, excessive and open to abuse". Amongst other things, the bill would allow people to be detained indefinitely if it is suspected that they could potentially breach COVID-19 restrictions. Key crossbenchers have signalled that they will reject the bill, which has already passed the lower house.

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REASON PARTY

Kayo climbs off canvas to hit new high

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Original article by Max Mason
The Australian Financial Review – Page: 10 : 23-Sep-20

Foxtel CEO Patrick Delany says the pay-TV group now boasts nearly two million sports subscribers across its broadcast and streaming platforms. The Kayo Sports streaming service now has more than 600,000 subscribers, compared with 542,000 in early August. Kayo’s subscriber base fell to around 331,000 in May after the coronavirus pandemic forced major sports such as the Australian Football League and National Rugby League to temporarily put their 2020 seasons on hold.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, KAYO SPORTS, AUSTRALIAN FOOTBALL LEAGUE, NATIONAL RUGBY LEAGUE

Retail can thrive in online shopping shift

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Original article by Glenda Korporaal
The Australian – Page: 13 & 19 : 23-Sep-20

More consumers have embraced online shopping due to the coronavirus pandemic, a trend that Australian Retailers Association CEO Paul Zahra expects to continue. He says the proportion of retail sales that are made online could rise to 20 per cent over the next 18-24 months, compared with about 10 per cent prior to COVID-19. Zahra warns that more physical stores are likely to close in coming years, but the shift to online will force retailers to adapt their business models. The pandemic has also prompted more consumers to support retailers within their local community.

CORPORATES
AUSTRALIAN RETAILERS ASSOCIATION

NBN push for fibre to the home

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 11 : 23-Sep-20

The federal government has forecast that a major upgrade of the national broadband network will boost GDP by $6.4bn a year by 2024. The $4.5bn upgrade project is also expected to generate about 25,000 jobs over coming years as more businesses and households gain fast internet access. NBN Co will allocate $3.5bn to rolling out high-speed fibre cables to nearly 10 million households and businesses, which will be given the option of taking up a fibre-to-the-premises connection. Communications Minister Paul Fletcher says it was always the Coalition’s intention to upgrade the NBN to full fibre when the initial rollout was completed.

CORPORATES
NBN CO LIMITED, AUSTRALIA. DEPT OF INFRASTRUCTURE, TRANSPORT, REGIONAL DEVELOPMENT AND COMMUNICATIONS

States take tentative steps to reopen borders

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Original article by Tom Burton, Finbar O’Mallon
The Australian Financial Review – Page: 5 : 23-Sep-20

The South Australian government has advised that New South Wales residents will be able to visit the state again, with border restrictions to be lifted from midnight on 23 September. The Queensland government will in turn expand its "border bubble" with NSW from 1 October, which will allow people in an additional five local government areas in northern NSW to travel to Queensland with a permit. NSW recorded two new coronavirus cases on 22 September, and the state has had no mystery cases for five consecutive days.

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Fitch tips 10pc fall in house prices as immigration weakens

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Original article by Ben Wilmot
The Australian – Page: 15 : 23-Sep-20

Fitch Ratings has forecast that housing prices in Australia will fall by 5-10 per cent over the next 12-18 months. The credit ratings agency says the reduction in net immigration due to COVID-19 travel restrictions and the resulting impact on population growth will weigh on the residential market; it also warns that the restrictions are unlikely to be eased well into 2021. The National Housing Finance & Investment Corporation recently estimated that underlying demand for new houses and apartments could fall by up to 232,000 over the next three years as a result of the coronavirus.

CORPORATES
FITCH RATINGS LIMITED, NATIONAL HOUSING FINANCE AND INVESTMENT CORPORATION – ASX NFI