Author: roymorgansocial

Time to get back to work: PM

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Original article by Geoff Chambers
The Australian – Page: 1 & 4 : 18-Sep-20

The federal government will introduce stricter mutual obligation rules for JobSeeker recipients as part of its push to get more people into the workforce. The unemployed will have to apply for up to eight jobs a month from 28 September; this had been reduced to just four jobs per month in August, compared with 20 prior to the coronavirus pandemic. However, mutual obligation requirements will remain suspended in Victoria for the time being. The government will also require JobSeeker recipients to accept any offer of ‘suitable work’, while the ‘work-for-the-dole’ program will resume.

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Fed says rates will stay near zero until 2023

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Original article by Nick Timiraos
The Australian – Page: 24 : 18-Sep-20

The US Federal Reserve left interest rates unchanged at its latest policy meeting, with all 17 central bank officials indicating that they expect interest rates to remain at a record low until at least the end of 2021. In addition, 13 of the Federal Reserve officials have indicated that interest rates are likely to remain at close to zero until the end of 2023. Meanwhile, the central bank officials now expect the US unemployment rate to average about 7-8 per cent in the December quarter.

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UNITED STATES. FEDERAL RESERVE BOARD

MCG set for Boxing Day miracle

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Original article by Ben Horne
The Australian – Page: 22 : 8-Sep-20

Cricket Australia is set to provisionally announce that the MCG will host the traditional Boxing Day Test match in 2020, subject to coronavirus restrictions. The Adelaide Oval will be designated the back-up venue if the MCG has to be ruled out. The rate of community transmission of COVID-19 will determine if the MCG hosts the second Test of the four-match series against India, with a final decision likely to be made in November. The MCG is expected to have a reduced crowd capacity of between 20,000 and 30,000 per day for the match, with social distancing rules to be enforced.

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CRICKET AUSTRALIA, MELBOURNE CRICKET GROUND, ADELAIDE OVAL

Australian exports to China fall 26pc, fastest drop among trade partners

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Original article by Glenda Korporaal
The Australian – Page: 20 : 8-Sep-20

Data from China’s General Administration of Customs suggests that the value of the nation’s imports of goods from Australia fell by 26.2 per cent year-on-year in August, to $US8.81bn. This follows a 7.2 per cent fall in July. Australia’s overall exports to China have fallen by 7.5 per cent to $US75.7bn over the year, according to the Chinese data. The Australian Bureau of Statistics has previously reported that the nation exported a record $150bn worth of goods to China in the year to 30 June. Australia’s relations with China have become increasingly strained in recent months.

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CHINA. GENERAL ADMINISTRATION OF CUSTOMS, AUSTRALIAN BUREAU OF STATISTICS

Rio Tinto condemned by shareholders for seeking legal advice before blowing up Juukan Gorge

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Original article by Lorena Allan
The Guardian – Page: Online : 8-Sep-20

James Fitzgerald from the Australian Centre for Corporate Responsibility says the behaviour of Rio Tinto "beggars belief". He was commenting on the revelation that the mining company hired lawyers to prepare for a possible injunction against the destruction of ancient rock shelters in Juukan Gorge in Western Australia, just three days before they were destroyed in May. Fitzgerald says the attitude of Rio since the shelters were destroyed appears to be that their destruction was just a tragic mistake, but the revelations regarding its hiring of lawyers suggests otherwise.

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THE AUSTRALIAN CENTRE FOR CORPORATE SOCIAL RESPONSIBILITY, RIO TINTO LIMITED – ASX RIO

Roy Morgan Business Confidence down 1.2pts to 83.1 in August – Confidence lowest in Victoria (76.1) and Queensland (77.0)

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Original article by Roy Morgan
Market Research Update – Page: Online : 8-Sep-20

In August 2020 Roy Morgan Business Confidence was down 1.2pts (-1.4%) to 83.1. Public Administration & Defence and Transport, Postal & Warehousing are the only industries with Business Confidence in positive territory above 100 over the last two months – Public Administration & Defence (123.4) and Transport, Postal & Warehousing (114.4). Industries with above average confidence included Property & Business Services (92.2), Education & Training (91.6), Wholesale (89.4), Agriculture (88.9), Manufacturing (87.1) and Construction (86.0). Industries with confidence below average included Community Services (73.8), Recreation & Personal (68.0), Retail (63.5), Mining (62.8) and Finance & Insurance (57.5).

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ROY MORGAN LIMITED

Super withdrawals hit $32bn as rush slows

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Original article by Lachlan Moffet Gray
The Australian – Page: 15 : 8-Sep-20

Data from the Australian Prudential Regulatory Authority shows that $32.6bn has now been withdrawn from superannuation funds via the federal government’s early access scheme. However, there is evidence to suggest that the rate of withdrawals is slowing, with just $380m paid out to fund members in the week to 30 August. This is the lowest weekly total since the scheme began. Meanwhile, Brendan Coates of the Grattan Institute says the scheme’s impact on retirement income has been overstated, although ACTU president Michele O’Neil disagrees with this view.

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AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, GRATTAN INSTITUTE, ACTU

PM tells Google and Facebook: You’re bluffing

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Original article by Andrew Tillett
The Australian Financial Review – Page: 11 : 8-Sep-20

Prime Minister Scott Morrison has told Facebook and Google that he does not give into coercion. The two technology companies are unhappy about federal government plans to make them pay news publishers for their content; Facebook has threatened to pull Australian and international content from its Facebook and Instagram platforms in response to the code, while Google has stated it will have to cull news content from search results. Morrison said he is happy to call their bluff on the issue.

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GOOGLE INCORPORATED, FACEBOOK INCORPORATED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Australia’s jobless benefits will be among worst in OECD after Covid supplement cut

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Original article by Luke Henriques-Gomes
The Guardian – Page: Online : 8-Sep-20

The federal government will reduce the COVID-19 supplement by $300 a fortnight on 25 September. Analysis conducted by Professor Peter Whitford from the Australian National University contends a low-paid worker who has lost their job during the pandemic will receive the third lowest unemployment benefit in the OECD when the supplement is reduced. Whitford uses what is known as the ‘replacement rate’ in his analysis; it compares unemployment and housing benefits with the wage a person was earning in their last job.

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AUSTRALIAN NATIONAL UNIVERSITY, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

CSL signs deal to make two Covid vaccines

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Original article by Jared Lynch
The Australian – Page: 15 : 8-Sep-20

Biopharmaceutical giant CSL has secured a $1.7bn deal with the federal government to produce 80 million doses of two coronavirus vaccine candidates. This comprises 30 million doses of the vaccine that is being developed by Oxford University and AstraZeneca, and 50 million doses of the vaccine that CSL is developing with the University of Queensland. Phase three clinical trials have commenced on the Oxford vaccine, while the home-grown vaccine is in phase one trials. The government will contribute $300m to the cost of upgrading CSL’s advanced manufacturing facility in Melbourne to produce the vaccines.

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CSL LIMITED – ASX CSL, OXFORD UNIVERSITY, ASTRAZENECA PLC