Author: roymorgansocial

ANZ urges stricken firms: wind up now

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Original article by James Frost
The Australian Financial Review – Page: 13 & 17 : 1-Jun-20

The ANZ’s head of retail and business banking, Mark Hand, suggests that 2021 will be a very difficult year for small businesses. He suggests that many small and medium enterprises will not recover from the COVID-19 crisis, even with loan deferrals from banks and wage subsidies from the federal government. He says the best move for some SME owners would be to wind up their business and walk away with some equity. The ANZ is worried that the recent spark of optimism resulting from a fall in new COVID-19 cases and the easing of some restrictions will result in some of its business borrowers becoming complacent.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

It’s official: Bunnings is Australia’s most trusted brand, with Coles the big mover

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Original article by Roy Morgan
Market Research Update – Page: Online : 1-Jun-20

Over the 12 months to 30 April 2020, Bunnings, ALDI, Woolworths and Coles were selected by Australians as the country’s most trusted brands. The Roy Morgan Risk Monitor reveals that year-on-year Coles lifted three trust rankings. According to Roy Morgan CEO Michele Levine, "Coles was the fastest mover over the 12 months, to be neck and neck with Woolworths for the first time". NRMA emerged as Australia’s most trusted insurer – and its most trusted financial services brand. The ABC emerged as the most trusted media brand in the country. Unsurprisingly given the top-4 most trusted brands, the retail sector emerged as Australia’s most trusted industry, with the supermarket sector 2nd and consumer products 3rd. On the flipside, Facebook, Telstra and AMP were revealed as the most distrusted brands in Australia during April 2020.

CORPORATES
ROY MORGAN LIMITED, BUNNINGS GROUP LIMITED, ALDI STORES SUPERMARKETS PTY LTD, WOOLY BULLY, COLES GROUP LIMITED – ASX COL, NRMA LIMITED, AUSTRALIAN BROADCASTING CORPORATION, FACEBOOK INCORPORATED, TELSTRA CORPORATION LIMITED – ASX TLS, AMP LIMITED – ASX AMP

Rapid shift to renewable energy could lead Australia to cheap power and 100,000 jobs

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Original article by Adam Morton
The Guardian Australia – Page: Online : 29-May-20

Climate change thinktank Beyond Zero Emissions has called for 90 gigawatts (GW) of renewable energy capacity and 20GW of batteries to be built over the next five years. It estimates this would create 124,000 construction jobs and 22,000 ongoing jobs. Beyond Zero Emissions also states there should be local content requirements for wind turbines, batteries and transmission components, saying this could create 15,000 manufacturing jobs, and that a wind energy manufacturing industry could be easily created by converting old factories.

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BEYOND ZERO EMISSIONS INCORPORATED

Brace for negative super returns: Silk

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Original article by Richard Gluyas
The Australian – Page: 13 & 20 : 29-May-20

AustralianSuper’s balanced investment option has posted a return of minus 3.3 per cent for the year to April, following a coronavirus-induced rout in financial markets in the March quarter. CEO Ian Silk has warned that the balanced option is likely to post its first negative return for a financial year since the global financial crisis. However, he notes that the balanced option has delivered an average return of eight per cent over the last decade. Silk adds that some 200,000 AustralianSuper members have utilised the federal government’s early access scheme.

CORPORATES
AUSTRALIANSUPER PTY LTD

Retail union stands firm over BOOT

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 8 : 29-May-20

The Shop, Distributive & Allied Employees’ Association has expressed support for an overhaul of the enterprise bargaining system. However, national secretary Gerard Dwyer says the union is of the view that the ‘better off overall test’ is not the primary cause of delays in negotiating and implementing workplace agreements. Employers’ group contend that the BOOT is a key problem that needs to be addressed. The proportion of private sector employees who are covered by enterprise agreements has fallen from 22 per cent in 2013 to just 12.8 per cent.

CORPORATES
SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION

Rio Tinto blasting of Juukan Gorge Indigenous site prompts call for heritage protections

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Original article by Toby Hussey, Karen Michelmore, Holly Ferguson
abc.net au – Page: Online : 29-May-20

Rio Tinto recently destroyed two ancient rock caves in Western Australia’s Pilbara region as a result of blasting activity. It had secured permission for the blasting in 2013 under section 18 of the Aboriginal Heritage Act, which allows landowners to seek exemption from laws that ban work that is likely to impact Aboriginal sites. WA Mining and Pastoral Region MP Robin Chapple has called on Aboriginal Affairs Minister Ben Wyatt to review all approved Section 18 notices following the destruction of the caves. Chris Salisbury, the CEO of iron ore at Rio Tinto, says the company takes cultural heritage "very seriously".

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RIO TINTO LIMITED – ASX RIO, WESTERN AUSTRALIA. DEPT OF INDIGENOUS AFFAIRS

Iron ore price surge set to boost WA budget amid Brazil coronavirus crisis and Chinese demand

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Original article by James Carmody
abc.net.au – Page: Online : 29-May-20

The resilience of the iron ore price may provide some relief for the Western Australian government amid growing concern that the state faces a recession. Treasurer Ben Wyatt has indicated that mining royalties could be higher than forecast, which will help to offset a decline in the state’s revenue from other sources. WA’s iron ore industry has benefited from factors such as lower output in Brazil and the state’s closer proximity to China. Meanwhile, the remoteness of WA’s iron ore mines has traditionally been seen as a disadvantage, but it has been regarded as a positive during the coronavirus pandemic.

CORPORATES
WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE

Lowe urges paying subsidies for longer

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Original article by Patrick Commins
The Australian Financial Review – Page: 4 : 29-May-20

Treasurer Josh Frydenberg has reiterated that the JobKeeper wage subsidy scheme and the doubling of the JobSeeker allowance are temporary and targeted measures. However, Reserve Bank of Australia governor Philip Lowe has told a Senate committee hearing that there may be a case for extending some of the coronavirus stimulus measures; he has warned that withdrawing the fiscal stimulus too soon could hinder the economy’s recovery from the pandemic. Lowe also said that recent economic data suggests that the downturn may not be as severe as had been forecast.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA

Fast track to post-virus freedom

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 29-May-20

A meeting of the national cabinet on 29 May will review the progress of the states and territories in easing coronavirus lockdown restrictions in recent weeks. Meanwhile, the federal government’s target date of July to re-open the economy may be brought forward if the nation’s success in containing the virus’s spread is sustained. The Australian Health Protection Principal ­Committee is expected to recommend doing so earlier if the nation continues to record fewer than 10 new cases of the coronavirus each day. The meeting is also expected to consider retaining the national cabinet model in the post-coronavirus environment.

CORPORATES
AUSTRALIAN HEALTH PROTECTION PRINCIPAL COMMITTEE

Watchdog backs delay of Hayne banking reforms

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Original article by Eli Greenblat
The Australian – Page: 16 : 29-May-20

Some of the recommendations arising from the Hayne royal commission were slated to be implemented in July. Australian Securities & Investments Commission chairman James Shipton has expressed support for the federal government’s decision to delay these reforms until the end of 2020, given the impact of the coronavirus pandemic on banks and the domestic economy. Shipton has also told a Senate committee that ASIC is watching out for fraudulent activity such as phoenix companies and attempts to scam people out of their superannuation savings via the early access scheme.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY