Author: roymorgansocial

Nearly two-thirds of Australians (65%) now say Australian Government is handling COVID-19 well – up 22% in a week

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

A special Roy Morgan web survey shows that 65% of Australians aged 18+ now say the Australian Government is handling COVID-19 well, up 22% in a week. Just 29% (down 20%) of Australians disagree that the Australian Government is handling the Coronavirus well. While previously only 38% of those in New South Wales agreed that the Australian Government was handling COVID-19 well, this has increased to 59% (up 21% in a week). This is similar to clear majorities in other states: Queensland 70% (up 28%), Victoria 66% (up 21%), Western Australia 75% (up 22%) and South Australia 58% (up 11%). Meanwhile, 59% of Australians now say the ‘worst is yet to come’ over the next month in regards to the COVID-19 coronavirus pandemic – down 26% in a week. The survey of a cross-section of 987 Australians aged 18+ was conducted over the weekend of April 4-5.

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ROY MORGAN LIMITED

Cardinal George Pell leaves prison after High Court quashes abuse convictions

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Original article by
The New Daily – Page: Online : 8-Apr-20

Victoria’s Office of Public Prosecutions has declined to comment on the High Court’s unanimous decision to quash Cardinal George Pell’s conviction on historical child sexual abuse charges. The full bench ruled that the evidence had failed to establish his guilt to the requisite standard of proof. Cardinal Pell had spent 400 days in jail after being convicted on five charges in December 2018. He has released a statement saying that a "serious injustice" had been remedied and reiterated that he is innocent of all charges. The father of one the alleged victims intends to pursue a civil case against Cardinal Pell.

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VICTORIA. DIRECTOR OF PUBLIC PROSECUTIONS

ANZ-Roy Morgan Consumer Confidence bounces from historical low to 71.9

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

ANZ-Roy Morgan Australian Consumer Confidence rose 10.1% to 71.9 in the week to 5 April; this was the biggest gain since the survey shifted to a weekly basis in 2008. Current economic conditions rose by 24.6%, although this subcomponent is still 50% below its level of six weeks ago. Current financial conditions gained 8.8%, while future financial conditions rose 11.4%. The Time to buy a major household item subcomponent gained 17.5%, following a drop of 23.8% previously. The four-week moving average for inflation expectation was stable at 4.1%, but the weekly reading dipped to 4.1% from 4.3%.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Australia has flattened the curve – for now

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Original article by Edmund Tadros, Tom McIlroy
The Australian Financial Review – Page: 3 : 6-Apr-20

The global death toll from the coronavirus has risen to 74,395; more than 1,339,000 people worldwide have now been diagnosed with the respiratory illness, including 5,795 in Australia. The nation’s death toll from the virus has risen to 41, including a 12th passenger from the ill-fated ‘Ruby Princess’ cruise ship. However, Australia’s rate of infection has slowed to 1.7 per cent, with just 104 new confirmed cases on 6 April. Deputy Chief Medical Officer Paul Kelly has reiterated the need to keep complying with social distancing rules in order to continue to curb the virus’s spread.

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Oil Search eyes $1bn raising

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Original article by Perry Williams
The Australian – Page: 16 : 7-Apr-20

Shares in Oil Search have been placed in a trading halt until 14 April, pending an announcement regarding a capital raising. The oil and gas producer is expected to raise at least $1bn to strengthen its balance sheet in the wake of a sharp fall in the crude oil price. The slump has weighed on Oil Search’s shares, which have fallen in value from more than $7 at the start of 2020 to just $2.73, reducing its market capitalisation to $3.89bn. The new shares may offered at around $2 apiece.

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OIL SEARCH LIMITED – ASX OSH

Economy the great unknown in viral era

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Original article by Nick Cater
The Australian – Page: 10 : 7-Apr-20

New Zealand and Australia have adopted vastly different strategies in their efforts to combat COVID-19. Many have urged Scott Morrison to adopt NZ Prime Minister Jacinta Ardern’s comprehensive lockdown, but he has preferred to adopt social distancing rules that aim to minimise restrictions on economic activity. Australians were asked by Roy Morgan recently if they believed things would get worse before they get better; 85 per cent said yes. It is starting to appear they are wrong so far as COVID-19 goes, but perhaps not so the economy. Modelling suggests adopting the NZ strategy would have a much more negative impact on the economy that those measures adopted by Morrison, while it is forecast that unemployment could rise by 1.2 million if the federal government’s current measures remain in place for six months or longer.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ROY MORGAN LIMITED

Rio Tinto flies in 700 miners to beat lockdown

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Original article by Nick Evans
The Australian – Page: 16 : 7-Apr-20

Rio Tinto has advised that about 700 of the fly-in, fly-out workers at its Pilbara iron ore mines will temporarily relocate to Western Australia following the state’s decision to close its borders. Rio Tinto workers will be required to remain on site for 14 days in compliance with the state’s quarantine rules, as well as coronavirus lockdown rules when they are not working. BHP has also relocated about 300 FIFO workers to WA during the pandemic.

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RIO TINTO LIMITED – ASX RIO, BHP GROUP LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG

BHP raises spectre of virus compo

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Original article by Peter Ker
The Australian Financial Review – Page: 19 : 7-Apr-20

BHP has conceded that it could face workers’ compensation claims from employees who contract the coronavirus while on the job. Workcover Western Australia has indicated that such claims would be possible, although it notes the difficulty of determining when a person contracted the virus. Its observations have been echoed by Queensland’s WorkCover agency. Hall & Wilcox lawyer Terry Killian says employees would likely have to prove that there was a link between their work duties and contracting the virus.

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BHP GROUP LIMITED – ASX BHP, WORKCOVER WESTERN AUSTRALIA, HALL AND WILCOX, WORKCOVER QUEENSLAND

Reserve Bank likely to slow bond buying

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 30 : 7-Apr-20

The Reserve Bank of Australia’s quantitative easing program commenced on 20 March, and the central bank initially began purchasing $5bn worth of commonwealth government bonds per day. It has bought some $31bn of such bonds to date, including $10bn in the week ended 3 April. The RBA has been gradually been winding back its bond buying, and Damien McColough of Westpac says that even if its current momentum is maintained it would hold about $80bn worth of government bonds by the end of June. This would constitute about 30 per cent of the government bonds on issue. The RBA has also bought some $5bn worth of state government bonds.

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RESERVE BANK OF AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC

Media groups slash costs as advertising slump bites

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Original article by Lilly Vitorovich
The Australian – Page: 15 : 7-Apr-20

Southern Cross Media Group CEO Grant Blackley says the fundamentals of its business remain sound, despite the impact of the pandemic on the advertising market. Southern Cross will seek to reduce costs by $40m-$45m in 2020, while the proceeds of a $169m equity raising will be used to reduce its $330.5m debt. The group has also advised that advertising revenue fell 10 per cent year-on-year in the nine months to 31 March. Rival radio stations group HT&E has also flagged cost cuts, including temporary salary reductions and reduced working hours for its staff.

CORPORATES
SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, HT&E LIMITED – ASX HT1