Author: roymorgansocial

$1bn for business, farms to beat dry

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Original article by Simon Benson
The Australian – Page: 1 & 6 : 7-Nov-19

The federal government will release details of a drought assistance package on 7 November. Small businesses in drought-affected areas will be offered concessional loans of up to $500,000, while farmers who qualify for an existing concessional loan scheme will be offered a two-year interest-free period. Meanwhile, shadow agriculture minister Joel Fitzgibbon has called for a national drought strategy and urged the government to release the full report of the drought taskforce review that was undertaken by Major General Stephen Day.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF AGRICULTURE AND WATER RESOURCES

Nine CEO calls in Karl, at a cut price

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Original article by Nick Tabakoff
The Australian – Page: 1 & 8 : 7-Nov-19

Nine Entertainment Company CEO Hugh Marks has flagged the possibility of Karl Stefanovic returning as co-host of the "Today" breakfast show in 2020. Stefanovic remains contracted to Nine for another year, on an annual salary of more than $2m, having been sacked from "Today" in late 2018. However, Marks says Stefanovic would have to agree to a significant pay cut if he were to return to the show he co-hosted for 14 years. The ratings for "Today" recently fell to a record low of 155,000 across the five major capital cities.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED

First-home buyers surge back for a foothold as market rises

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Original article by Nila Sweeney, Larry Schlesinger
The Australian Financial Review – Page: 29 : 7-Nov-19

Real estate developers note that their recent land releases in new housing estates have attracted strong demand among people who are buying their first home. Nigel Edgar of Frasers Property says first-home buyers now account for 35-45 per cent of its sales, compared with just 15 per cent when the residential market was at its peak in 2017. Likewise, Luke Fryer of Metricon says sales to first-home buyers increased by 25 per cent in the three months to September. Off-the-plan apartments are also attracting interest among first-home buyers.

CORPORATES
FRASERS PROPERTY AUSTRALIA PTY LTD, METRICON HOMES, HIGHLAND PROPERTY GROUP, VIRGATE, WOLFDENE, BIS OXFORD ECONOMICS PTY LTD, JINDING DEVELOPMENTS

Melbourne Cup in turmoil as ratings and attendance plunge in 2019

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Original article by Roy Morgan
Media Update – Page: Online : 7-Nov-19

TV viewership of the Melbourne Cup has plunged in 2019, dropping by more than half-a-million viewers compared to 2018 (a drop of 28% in only one year) and down over 330,000 in Melbourne – the home of the race. In total 1.324 million Australians in the 5 Capital Cities tuned in to Network 10’s coverage of Australia’s most important horse race. Sydney viewing was down by over 100,000 and down by tens of thousands in Brisbane, Perth and Adelaide. As reported yesterday attendance at the Melbourne Cup was only 81,408, the lowest attendance for nearly a quarter of a century since 1995. In line with plunging attendance figures, TV viewership was down across the whole day including the Race, Presentation, Mounting Yard and other viewing segments. Attendance at the Melbourne Cup has now dropped for five years in a row and is a clear indicator of problems facing Australia’s Racing Industry which Roy Morgan shows has among the highest level of distrust of all sports.

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Aussie winner declared bad for the bookies

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Original article by Mark Schliebs
The Australian – Page: 6 : 6-Nov-19

TAB has reported that its turnover for the 10 races at Flemington on 5 November was $160.7m, which is 5.9 per cent lower than previously. TAB’s turnover on the Melbourne Cup itself was $106m. TAB processed up to 108,000 bets per minute on Cup Day, while the numbers of wagers process by Sportsbet peaked at 35,000 per minute. Racing Victoria CEO Giles Thompson says the fact that an Australian-bred and trained horse won the Melbourne Cup is likely to have affected bookmakers’ profits, as many punters backed the local horse.

CORPORATES
TAB LIMITED, TABCORP HOLDINGS LIMITED – ASX TAH, SPORTSBET AUSTRALIA, RACING VICTORIA LIMITED, BETEASY PTY LTD, LADBROKES GROUP PLC, MELBOURNE RACING CLUB

$9b tax hole linked to Airbnb-style deals

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Original article by Duncan Hughes
The Australian Financial Review – Page: 9 : 6-Nov-19

The Australian Taxation Office estimates that some property owners have undeclared income of more than $70,000 a year in earnings from short-term rental platforms such as Airbnb. This has contributed to an income tax shortfall of around $9bn. The ATO has used data-matching technology to compare income from tax returns with financial records provided by rental platforms. The ATO will write to home owners asking them to review their tax return, their income earned and the expenses they have claimed.

CORPORATES
AUSTRALIAN TAXATION OFFICE, AIRBNB AUSTRALIA PTY LTD, STAYZ PTY LTD, HOMEAWAY.COM INCORPORATED, FLIPKEY, BOOKING.COM (AUSTRALIA) PTY LTD, IBISWORLD PTY LTD, BNBGUARD

Senator dubs Morrison plan attack on democracy

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Original article by Andrew Tillett
The Australian Financial Review – Page: 7 : 6-Nov-19

The federal government requires the support of four Senate crossbenchers for its legislative crackdown on protestors who engage in secondary boycotts that target mining companies. However, the proposed legislation has been criticised by Centre Alliance senator Rex Patrick, who has expressed concern about the increasing erosion of civil liberties under the Coalition. Labor and the Greens also oppose the legislation.

CORPORATES
CENTRE ALLIANCE, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, LIBERAL PARTY OF AUSTRALIA, FOREST PRODUCTS ASSOCIATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Facebook faces probe on currency

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Original article by Michael Roddan
The Australian – Page: 1 & 8 : 6-Nov-19

Austrac is among eight Australian financial regulators that will undertake an investigation into plans by social media giant Facebook to launch a cryptocurrency. The regulators are expected to use their formal powers to compel Facebook to disclose details of its proposal for the Libra digital currency. The concerns about Libra are believed to include its potential impact on national security, privacy and financial markets.

CORPORATES
FACEBOOK INCORPORATED, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. OFFICE OF THE AUSTRALIAN INFORMATION COMMISSIONER

What world’s biggest trade deal means to Australia

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Original article by Andrew Tillett
The Australian Financial Review – Page: 4 : 6-Nov-19

The 15-nation Regional Comprehensive Economic Partnership will account for about 29 per cent of global GDP. Shiro Armstrong, from the Australian National University’s East Asian Bureau of Economic Research, says the trade deal will generate ‘incremental’ economic gains for Australia. Sectors such as education, professional services and manufacturing are amongst those that are expected to benefit from the trade deal.

CORPORATES
REGIONAL COMPREHENSIVE ECONOMIC PARTNERSHIP, AUSTRALIAN NATIONAL UNIVERSITY. EAST ASIAN BUREAU OF ECONOMIC RESEARCH

Optimistic Reserve Bank holds rates steady for now

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Original article by David Rogers, Patrick Commins
The Australian – Page: 19 & 27 : 6-Nov-19

Reserve Bank of Australia governor Philip Lowe has reiterated that the cash rate is likely to remain low for some time, after it was left unchanged at 0.75 per cent on 5 November. However, he also stressed that the central bank is open to further rate cuts if necessary to achieve its inflation and full employment targets. Su-Lin Ong of RBC Capital Markets now expects another rate cut in February, rather than December. Bill Evans of Westpac also expects a rate cut in February, which he says will be the last one in the current easing cycle.

CORPORATES
RESERVE BANK OF AUSTRALIA, RBC CAPITAL MARKETS, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. DEPT OF THE TREASURY