Author: roymorgansocial

Satisfaction with performance of Industry Super Funds remains ahead of Retail Funds for 17th year

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Original article by Roy Morgan
Market Research Update – Page: Online : 29-Oct-19

New research by Roy Morgan shows that satisfaction with the financial performance of Retail superannuation funds was only 58.7% in the six months to September 2019, compared to 64.1% for Industry Funds and 76.7% for Self-Managed Funds. Retail Fund satisfaction has lagged behind satisfaction with Industry Funds for the last 17 years. These are the latest findings from the September 2019 Roy Morgan Research ‘Superannuation Satisfaction’ report based on around 50,000 interviews with people per annum, including over 30,000 who have superannuation.

CORPORATES
ROY MORGAN LIMITED

No option for savers as deposits slashed

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Original article by Michael Roddan
The Australian – Page: 17 & 28 : 29-Oct-19

The Commonwealth Bank’s term deposit interest rates are now well below the official inflation rate. The banking major has cut its term deposit rates by a much higher margin than the 75-basis point reduction in the cash rate so far in 2019. InfoChoice CEO Vadim Taube says savers need to look beyond the four major banks for term deposits that offer above-inflation interest rates. Meanwhile, Liberal MP Tim Wilson says the Reserve Bank should be wary of further easing monetary policy until the impact of the recent series of official interest cuts can be determined.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, INFOCHOICE LIMITED, RESERVE BANK OF AUSTRALIA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, LIBERAL PARTY OF AUSTRALIA

Lexus approaches near-perfect customer satisfaction

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Original article by Roy Morgan
Market Research Update – Page: Online : 29-Oct-19

Lexus is the winner of Roy Morgan’s Car Manufacturer of the Month Award for August 2019, with a customer satisfaction rating of 97%. Lexus was followed by Kia, Mercedes-Benz, Suzuki, Land Rover, Subaru and Toyota, all of which had a customer satisfaction rating of 94%. Lexus has won seven straight monthly awards in 2019, securing the brand the annual customer satisfaction award. Lexus has now won five Car Manufacturer of the Year Awards since its inaugural win in 2014. It has maintained a satisfaction rating of between 94% and 98% over the past five and a half years. These satisfaction ratings are drawn from the Roy Morgan Single Source survey, derived from in-depth face-to-face interviews with over 50,000 Australians each year in their homes.

CORPORATES
ROY MORGAN LIMITED, LEXUS, KIA MOTORS AUSTRALIA PTY LTD, MERCEDES-BENZ AG, SUZUKI AUSTRALIA PTY LTD, LAND ROVER, SUBARU (AUST) PTY LTD, TOYOTA MOTOR CORPORATION AUSTRALIA LIMITED

Westpac lashed in advice ruling

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Original article by Joyce Moullakis
The Australian – Page: 17 & 21 : 29-Oct-19

The Federal Court has upheld the Australian Securities & Investments Commission’s appeal against a December 2018 judgment in favour of Westpac. The case had centred on Westpac’s use of cold-calling to urge its customers to switch their superannuation accounts from other providers to its BT subsidiary, and whether this constituted the provision of general or personal advice. Westpac could face a financial penalty of up to $15m if it decides not to appeal the ruling.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, BT FINANCIAL GROUP PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA

Explosive, gobsmacking statements by Tax Commissioner raise serious concerns about democracy, the rule of law and cover-up

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Original article by Ken Phillips
Self-Employed Australia – Page: Online : 28-Oct-19

Tax Commissioner Chris Jordan used an appearance before the Senate Economics Legislation Committee on 23 October to refute claims that the Australian Taxation Office can recover unpaid tax debts by taking money directly out of people’s bank accounts. The allegation was aired in advertisements funded by the ‘Right to Know’ campaign. Jordan says the ATO only takes action such as garnishee orders as a last resort, but there is documented evidence that the ATO emptied at least one person’s bank account and did not inform them of this until 10 days later. The ATO must be reigned in, but this is unlikely to happen until the federal government considers that the ATO is doing damage to it politically.

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AUSTRALIAN TAXATION OFFICE, AUSTRALIA. SENATE ECONOMICS LEGISLATION COMMITEE

Goode pushes for RBA rethink

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Original article by Eli Greenblat
The Australian – Page: 17 & 20 : 28-Oct-19

Former ANZ Bank chairman Charles Goode has urged Treasurer Josh Frydenberg to work with the Reserve Bank of Australia to cut its inflation target to as low as one per cent. Goode also believes that the Australian Securities & Investment Commission’s responsible lending rules are restricting lending, and he doubts that people like Frank Lowy and Harry Triguboff would have been able to establish their property businesses if the current responsible lending rules had been around in the post-World War II years. Goode says having a lower inflation target would end the RBA’s obsession with reducing interest rates to meet what he argues are outdated inflation targets.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Foxtel, NBCU close to TV, streaming deal

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Original article by Max Mason
The Australian Financial Review – Page: 31 : 28-Oct-19

Foxtel is believed to be aiming to launch its new drama and entertainment streaming video service in March or April 2020. Foxtel is said to be close to finalising a new content agreement with US media giant NBCUniversal for both its broadcast and streaming video-on-demand services, after recently striking a new content deal with the BBC. The new subscription video-on-demand service will target consumers who want access to Foxtel content but do not want a pay-TV subscription.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, NBC UNIVERSAL INCORPORATED, BRITISH BROADCASTING CORPORATION, KAYO SPORTS, FETCHTV PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, NETFLIX INCORPORATED, STAN ENTERTAINMENT PTY LTD, APPLE INCORPORATED, WALT DISNEY COMPANY, AMAZON PRIME VIDEO

Netflix made millions, paid just 0.06pc tax

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Original article by Max Mason
The Australian Financial Review – Page: 3 : 28-Oct-19

Subscription video-on-demand giant Netflix has revealed that its Australian arm paid a total of $341,793 in tax during calendar 2018, compared with $175,516 in 2017. However, its revenue from local subscribers is estimated to have been between $600m and $1bn in 2018. Netflix’s customers in Australia are billed by Amsterdam-based Netflix International BV, which paid Netflix Australia a $12.1m service fee in 2018; this comprises all the company’s locally recognised revenue

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NETFLIX INCORPORATED

Facebook News a powerful precedent

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Original article by Zoe Samios
The Australian – Page: 23 & 25 : 28-Oct-19

News Corporation CEO Robert Thomson has praised Facebook’s news service initiative, which has been launched in the US with a test audience of 200,000 users. Thomson says the Facebook News tab will help ensure that media publishers are paid for quality journalism, adding that Facebook CEO Mark Zuckerberg deserves "genuine credit" for the new initiative. Facebook has struck a deal to include content from News Corp publications such as ‘The Wall Street Journal’ in its news service.

CORPORATES
NEWS CORPORATION – ASX NWS, FACEBOOK INCORPORATED

Seven keen to tackle NRL rights

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Original article by Leo Shanahan
The Australian – Page: 23 : 28-Oct-19

Seven West Media has expressed interest in bidding for the National Rugby League’s broadcasting rights when the Nine Network’s current deal expires in 2022. CEO James Warburton adds that Seven may look at gaining the State of Origin broadcasting rights if it cannot secure the full NRL rights. The proposed move on NRL rights is believed to be aimed at boosting Seven’s audience share in Sydney and Brisbane, where its average audience for Australian Football League matches is much lower than Nine’s NRL coverage.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, NATIONAL RUGBY LEAGUE, AUSTRALIAN FOOTBALL LEAGUE, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, OZTAM PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS