Author: roymorgansocial

Surplus safe with fast-track tax cuts

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Original article by Adam Creighton
The Australian – Page: 6 : 16-Oct-19

The Centre for Independent Studies has released a report which warns that the federal government’s changes to the low- to medium-income tax offset will decrease­ GDP and the economic efficiency of the tax system. The report’s author, John Humphreys, estimates that the LMITO will reduce revenue by $35bn over the next four years, as it provides a disincentive to work. He adds that the second and third stages of the government’s tax cuts package will reduce revenue by $145bn over 10 years, and argues that the tax cuts can be brought forward without jeopardising Budget surpluses.

CORPORATES
THE CENTRE FOR INDEPENDENT STUDIES LIMITED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN NATIONAL UNIVERSITY

Coalition win as ALP backs big stick laws on energy

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Original article by Rosie Lewis
The Australian – Page: 4 : 16-Oct-19

Labor has agreed to support the federal government’s bill to force energy companies to divest assets if they fail to reduce electricity prices. However, Opposition Leader Anthony Albanese says the policy shift is not a backdown, as the proposed legislation has been changed significantly since it was rejected by the previous parliament. The government has agreed to some concessions sought by Labor in return for supporting the bill.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FEDERAL COURT OF AUSTRALIA

IMF: global growth at decade low

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Original article by Adam Creighton
The Australian – Page: 1 & 6 : 16-Oct-19

The International Monetary Fund now expects global economic growth of three per cent in 2019, and has warned of a synchronised global slowdown. The IMF also expects the US-China trade war to reduce global growth by 0.8 per cent over the next two years. Australia’s economic growth forecast for 2019 has been downgraded from 2.1 per cent to 1.7 per cent, prompting shadow treasurer Jim Chalmers to urge the federal government to bring forward its mid-year Budget update. However, Prime Minister Scott Morrison says the domestic economy is still growing faster than all G7 nations except the US.

CORPORATES
INTERNATIONAL MONETARY FUND, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA

ANZ-Roy Morgan Consumer Confidence down to 110.9

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Original article by Roy Morgan
Market Research Update – Page: Online : 16-Oct-19

ANZ-Roy Morgan Australian Consumer Confidence fell 1.2% to 110.9 in the week ended 13 October, its second straight weekly loss; confidence remains below its long-run average. Households’ views towards current financial conditions gained 0.2%, while views towards future financial conditions were up 0.7%. However. consumers’ views toward current economic conditions fell 1% and views towards future economic conditions lost 1.7%. The ‘time to buy a major household item’ fell 3.9% after two successive gains. Inflation expectations remained stable at 4.1%.

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

Original reporting is hard to define: Google

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Original article by Max Mason
The Australian Financial Review – Page: 23 : 15-Oct-19

Defining original reporting can be difficult, according to Google’s vice-president of search, Ben Gomes. The technology company has received a lot of criticism in the past for the way it displays news reports in Google News, and it has recently stated that it will change its algorithms and rating guidelines. The Australian Competition & Consumer Commission stated in the final report of its digital platforms inquiry that digital platforms are not rewarding publishers who produce original content, and content that had taken time and effort to produce is being copied by rival companies within hours of being placed online.

CORPORATES
GOOGLE INCORPORATED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

CFMEU branded a serial offender

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Original article by Ewin Hannan
The Australian – Page: 2 : 15-Oct-19

The Construction, Forestry, Maritime, Mining & Energy Union and Victorian shop steward Kevin Pattinson have been fined $69,000 in total for preventing an apprentice and an electrician from working on a Melbourne construction site. The court was told that Pattinson had barred the two workers from the site because they were not members of the CFMMEU. The Federal Court’s Justice John Snaden noted that the union is a "serial ­offender" with regard to its lack of compliance with workplace laws.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA

Low-carbon future will arrive within a decade: APRA exec

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Original article by Joanna Mather
The Australian Financial Review – Page: 6 : 15-Oct-19

Australian Prudential Regulation Authority executive board member Geoff Summerhayes says the transition to low-carbon energy will occur more quickly than has been forecast, most likely by 2030. Summerhayes has told a conference organised by the Investor Group on Climate Change that there needs to be more honest discussions about the ‘existential nature’ of climate change, and that the transition to a low-carbon future will have impacts that will not be equal across the Australian economy.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, INVESTOR GROUP ON CLIMATE CHANGE

Billionaire Briton woos super funds in $600m cattle buyout

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Original article by Damon Kitney
The Australian – Page: 17 & 20 : 15-Oct-19

A management buyout of Consolidated Pastoral Company, has been revealed. Guy Hands, the founder of Terra Firma Capital Partners, which bought CPC from billionaire James Packer and his family in 2009, will have a significant stake in CPC under the management buyout. The value of the buyout is expected to be worth between $600 million and $700 million. It is understood private family companies, high net worth investors and superannuation funds will be invited to buy into CPC. It is Australia’s largest private cattle company.

CORPORATES
CONSOLIDATED PASTORAL COMPANY PTY LTD, TERRA FIRMA CAPITAL PARTNERS LIMITED

ACCC to investigate high cost of low speed NBN plans

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Original article by James Fennessy
The Australian Financial Review – Page: 13 & 19 : 15-Oct-19

The Australian Competition & Consumer Commission will undertake an investigation into NBN Co’s wholesale pricing. The focus of the investigation will be on whether NBN has concentrated too much on developing products for those who want high internet access speeds at the expense of consumers who only want low internet speeds. The Australian Communications Consumer Action Network has warned that a significant section of the community will be excluded from getting an NBN service if its prices increase any further.

CORPORATES
NBN CO LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN COMMUNICATIONS CONSUMER ACTION NETWORK

Over 1.5 million Australians shop for shoes each month. Customers of The Athlete’s Foot are the most satisfied

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Original article by Roy Morgan
Market Research Update – Page: Online : 15-Oct-19

New research from Roy Morgan shows that 1.59 million Australians aged 14+ shop at a shoe store in an average four-week period. Meanwhile, The Athlete’s Foot has won the monthly Shoe Store Customer Satisfaction Award for August 2019, with a customer satisfaction rating of 84%. It is followed by Williams on 77% and Spend Less Shoes on 73%. In a concerning trend for the industry, no brand has had an increase in customer satisfaction over the past year, but several have experienced troubling decreases. The final brand among Australia’s top four footwear retailers, Payless Shoes, suffered the most, with a 12% drop. These results are from the Roy Morgan Single Source survey, which is derived from in-depth face-to-face interviews with over 50,000 Australians each year in their homes.

CORPORATES
ROY MORGAN LIMITED, THE ATHLETE’S FOOT AUSTRALIA PTY LTD, WILLIAMS SHOES, SPENDLESS SHOES PTY LTD, PAYLESS SHOES PTY LTD