Author: roymorgansocial

Dragging the chain on Hayne

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 18-Jul-19

The Coalition began implementing some of the Hayne royal commission’s recommendations prior to the federal election. However, the government has warned that the bulk of the recommendations are unlikely to be implemented before the end of 2019, although Treasury has begun the consultation process and is drafting legislative reforms. Shadow treasurer Jim Chalmers says the government’s lack of action on Kenneth Hayne’s recommendations will reinforce the view that the Coalition tends to "go soft" on misconduct in the banking sector.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Hues of Brazil dictatorship in anti-union bill

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 5 : 18-Jul-19

The Ensuring Integrity Bill’s compliance with international conventions to which Australia is a signatory has been called into question. The International Centre for Trade Union Rights claims that the bill breaches international conventions regarding freedom of association and collective bargaining. Amongst other things, the bill is aimed at making it easier to deregister unions and to ban union officials. The federal government hopes the bill will be passed by the lower house within weeks.

CORPORATES
INTERNATIONAL CENTRE FOR TRADE UNION RIGHTS, ACTU, AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION

Lexus on top for car manufacturer satisfaction

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Original article by Roy Morgan
Market Research Update – Page: Online : 18-Jul-19

New research from Roy Morgan shows that Lexus has emerged with market-leading customer satisfaction of 98% for the year to May 2019, up 4% points year-on-year. Lexus is just ahead of Volvo (up 5% points to 95%) and Isuzu UTE on 94%. Also in equal third position are Subaru, Mazda and Hyundai. Rounding out the top 10 are Audi, Toyota, Kia, Land Rover, Mercedes-Benz and Hyundai (all on 93%). Overall, satisfaction with car manufacturers was 92% in May, down from 93% in the same period in 2018. These are the latest findings from the Roy Morgan Single Source survey of over 50,000 consumers conducted in the 12 months ended May 2019, including in-depth personal interviews with over 40,000 car drivers.

CORPORATES
ROY MORGAN LIMITED, LEXUS, VOLVO CAR CORPORATION, ISUZU UTE AUSTRALIA PTY LTD, SUBARU, MAZDA MOTOR CORPORATION, HYUNDAI MOTOR COMPANY LIMITED

Energy fix for blackouts, big bills

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 1 & 18 : 18-Jul-19

The Australian Energy Market Commission will allow large industrial users of electricity to participate in the demand-response market directly rather than via an electricity retailer. The AEMC’s draft ruling has been welcomed by Federal Energy Minister Angus Taylor, while Australian Competition & Consumer Commission chairman Rod Sims says it will result in lower electricity prices for consumers. The AEMC will accept submissions on the draft ruling until 12 September, with a final ruling to be issued by mid-November.

CORPORATES
AUSTRALIAN ENERGY MARKET COMMISSION, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, TOTAL ENVIRONMENT CENTRE INCORPORATED, THE AUSTRALIA INSTITUTE LIMITED, THE AUSTRALIAN INDUSTRY GROUP, NATIONAL IRRIGATORS COUNCIL LIMITED, BLUESCOPE STEEL LIMITED – ASX BSL, CSR LIMITED – ASX CSR

Super funds post solid returns, but challenging times ahead

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Original article by Samantha Bailey
The Australian – Page: 17 & 27 : 18-Jul-19

Data from Chant West shows that the median growth superannuation fund achieved a return of seven per cent in 2018-19. QSuper and UniSuper delivered the best return, at 9.9 per cent apiece, followed by Media Super and AustralianSuper with returns of 8.8 per cent and 8.7 per cent respectively. Growth funds have averaged a return of 8.8 per cent per annum over the last decade, but Ian Fryer and Mano Mhankumar of Chant West warn that the sector faces headwinds and investors should not expect such returns to be sustained. However, Fryer says it is important to note that super is a long-term investment.

CORPORATES
CHANT WEST FINANCIAL SERVICES PTY LTD, QSUPER LIMITED, UNISUPER LIMITED, MEDIA SUPER LIMITED, AUSTRALIANSUPER PTY LTD, HOST-PLUS, SUPERRATINGS PTY LTD

AMP’s credit ratings still at risk after stalled life sale

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Original article by Jonathan Shapiro, James Frost
The Australian Financial Review – Page: 13 & 16 : 17-Jul-19

S&P Global has advised that AMP’s credit rating will remain on negative watch after the Reserve Bank of New Zealand imposed conditions on the sale of its life insurance business. Nicholas Yap of Nomura believes that AMP is likely to face a credit ratings downgrade at some point, citing factors such as a reduction in the value of its life business and a class action lawsuit over excessive superannuation fees. AMP shares fell 1.6 per cent to $1.78 on 16 July.

CORPORATES
AMP LIMITED – ASX AMP, AMP LIFE LIMITED, S&P GLOBAL RATINGS, NOMURA AUSTRALIA LIMITED, RESOLUTION LIFE GROUP LIMITED, RESERVE BANK OF NEW ZEALAND, MOODY’S INVESTORS SERVICE INCORPORATED, MACQUARIE GROUP LIMITED – ASX MQG, CITIGROUP PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED

APRA ordered to toughen up

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Original article by Michael Roddan
The Australian – Page: 17 & 21 : 17-Jul-19

A report has concluded that an overhaul of the Australian Prudential Regulation Authority’s internal culture and regulatory approach is needed. Former Australian Competition & Consumer Commission chairman Graeme Samuel headed the capability review, which was undertaken in the wake of the Hayne royal commission. APRA and the federal government have accepted all of the review’s recommendations, which include increased oversight of banks and superannuation funds.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, RESERVE BANK OF NEW ZEALAND, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. PRODUCTIVITY COMMISSION

More of us endure extended pay freeze

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Original article by Ewin Hannan, Greg Brown
The Australian – Page: 2 : 17-Jul-19

The Reserve Bank of Australia’s analysis of wage price index data shows that the size of wage increases and the frequency of pay rises has declined since 2013. The RBA’s Natasha Cassidy notes that there has also been a significant increase in the proportion of workers who have been subject to a wage freeze of at least 12 months. Meanwhile, ACTU secretary Sally McManus has criticised the Treasury over research which suggested that the reluctance of workers to change jobs has contributed to low wages growth.

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

Lawyer flags Frydenberg eligibility challenge

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Original article by Rosie Lewis
The Australian – Page: 4 : 17-Jul-19

Treasurer Josh Frydenberg says the Coalition is confident that all of its MPs are eligible to be in parliament. However, the Kooyong Independents Group is said to be planning to challenge the citizenship status of Frydenberg, arguing that he is a Hungarian citizen by descent. The Kooyong Independents Group is associated with Oliver Yates, who contested Frydenberg’s seat of Kooyong at the 18 May election.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, KOOYONG INDEPENDENTS GROUP, HIGH COURT OF AUSTRALIA, COURT OF DISPUTED RETURNS, AUSTRALIAN LABOR PARTY

Revamped bill to test ALP on forcing out rogue union bosses

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 17-Jul-19

The House of Representatives is slated to vote on the federal government’s amended Ensuring Integrity Bill within weeks. There have been significant changes to the bill in response to Labor’s concerns about the proposed legislation, but shadow industrial relations minister Tony Burke has warned that the amendments are insufficient and are also likely to be opposed by Labor. The bill is aimed at making it easier to deregister unions and ban union officials.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA