Author: roymorgansocial

IR reform urgent for economy

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Original article by Rosie Lewis
The Australian – Page: 1 & 4 : 8-Jul-19

Business leaders have identified changes to the industrial relations system as a priority for the federal government following the passage of its income tax cuts package. Australian Industry Group CEO Innes Willox and Australian Resources & Energy Group CEO Steve Knott say the reform agenda should include changes to the ‘better off overall test’ for enterprise agreements, passing the Ensuring Integrity Bill and Proper Use of Worker Benefits Bill, and a review of unfair dismissal and adverse action laws. They argue that major changes to the Fair Work Act are not necessary.

CORPORATES
THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN RESOURCES AND ENERGY GROUP, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), AUSTRALIAN LABOR PARTY, ACTU, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIA. FAIR WORK COMMISSION

Lending laws no problem, ASIC insists

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Original article by Michael Roddan
The Australian – Page: 17 & 18 : 8-Jul-19

The Australian Securities & Investments Commission has been blamed in some areas for falling house prices and a decline in credit growth, due to a perception that it is taking a tougher approach to responsible lending. However, ASIC commissioner Sean Hughes notes that responsible lending laws have not changed since 2010, nor has its guidance in this area. ASIC advised in February that it will release an updated guidance note on responsible lending by September.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC

Industry Funds increasing lead in satisfaction over Retail Funds – Unisuper the top performer

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Original article by Roy Morgan
Market Research Update – Page: Online : 8-Jul-19

New research by Roy Morgan shows that in the six months to May 2019, satisfaction with the financial performance of industry superannuation funds was 62.5% (up 0.5% points from the same period 12 months ago), compared with 56.5% for retail super funds (down 3.7% points). Satisfaction with retail funds was 1.8% below that of industry funds in 2018, and this gap has now increased to 6.0%. Ten of the top 12 performing super funds in May 2019, based on member satisfaction with their financial performance, were industry funds. The highest rating was for Unisuper (70.9%), followed by Tasplan on 69.6%. The only two retail funds to make it to the top 12 were Macquarie with 66.6% and Mercer on 64.3%. These results are from the newly released Roy Morgan report ‘Satisfaction with Financial Performance of Superannuation in Australia’, May 2019 edition. The data in this report represents some of the findings from Roy Morgan’s Single Source survey, which is based on in-depth interviews conducted face-to-face with over 50,000 consumers per annum in their homes, including over 30,000 with superannuation. These results are based on interviews conducted in the six months to May 2019.

CORPORATES
ROY MORGAN LIMITED, CATHOLIC SUPER, UNISUPER LIMITED, MACQUARIE SUPERANNUATION, COLONIAL FIRST STATE SUPER

Monumental egos collide in a failed radio plot to get rid of Alan Jones

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Original article by Leo Shanahan
The Australian – Page: 24 & 26 : 8-Jul-19

Veteran radio presenter Alan Jones has dominated Sydney’s breakfast slot for 15 years. However, a record defamation payout in September 2018 and several subsequent incidents involving Jones prompted 2GB owner Macquarie Media to look at replacing him with morning show host Ray Hadley. A number of factors were in Jones’s favour, including Nine Entertainment’s takeover of Fairfax and its controlling stake in Macquarie Media. Nine chairman Peter Costello wanted 2GB to retain Jones, while Nine was already struggling with the departure of Karl Stefanovic from ‘Today’. Jones also had the support of Macquarie Media chairman Russell Tate. Jones renewed his contract for another two years in May 2019.

CORPORATES
2GB, MACQUARIE MEDIA LIMITED – ASX MRN, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED

Who is the ‘Jarlsberg man’? And what does your choice of cheese say about you?

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Original article by
Market Research Update – Page: Online : 8-Jul-19

New research from Roy Morgan shows that over 15 million Australian grocery buyers aged +14 now buy some type of cheese. Block Cheese is bought by 13.5 million Australians (85.1%), easily making it the most popular type of cheese. However, the strongest growth over the last three years has come from a significant increase in Australians buying Grated/Shredded Cheese (up 2.6ppts to 68.3%), Sliced Cheese (up 2.4ppts to 67.7%) and Cheese Snacks or Portions (up 3ppts to 43.6%). Meanwhile, Jarlsberg cheese is one of the more premium products in the cheese market and there are significant differences between the average buyer of Jarlsberg and a regular buyer of cheese. ‘Jarlsberg man’ is a big spender in the top socio-economic AB quintile, most likely with no children in his Mid-Life Household and almost twice as likely to drink wine with his meals as the average Australian. ‘Jarlsberg man’ is skewed heavily towards older Australians aged 35+ and is far more likely to have a diploma or degree than the average cheese buyer and be working full-time as a professional or manager with a household income of well over $120,000 per annum.

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ROY MORGAN LIMITED

Tax office wins fight over GST on scrap gold

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Original article by Nick Evans
The Australian – Page: 23 : 5-Jul-19

The Australian Taxation Office has secured an important legal victory in its ongoing battle to withhold tax credits that were allegedly wrongfully claimed under a GST gold swindle. Deputy commissioner Jeremy Geale says the significance of its latest win in the Administrative Appeals Tribunal is that it was against a gold refiner, whereas the previous wins have been against gold dealers or scrap merchants. It is claimed that the swindle has cost federal Treasury over $1 billion.

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIA. ADMINISTRATIVE APPEALS TRIBUNAL, AUSTRALIA. DEPT OF THE TREASURY

Setka in court bid to block ALP’s axe

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Original article by Tessa Akerman
The Australian – Page: 5 : 5-Jul-19

Construction, Forestry, Maritime, Mining & Energy Union official John Setka is seeking an injunction against Labor’s national executive, which wants to expel him from the party. Labor leader Anthony Albanese claims that Setka’s conduct in recent years has been unacceptable, and he must be expelled to prevent further damage to the party’s reputation. Setka in turn alleges that being expelled from Labor would damage his own reputation and could result in the loss of his position as Victorian secretary of the CFMMEU.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN LABOR PARTY, SUPREME COURT OF VICTORIA

Retailers bask in a little ray of sunshine

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Original article by Tim Boyd, Patrick Durkin
The Australian Financial Review – Page: 7 : 5-Jul-19

Carpet Court CEO James Hayward predicts that the $1,080 tax rebate that most low and middle income earners will receive in the next few months will provide a similar boost to the economy as Kevin Rudd’s 2009 stimulus package. That package saw around 10 million Australians receive $900. His comments are echoed by MYOB CEO Tim Reed, who notes that low and middle income earners have a "high propensity to spend".

CORPORATES
CARPET COURT AUSTRALIA LIMITED, MYOB GROUP LIMITED, KOGAN.COM LIMITED – ASX KGN, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Time is money as CBA waits on cuts

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Original article by Cliona O’Dowd
The Australian – Page: 21 & 24 : 5-Jul-19

The Commonwealth Bank’s decision to delay a 19 basis point reduction in its variable home loan interest rates until 23 July will boost its interest income by $43m. The other three major banks will also gain additional interest income from mortgage customers by delaying rate cuts by periods ranging from nine days to two weeks. It is estimated that the big four banks’ move to delay passing on the official interest rate cut in full or in part will boost their interest income by a combined $97m.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, SHAW AND PARTNERS LIMITED, MOZO PTY LTD, HSBC AUSTRALIA HOLDINGS PTY LTD, FIRSTMAC LIMITED, ME BANK

Editorial, marketing cut put Bauer back in black

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Original article by Lilly Vitorovich
The Australian – Page: 23 : 5-Jul-19

Magazine publisher Bauer Media Australia has posted a $6.3m net profit for 2018, following a net loss of $11.3m in 2017. Bauer Media’s revenue of $224.3m was 13.7 per cent lower than previously, and included $142.1m in revenue from magazine sales and revenue of $48.8m from advertising. Bauer’s 2018 financial report also shows that it paid $3.1m in tax for the year, compared with just $1.9m previously.

CORPORATES
BAUER MEDIA AUSTRALIA PTY LTD, BAUER MEDIA KG, PACIFIC MAGAZINES PTY LTD, SEVEN WEST MEDIA LIMITED – ASX SWM