Author: roymorgansocial

Dutton to RBA: resist pressure to cut rates

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Original article by Michael Read, John Kehoe
The Australian Financial Review – Page: 4 : 12-Feb-25

Bond market traders have priced in a 95 per cent chance that the Reserve Bank of Australia will reduce the cash rate next week. The case for a rate cut was strengthened by recent data showing that the RBA’s preferred measure of underlying inflation has fallen to 3.2 per cent. However, Opposition leader Peter Dutton says there is concern that the RBA may need to tighten monetary policy again if it reduces the cash rate too soon. He has urged RBA governor Michele Bullock to act in the nation’s best interests rather than yielding to political pressure to cut interest rates.

CORPORATES
RESERVE BANK OF AUSTRALIA, LIBERAL PARTY OF AUSTRALIA

Albanese government says it will acquire collapsed Rex Airlines if no other buyers emerge

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Original article by Natassia Chrysanthos, Mike Foley
The Sydney Morning Herald – Page: Online : 12-Feb-25

The federal government has indicated that it will provide support to any potential buyers of the failed Rex Airlines to ensure that the carrier’s regional services continue. The government has emphasised that it is not participating in the sale process, but would be open to acquiring Rex if no private-sector buyer emerges. The government became Rex’s biggest creditor in January after agreeing to buy the $50m debt of the airline’s key investor. The government also provided Rex with an $80m loan facility to enable it to continue servicing regional routes until mid-2025. Rex has total debt of about $500m.

CORPORATES
REX AIRLINES PTY LTD, REGIONAL EXPRESS HOLDINGS LIMITED – ASX REX

ANZ-Roy Morgan Consumer Confidence drops 1.8pts to 86.7 in early February

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Original article by Roy Morgan
Market Research Update – Page: Online : 12-Feb-25

ANZ-Roy Morgan Consumer Confidence fell 1.8pts to 86.7 in the week to 9 February, with rising concerns about the Australian economy driving the decline. Consumer Confidence is now 4.1 points above the same week a year ago (82.6), and just 0.2 points below the 2025 weekly average of 86.9. A look at Consumer Confidence by State shows decreases in New South Wales, Victoria, Queensland, and South Australia, while the index increased sharply in Western Australia. Now 19% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year (the lowest figure for this indicator since July 2024), while 48% (up 2ppts) say their families are ‘worse off’. Looking forward, 34% (up 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, while 28% (unchanged) expect to be ‘worse off’. Now 11% (unchanged) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 28% (up 1ppt) expect ‘bad times’. Meanwhile, 26% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 44% (unchanged) say now is a ‘bad time to buy’.

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

Two-year freeze on bush bank closures

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Original article by David Ross
The Australian – Page: 7 : 12-Feb-25

Treasurer Jim Chalmers says the banking sector has agreed to retain all existing branch banks in regional areas until at least mid-2027. The deal to extend the moratorium on branch closures for two years has coincided with a recent move by three of the major banks to renew their deal to provide banking services via Australia Post outlets. Australian Banking Association CEO Anna Bligh notes that despite the growing shift to online banking, many customers in regional areas still prefer to use branches.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN BANKING ASSOCIATION, AUSTRALIA POST

Australia accused of breaking its word on exports as Trump presses go on tariffs

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Original article by David Crary, Michael Koziol, Olivia Ireland
The Age – Page: Online : 12-Feb-25

President Donald Trump signed an executive order to impose a tariff of 25 per cent on all steel and aluminium imports to the US on Tuesday, shortly after discussing the issue with Prime Minister Anthony Albanese. Trump said there will be "no exceptions", although he had earlier told Albanese that an exemption will be considered due to factors such as America’s trade surplus with Australia. The executive order contended that Australia’s exports of primary aluminium to the US have surged in recent years, despite a verbal commitment to limit these exports. The tariffs will take effect from 12 March, giving the government just one month to negotiate an exemption in the lead-up to the federal election.

CORPORATES
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Kerr found not guilty of racially aggravated harassment

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Original article by
The New Daily – Page: Online : 12-Feb-25

A British jury has taken just over four hours to find soccer player Sam Kerr not guity on a charge of racially harassing a police officer. The captain of Australia’s national women’s team did not address the media outside the Kingston Crown Court, but subsequently issued a statement in which she apologised for her behaviour. Kerr acknowledged that she had expressed herself poorly on a "traumatic evening", adding that she had always maintained that she did not intend to insult or harm anyone. Kerr was charged after calling a male police constable "stupid and white".

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Tough advertising market smashes Seven West Media’s earnings

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Original article by James Manning
The Australian – Page: 20 : 12-Feb-25

Seven West Media has posted a net profit of just $17.7m for the first half of 2024-25, which is 68 per cent lower than previously. Revenue was down 6.2 per cent at $727.3m and EBITA fell 26 per cent to $92m. Seven has noted that rival Nine Entertainment benefited from its coverage of the Paris Olympic Games during the half-year; Seven’s own financial results for the previous corresponding period had also been boosted by its coverage of the 2023 FIFA Women’s World Cup. Meanwhile, Seven’s share of the advertising market rose by 0.5 per cent during the half-year, to 41.5 per cent; its advertising share was 43.8 per cent in the December quarter.

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

New trends in banking: Digital banks and Macquarie gaining ground in 2024

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Original article by Roy Morgan
Market Research Update – Page: Online : 12-Feb-25

New data on customers’ choices in banking from Roy Morgan’s Single Source survey shows that more Australians turned to newer digital banks, and Macquarie, as their Main Financial Institution (MFI) in 2024. Some 32.8% of Australians considered Commonwealth Bank to be their MFI in 2024. ANZ holds second place at 11.6%, followed by Westpac at 11.4% and NAB at 11.2%. Together, the big four banks make up 67.0% of MFI Share, down 0.6% from 2023. ING, ranked fifth, also saw a slight decline to 4.3%. Newer digital banks like ANZ Plus, ME Bank, Ubank and Up have increased their MFI Share by 0.3% to 2.0%. Macquarie Bank saw a rise of 0.4% to 1.5%, gaining ground across all age groups. Macquarie’s growth in MFI Share coincides with its increase in mortgages and deposits share. These latest banking MFI ratings come from the Roy Morgan Single Source survey, derived from in-depth interviews with over 60,000 Australians each year.

CORPORATES
ROY MORGAN LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ANZ PLUS, ME BANK, UBANK, UP, ING BANK (AUSTRALIA) LIMITED, MACQUARIE BANK LIMITED

New probe into CFMEU violence

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Original article by Ewin Hannan
The Australian – Page: 2 : 5-Feb-25

Current and former CFMEU officials and employees in Queensland will be foced to co-operate with an inquiry into the ‘culture of violence’ in the state’s construction industry. The CFMEU’s administrator Mark Irving says his inquiry will look into violence, threats of violence and menacing conduct across the state’s construction sector; he has emphasised that employers who have engaged in violence and menacing conduct will also come under scrutiny. Iriving has also warned that action will be taken against employers who victimise CFMEU members or delegates who agree to co-operate with the inquiry.

CORPORATES
CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION

Support for NZ’s National-led Government down in January although support for National increases

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Original article by Roy Morgan
Market Research Update – Page: Online : 22-Jan-25

Roy Morgan’s New Zealand Poll for January 2025 shows the National-led Government (National, ACT & NZ First) on 50% (down 1.5% points), still clearly ahead of the Labour-Greens-Maori Party Parliamentary Opposition on 46.5% (up 1.5% points). There were changes in the composition of support for the National-led Government with National up 1.5% points to 32.5%; support for ACT dropped 4% points to 9% and support for NZ First increased 1% point to 8.5%, its highest level of support since the 2023 New Zealand Election. For the Parliamentary Opposition, support for Labour increased 2.5% points to 28.5% but support for the Greens dropped 2% points to 11.5%. This is the lowest level of support for the Greens since the 2023 Election. Support for the Maori Party increased 1% point to 6.5%. A further 3.5% (unchanged) of electors supported a minor party outside Parliament. The survey results for January would lead to 62 seats (down six seats from the election) being won by the National/ ACT/ NZ First governing coalition compared to 58 seats (up three seats) being won by the current Labour/ Greens/ Maori Party Opposition. This New Zealand Roy Morgan Poll on voting intention was conducted by telephone – both landline and mobile – with a New Zealand-wide cross-section of 885 electors from 2 to 26 January. Meanwhile, the Roy Morgan Government Confidence Rating increased by 6.5pts to 89 in January.

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ROY MORGAN LIMITED, MORGAN POLL, NATIONAL PARTY OF NEW ZEALAND, ACT NEW ZEALAND, NEW ZEALAND FIRST PARTY, LABOUR PARTY (NEW ZEALAND), GREEN PARTY OF AOTEAROA NEW ZEALAND, THE MAORI PARTY