Author: roymorgansocial

Leak came from union watchdog

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Original article by Patrick Durkin, Andrew Tillett
The Australian Financial Review – Page: 6 : 15-Feb-19

Senator Michaelia Cash is due to give evidence in the Federal Court on 15 February in a case brought by the Australian Workers’ Union. She is expected to be asked to respond to allegations by her former chief-of-staff Ben Davies that he was tipped off about an Australian Federal Police raid on AWU offices by former Registered Organisations Commission media adviser Mark Lee. The AWU contends that a ROC investigation into donations made by it to GetUp and Labor leader Bill Shorten is "politically motivated" and legally invalid.

CORPORATES
AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN FEDERAL POLICE, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION, AUSTRALIAN LABOR PARTY

Olympic Dam gains major development status from SA

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Original article by Simon Evans
The Australian Financial Review – Page: 2 : 15-Feb-19

BHP is expected to decide in late 2020 whether to proceed with a $2.7 billion expansion of its Olympic Dam copper and uranium mine in South Australia. The SA government advised on 14 February that any expansion of the mine would be granted major development status. The proposed expansion would see mining and production increase from 200,000 tonnes a year to 350,000 tonnes a year, and would involve an increased take of water from the Great Artesian Basin.

CORPORATES
BHP GROUP LIMITED – ASX BHP, WMC RESOURCES LIMITED, SOUTH AUSTRALIA. DEPT OF ENVIRONMENT, WATER AND NATURAL RESOURCES

Business bashing poll on the cards

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 15-Feb-19

Prime Minister Scott Morrison has accused Labor of siding with large energy companies over its role in having the federal government withdraw legislation to force them to sell assets if they fail to reduce electricity prices. With the Greens having secured the consent of Labor and six crossbenchers to have the legislation amended so that the government could not subsidise new coal-fired power stations, the government withdrew it, knowing that it would have been defeated in the House of Representatives. The government will now take the legislation, which has been attacked by energy companies and big business, to the upcoming election.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AGL ENERGY LIMITED – ASX AGL, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN ENERGY COUNCIL

Reality bites for million-dollar club

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Original article by Mackenzie Scott, Remy Varga
The Australian – Page: 1 & 6 : 15-Feb-19

New data shows that just 649 suburbs across Australia now boast a median house price of $1m, compared with 741 in January 2018. There are now 366 suburbs in New South Wales where the median price exceeds $1m, while there are 129 such suburbs in Victoria. Nerida Conisbee, the chief economist at realestate.com.au, says price rises in recent years were unsustainable and some suburbs simply did not belong in the million-dollar price bracket.

CORPORATES
REALESTATE.COM.AU, CORELOGIC AUSTRALIA PTY LTD

NAB the big loser from Hayne Royal Commission – most distrusted bank in Australia

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

Roy Morgan has been measuring bank trust and distrust since 2017 and recently conducted a survey in January before the release of the Hayne report, and another in February during the week following the report being made public. The Roy Morgan Net Trust Score Survey in January revealed CBA as the bank brand with the lowest level of trust and the highest level of distrust. However, in the wake of the Hayne report, NAB skyrocketed into the unenviable position as Australia’s least trusted and most distrusted bank brand. In January 36.9% of Australians distrusted NAB, but in the immediate wake of the report’s release the number of Australians distrusting NAB soared to 53.7%. Simultaneously, NAB’s level of trust plunged from 18.5% to 11.5%, delivering it the banking sector’s worst Net Trust Score of -42.2%, with the other three major brands in the minus twenties. Roy Morgan CEO Michele Levine says this is the highest level of distrust we have ever seen for a bank brand in Australia.

CORPORATES
ROY MORGAN LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Small business faces $8bn holiday pay hit

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Original article by Dennis Shanahan
The Australian – Page: 1 & 4 : 15-Feb-19

Labor’s motion to disallow the Fair Work Amendment (Casual Loading Offset) Regulations is expected to be debated by the Senate on 2 April. The Coalition moved to clarify the status of casual workers via regulation in late 2018 in response to the WorkPac case, in which the Federal Court ruled that casual workers are entitled to annual leave in addition to a casual loading. Australian Industry Group CEO Innes Willox has urged parliament to reject the disallowance motion, warning that it would threaten the viability of many small businesses.

CORPORATES
AUSTRALIAN LABOR PARTY, WORKPAC PTY LTD, FEDERAL COURT OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, ACTU, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA

HT&E tunes in to potential deals after strengthening balance sheet

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Original article by Max Mason
The Australian Financial Review – Page: 19 : 14-Feb-19

Radio broadcaster HT&E has posted a net profit of $36.7m for calendar 2018, which is 23 per cent higher than previously. Revenue was five per cent higher at $271.8m and EBITDA rose seven per cent to $71.8m. The company’s Australian Radio Network division has posted revenue of $235.5m and EBITDA of $84.6m for the year. CEO Ciaran Davis says HT&E is open to acquisitions, but he says there are no "definitive opportunities" at present.

CORPORATES
HT&E LIMITED – ASX HT1, AUSTRALIAN RADIO NETWORK PTY LTD, ADSHEL PTY LTD, NZME LIMITED – ASX NZM, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, ALLAN GRAY AUSTRALIA PTY LTD

Radio star Jones fights to overturn gag order

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Original article by Charlie Peel
The Australian – Page: 1 & 2 : 14-Feb-19

A Brisbane court is hearing an application to lift an injunction that prevents veteran radio broadcaster Alan Jones from repeating imputations that prompted a record defamation payout in 2018. The Wagner family was awarded $3.75m in damages after the Supreme Court ruled that Jones had defamed them in a series of broadcasts on 2GB and 4BC. The Wagners’ lawyer has argued that the injunction simply prevents Jones from repeating the allegations and does not prevent him from discussing the case.

CORPORATES
2GB, RADIO 4BC BRISBANE PTY LTD, SUPREME COURT OF QUEENSLAND, COURT OF APPEAL (QUEENSLAND)

Wage rises to arrest falling growth outlooks

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Original article by Natasha Gillezeau, Matthew Cranston
The Australian Financial Review – Page: 9 : 14-Feb-19

BIS Oxford Economics recently downgraded its GDP growth forecast to 2.2 per cent, but the firm does not expect the Hayne royal commission to have much impact on the economy. Alexandra Heath, the Reserve Bank’s head of economics, says the labour market was more resilient in 2018 than the central bank had expected, and it is likely to remain strong in 2019. She says this should in turn lead to a gradual increase in wages. She adds that the downturn in the housing market is unlikely to have much impact on economic growth or consumer spending.

CORPORATES
BIS OXFORD ECONOMICS PTY LTD, RESERVE BANK OF AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC, UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH

Beach lifts profit guidance as more growth tipped

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 18 : 14-Feb-19

Beach Energy has posted a 2081-19 interim net profit of $282.9m and underlying earnings of $278.8m. Sales rose by 169 per cent to $1.057bn, and Beach has upgraded its full-year EBITDA forecast in response to its strong performance in the first half. CEO Matt Kay says the oil and gas group will consider acquisitions, but he stresses that any deals would need to add value for shareholders. Shares in Beach closed 5.3 per cent higher at $1.78 on 13 February.

CORPORATES
BEACH ENERGY LIMITED – ASX BPT, LATTICE ENERGY LIMITED, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, BP PLC, CUE ENERGY RESOURCES NL – ASX CUE, JP MORGAN AUSTRALIA LIMITED, CITIGROUP PTY LTD