Author: roymorgansocial

Slowdown threatens budget surplus

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Original article by John Kehoe
The Australian Financial Review – Page: 3 : 10-Jan-19

Fitch Solutions has cast doubt upon the federal government’s timetable for a return to a Budget surplus. The government expects a surplus equivalent to 0.2 per cent of GDP in 2019-20, but Fitch has forecast that factors such as slowing economic growth will result in a deficit equivalent to 0.1 per cent of GDP for the financial year. The firm warns that increased government spending and slowing global economic growth will also delay the return to a surplus. Fitch’s forecast of a 2018-19 deficit equivalent to 0.3 per cent of GDP is in line with the government’s projections.

CORPORATES
FITCH SOLUTIONS, FITCH RATINGS LIMITED, AUSTRALIA. DEPT OF THE TREASURY, UBS HOLDINGS PTY LTD, DELOITTE ACCESS ECONOMICS PTY LTD, RESERVE BANK OF AUSTRALIA

Aust job vacancies rise 1.3pct to new peak

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Original article by Alex Druce
News.com.au – Page: Online : 10-Jan-19

Data from the Australian Bureau of Statistics shows that there was 1.7 per cent growth in job vacancies during the three months to November, or 1.3 per cent in seasonally-adjusted terms. The total number of vacancies rose to 241,600, compared with 238,400 in the three months to August. The number of job vacancies in the public sector grew by four per cent to 21,600 in the November quarter, while there was 1.1 per cent growth in private-sector jobs.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, INDEED INCORPORATED

Overhaul to boost super by $3.8bn

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Original article by Michael Roddan
The Australian – Page: 1 & 4 : 10-Jan-19

The Productivity Commission’s final report on its review of the superannuation system will be released on 10 January. It doubles down on the recommendations of an interim report that was released in May. Amongst other things, the PC recommends sweeping changes to the default super regime, including allowing new employees to choose from a list of the 10 best-performing funds. The PC estimates that its recommendations would increase the nation’s retirement savings by about $3.8bn a year. The final report of the financial services royal commission is expected to adopt some of the PC’s recommendations.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK COMMISSION

Mogul Gordon grabs shares to increase stake in Nine

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Original article by Max Mason
The Australian Financial Review – Page: 16 : 10-Jan-19

Australian businessman Bruce Gordon has lifted his direct stake in Nine Entertainment Company from 7.6 per cent to 8.9 per cent. Gordon has a total economic interest in Nine of about 13.4 per cent when a 4.5 per cent stake held via a cash-settled share swap is taken into account. Gordon’s stake in Nine had been diluted by its merger with Fairfax Media.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED, BIRKETU PTY LTD, DEUTSCHE BANK AG, APOLLO GLOBAL MANAGEMENT LLC

Approvals for new apartments slump

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Original article by Michael Bleby
The Australian Financial Review – Page: 5 : 10-Jan-19

New figures highlight the downturn in Australia’s residential construction market. Just 5,921 units, townhouses and semi-detached dwellings were approved in November 2018, which is 18.4 per cent lower than in October. In contrast, some 12,823 dwellings were approved during November 2017. There was a 9.1 per cent decline in approvals for detached dwellings in November, which is the lowest monthly level since July 2013.

CORPORATES
HOUSING INDUSTRY ASSOCIATION LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, RESERVE BANK OF AUSTRALIA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

Banks could face another tough year

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Original article by Sarah Turner
The Australian Financial Review – Page: 17 : 10-Jan-19

The S&P/ASX 200 Banks Index shed 16.5 per cent in 2018, falling to its lowest level in five years. JCP Investment Partners is bearish about the outlook for the sector in 2019, warning that there is a 40-50 per cent chance of a banking crisis. However, Citigroup is more upbeat about the sector, and suggests that bank stocks may have been oversold.

CORPORATES
STANDARD AND POOR’S ASX 200 BANKS INDEX, JCP INVESTMENT PARTNERS LIMITED, CITIGROUP PTY LTD

Unionist gets no joy over sacking

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Original article by Ewin Hannan
The Australian – Page: 5 : 9-Jan-19

The full Federal Court has dismissed an application by former union organiser Nick Belan for a judicial review of the Fair Work Commission’s decision in his unfair dismissal case. The FWC had ruled in 2017 that the National Union of Workers had been justified in sacking Belan after he admitted to the trade union royal commission that he had used a union-issued credit card for personal expenses. Belan had contended that the transcript of his evidence before the royal commission was inadmissible in the FWC case.

CORPORATES
NATIONAL UNION OF WORKERS, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION

Trade surplus eases in November

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Original article by Sarah Turner
The Australian Financial Review – Page: 5 : 9-Jan-19

Data from the Australian Bureau of Statistics shows that the nation’s exports rose by one per cent to $38.4bn in November, while imports increased by two per cent to $36.5bn. Australia recorded an 11th consecutive monthly trade surplus in November, although it fell from a downwardly revised $2bn in October to $1.9bn. The consensus of economists polled by Bloomberg had been for a trade surplus of $2.2bn in November.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, BLOOMBERG LP, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CITIGROUP PTY LTD

Seven opens batting with cricket rating win

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Original article by Lilly Vitorovich
The Australian – Page: 15 : 9-Jan-19

The Seven Network says ratings figures show that more than 14 million Australians watched its coverage of the Test cricket series against India. Seven boasted a 56 per cent share of daytime commercial television ratings during its coverage of the four-Test series. The ratings for Seven’s coverage of the Big Bash League are lower than the figures achieved by previous free-to-air broadcaster Ten. However, BBL ratings have risen when the combined coverage of Seven and Foxtel are taken into account.

CORPORATES
SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, TEN NETWORK HOLDINGS LIMITED, FOXTEL MANAGEMENT PTY LTD, BIG BASH LEAGUE, CRICKET AUSTRALIA, NINE NETWORK AUSTRALIA LIMITED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, KFC, VODAFONE AUSTRALIA LIMITED, OZTAM PTY LTD, REGTAM PTY LTD

Paris treaty to shrink economy

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Original article by Adam Creighton, Ben Packham
The Australian – Page: 1 & 2 : 9-Jan-19

Analysis by the Brookings Institut­ion suggests that the Paris climate change agreement will have a negative impact on the Australian economy and jobs growth, even if the nation were to opt out of the agreement. The report notes that Australia’s fossil exports would still be subject to the Paris agreement’s carbon tax under such a scenario. It also questions whether the Paris agreement would achieve its goals in terms of reducing carbon emissions and limiting global temperature increases.

CORPORATES
THE BROOKINGS INSTITUTION, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN NATIONAL UNIVERSITY, ORGANISATION OF PETROLEUM EXPORTING COUNTRIES, MINERALS COUNCIL OF AUSTRALIA, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT