Author: roymorgansocial

Trust key to Australian economy: RBA boss

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Original article by Marnie Banger
News.com.au – Page: Online : 21-Nov-18

Reserve Bank governor Philip Lowe has stressed the importance of trust to the Australian economy and society. Lowe noted that the level of trust in banks has been damaged by the revelations of the financial services royal commission; he added that to restore trust, banks must take action of resolve conflict of interest issues, abolish poorly-designed incentive systems and ensure that there is accountability for misconduct. Lowe also said consumers need to be able to trust that their living standards will improve over time. In recent years, wages have increased in line with the inflation rate.

CORPORATES
RESERVE BANK OF AUSTRALIA, COMMITTEE FOR ECONOMIC DEVELOPMENT OF AUSTRALIA

Labor open to backing lower migrant intake

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Original article by Greg Brown
The Australian – Page: 4 : 21-Nov-18

Deputy Opposition leader Tanya Plibersek has indicated that Labor is prepared to consider the federal government’s proposal to reduce Australia’s overall migrant intake and give the states more input into the issue of immigration. However, she has criticised a proposal by Prime Minister Scott Morrison to reduce the annual cap on permanent migrants by up to 30,000. Cities Minister Alan Tudge has conceded that government revenue would be affected by any reduction in the migrant intake.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF HOME AFFAIRS

ANZ-Roy Morgan Australian Consumer Confidence consolidates to 117.8

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Original article by Roy Morgan
Market Research Update – Page: Online : 21-Nov-18

ANZ-Roy Morgan Australian Consumer Confidence fell 1.7% to 117.8 in the week ended 18 November, despite generally positive local economic data. Households’ views towards current financial conditions fell 7.4%, unwinds the index’s upturn since it plunged following the Wentworth by-election. Households’ views towards future financial conditions fell by 1.8%. The economic conditions readings were mixed, with current economic conditions falling by 1.6% while future economic conditions rose by 1.3%. The "time to buy a household item" sub-index was up 0.9%.

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

CBA bosses share shame blame

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Original article by Joyce Moullakis
The Australian – Page: 19 & 23 : 21-Nov-18

Commonwealth Bank of Australia CEO Matt Comyn and chair Catherine Livingstone appeared before the financial services royal commission on 20 November. Comyn conceded that the bank should have been aware of its legal obligations regarding antimoney-laundering laws, while Livingstone said the CBA board had failed to act on audit reports which had raised concerns well below Austrac took legal action. Comyn also told the inquiry that predecessor Ian Narev had dismissed his concerns about the sale of so-called "junk" consumer insurance products.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MORGAN STANLEY AUSTRALIA LIMITED

Domain eyes summer of sport boost

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Original article by Max Mason
The Australian Financial Review – Page: 18 : 21-Nov-18

Property listings group Domain Holdings will have a significant marketing presence on Australian TV during the 2018-19 summer. Domain will be the naming rights sponsor of cricket, which will be broadcast by the Seven Network for the first time. Domain is also expected to be marketed heavily on the Nine Network following the merger between Nine Entertainment Company and Fairfax Media, which is Domain’s largest shareholder. CEO Jason Pellegrino is confident that Domain can increase its reach outside its core markets of Sydney and Melbourne.

CORPORATES
DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, CRICKET AUSTRALIA, AUSTRALIAN OPEN TENNIS

Mitchell under pressure to quit Free TV after ASIC court action

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Original article by Max Mason
The Australian Financial Review – Page: 18 : 21-Nov-18

Free TV Australia has declined to comment on the future of chairman Harold Mitchell, amid speculation that he may be forced to step down after the Australian Securities & Investments Commission launched legal action against him. ASIC’s civil action concerns Mitchell’s role as a former director of Tennis Australia, where he is alleged to have failed to advise the board that it was likely to secure more money if its TV broadcasting rights were put out to a competitive tender. Sources have suggested that Mitchell’s position at the TV industry lobby group may be untenable.

CORPORATES
FREE TV AUSTRALIA LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, TENNIS AUSTRALIA, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, TEN NETWORK HOLDINGS LIMITED, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, FEDERAL COURT OF AUSTRALIA

BHP acts on Singapore loophole

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Original article by Paul Garvey
The Australian – Page: 21 : 21-Nov-18

The case for abolishing BHP’s dual-listed structure has strengthened after the resources group agreed to transfer full ownership of its Singapore trading hub to its Australian division. BHP will do so as part of a settlement with the Australian Taxation Office regarding the payment of back taxes associated with the trading hub. The settlement is likely to significantly reduce the cost to BHP of reverting to a single primary listing on the Australian sharemarket.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, AUSTRALIAN TAXATION OFFICE, RIO TINTO LIMITED – ASX RIO, GLENCORE PLC, SHAW AND PARTNERS LIMITED, ELLIOTT MANAGEMENT CORPORATION, TAX JUSTICE NETWORK

Labor wants anti-corruption watchdog

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Original article by Oliver Caffrey
News.com.au – Page: Online : 21-Nov-18

Opposition Leader Bill Shorten has urged Prime Minister Scott Morrison to support Labor’s push to establish a National Integrity Commission. Labor had flagged plans for a national anti-corruption agency in early 2018, and Shorten says he will seek the support of crossbenchers for the proposal when Parliament resumes in late November. A survey by Roy Morgan in September found strong support for a national anti-corruption watchdog. The SMS Morgan Poll showed that 90% of Australians support establishing a National Crimes Authority to investigate federal government, union and private sector corruption.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ROY MORGAN LIMITED, MORGAN POLL, AUSTRALIA. ATTORNEY-GENERAL’S DEPT

ALDI still most-trusted brand, but others lose ground

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Original article by Roy Morgan
Market Research Update – Page: Online : 21-Nov-18

The latest Roy Morgan Net Trust Score Survey, which was conducted in October 2018, shows that Aldi continues to be Australia’s most trusted brand. Bunnings, Qantas and the ABC have also held their positions in the top 10 list of brands with positive net trust scores. However, there have been big moves in the rankings since the July survey. Car insurance group NRMA has fallen from 5th to 7th place, Bendigo Bank has fallen from 7th to 9th place, and Samsung, Myer, RACQ and IGA have fallen out of the top 10 altogether. Kmart, ING, Toyota and Target all saw their Net Trust Scores improve enough to secure a place in the top 10. While trust is essential in the era of fake news, distrust is the real risk to a sustainable future for companies operating in Australia. Brands with large distrust scores include the big four banks, AMP, Telstra, AGL and Coles. Roy Morgan CEO Michele Levine says the key message of the Roy Morgan Net Trust Score survey is that growing distrust can be a disaster, leading to customer churn, loss of market share and in some cases a long slide into oblivion. Understanding what drives trust with customers – and just as importantly with potential customers – is essential to brands wishing to improve their Net Trust Score.

CORPORATES
ROY MORGAN LIMITED, ALDI STORES SUPERMARKETS PTY LTD, BUNNINGS GROUP LIMITED, QANTAS AIRWAYS LIMITED – ASX QAN, AUSTRALIAN BROADCASTING CORPORATION, NRMA LIMITED, BENDIGO BANK, SAMSUNG ELECTRONICS AUSTRALIA PTY LTD, MYER HOLDINGS LIMITED – ASX MYR, THE ROYAL AUTOMOBILE CLUB OF QUEENSLAND LIMITED, IGA, KMART AUSTRALIA LIMITED, ING AUSTRALIA HOLDINGS LIMITED, TOYOTA MOTOR CORPORATION AUSTRALIA LIMITED, TARGET AUSTRALIA PTY LTD, AMP LIMITED – ASX AMP, TELSTRA CORPORATION LIMITED – ASX TLS, COLES SUPERMARKETS AUSTRALIA PTY LTD, AGL ENERGY LIMITED – ASX AGL

Treasury warns on Australia’s debt

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Original article by John Kehoe
The Australian Financial Review – Page: 9 : 20-Nov-18

The federal government’s net debt was $342bn at the end of 2017-18, which equates to 18.6 per cent of GDP. Although this is relatively low compared with many nations, Treasury secretary Philip Gaetjens says debt needs to be reduced to ensure that Australia is prepared for potential economic shocks in the future. He notes that Australia’s healthy fiscal position in 2007 helped the economy to ride out the global financial crisis. Gaetjens has also expressed concern about a blowout in global debt in the wake of the GFC.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY