Author: roymorgansocial

PM accuses ALP of attack on Hayne’s independence

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Original article by Rachel Baxendale
The Australian – Page: 7 : 3-Oct-18

The financial services royal commission is slated to finish its hearings by the start of February, and commissioner Kenneth Hayne indicated in its interim report that he will not seek an extension. Opposition Leader Bill Shorten has praised the royal commission for exposing misconduct in the financial services industry, but he says it should be extended to allow more people to give evidence. Prime Minister Scott Morrison says the government will extend the inquiry if Hayne asks for this.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Hayne to lift lid on bank confessions

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Original article by Richard Gluyas
The Australian – Page: 19 & 23 : 3-Oct-18

The financial services royal commission has selectively released information on the admissions of misconduct by the major banks. Commissioner Kenneth Hayne requested the information in early 2018, and a spokesman for the inquiry has downplayed suggestions that it may shortly release the banks’ full submissions. Industry sources have indicated that the potential for class actions against the banks will increase if the so-called "confession statements" are fully disclosed.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AMP LIMITED – ASX AMP, CLAYTON UTZ, FEDERAL COURT OF AUSTRALIA

Shorten commits: I’ll keep home affairs intact

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Original article by Rachel Baxendale
The Australian – Page: 2 : 3-Oct-18

Opposition Leader Bill Shorten has ruled out breaking up the Department of Home Affairs if Labor wins the next federal election. Labor’s left faction has called for the "super-ministry" to be dismantled, but Shorten says it will be retained unless security agencies recommend changes to its structure. Shorten adds that Labor will not unwind the policies of the current federal government simply because they were Liberal initiatives.

CORPORATES
AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

S&P pushes banks down global ranks

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 1 & 16 : 3-Oct-18

The global ranking of Australia’s major banks has fallen sharply in terms of risk adjusted capital, which is S&P Global Ratings’ preferred measure of the sector’s financial strength. The nation’s four largest banks are ranked in the 40th to 50th percentile in S&P’s latest survey of the world’s top 100 banks. The Financial System Inquiry in 2014 had recommend that the big four banks should be within the top quartile of global banks in terms of capital strength. Regaining "unquestionably strong" status would require them to raise more capital.

CORPORATES
S&P GLOBAL RATINGS, CITIGROUP PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, BANK FOR INTERNATIONAL SETTLEMENTS, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Woodside may back Timor gas export plant

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Original article by Perry Williams
The Australian – Page: 22 : 3-Oct-18

ConocoPhillips’ deal to sell its 30 per cent stake in the Sunrise gas field to the Timor-Leste government may prompt Woodside Petroleum to resume negotiations over development of the Timor Sea resource. There is speculation that Woodside may be more open to processing gas at a greenfields plant on Timor-Leste in the wake of ConocoPhillips’ move. Woodside has a 33 per cent stake in Sunrise and it is the operator of the project.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, CONOCOPHILLIPS, ROYAL DUTCH SHELL PLC, OSAKA GAS COMPANY, SANTOS LIMITED – ASX STO, WOOD MACKENZIE, CREDIT SUISSE (AUSTRALIA) LIMITED

PM stares down states over GST compensation

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 3-Oct-18

Proposed changes to the formula for the distribution of goods and services tax revenue will head the agenda of a meeting of the federal and state treasurers on 3 October. Prime Minister Scott Morrison has given assurances that no state will worse off, but the eastern states are concerned that the GST reforms favour Western Australia and that they will lose more in revenue than the federal government has proposed to offer by way of compensation. Morrison has indicated that he will legislate to make the changes even if the reforms are not supported by the eastern states.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, VICTORIA. DEPT OF TREASURY AND FINANCE

Lynas fair go plea as tax review looms

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 16 : 3-Oct-18

Australian-listed rare earths producer Lynas Corporation still does not know if the new Malaysian Government will undertake a review of its refinery. There has been speculation that any such review could include the tax break that Lynas received from the previous government. Lynas CEO Amanda Lacaze says a review of the tax break – which will shortly need to be renewed – is highly possible, and she has urged the government led by Mahathir Mohamad to be "fair and just" if it does undertake a review.

CORPORATES
LYNAS CORPORATION LIMITED – ASX LYC

RBA keeps cash rate at 1.5pc, but sees clouds on horizon

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Original article by Sarah Turner
The Australian Financial Review – Page: 9 : 3-Oct-18

The latest quarterly survey of economists shows that the general consensus is that a rise in the cash rate is unlikely before late 2019. The Reserve Bank of Australia left official interest rates unchanged on 2 October, and governor Philip Lowe has reiterated that progress in reducing the unemployment rate and lifting inflation to the RBA’s target range of 2-3 per cent is likely to be gradual. Gareth Aird of the Commonwealth Bank expects the outlook for the housing market to influence the timing of any change in monetary policy.

CORPORATES
RESERVE BANK OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

ANZ-Roy Morgan Australian Consumer Confidence consolidates to 118.1

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Original article by Roy Morgan
Market Research Update – Page: Online : 3-Oct-18

ANZ-Roy Morgan Australian Consumer Confidence rose 0.8% to 118.1 in the week ended 30 September, reversing the fall of 0.7% in the previous week. Households’ views towards current financial conditions rose 0.7%, its third consecutive weekly gain. Sentiment towards future financial conditions fell 1.2%, only partially reversing the previous week’s 2.4% rise. Sentiment towards current and future economic conditions rose by 2.1% and 1.3% respectively, after both indices fell in the previous week. The "time to buy a household item" sub-index increased by 1.3%, compared to a fall of 4% in the previous week.

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

Shorten defies Left on security

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Original article by Simon Benson
The Australian – Page: 1 & 2 : 2-Oct-18

It is understood that Opposition Leader Bill Shorten will commit to keeping the Department of Home Affairs intact if Labor wins the next federal election. This is despite members of the party’s left and some unions wanting to see it dismantled. Shorten’s plan takes away a potential weapon from the federal government, which could have used any promise that Labor would break up Home Affairs as an opportunity to criticise it for being "soft" on border control and national security.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, MARITIME UNION OF AUSTRALIA, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET