Author: roymorgansocial

Cormann full throttle on company tax cuts

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Original article by Rosie Lewis
The Australian – Page: 6 : 8-Aug-18

The Federal Government has signalled that it will seek passage of its full company tax cuts package through the Senate by 23 August. Finance Minister Mathias Cormann is said to still be holding talks with One Nation and Centre Alliance regarding the tax package. He has ruled out imposing a revenue cap of $500m on the tax cuts, although he may be open to fast-tracking tax cuts for smaller companies.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, ONE NATION PARTY, CENTRE ALLIANCE, LIBERAL DEMOCRATIC PARTY

MP’s support for coal spot on

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Original article by Greg Brown
The Australian – Page: 6 : 8-Aug-18

Whitehaven Coal CEO Paul Flynn has welcomed comments made by Labor MP Meryl Swanson in support of coal-fired power generation using low-emissions technology. Swanson recently toured high energy, low emissions power stations in Japan as part of a bipartisan delegation. Flynn says Australia should consider the construction of such power stations, noting that Japan accounts for about 60 per cent of Whitehaven’s thermal coal exports. However, Labor’s energy spokesman Mark Butler says HELE power stations are expensive to build and they produce more carbon emissions that gas-fired power stations.

CORPORATES
WHITEHAVEN COAL LIMITED – ASX WHC, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, COAL21, MINERALS COUNCIL OF AUSTRALIA

Apartment slowdown a risk to wider industry

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Original article by Michael Bleby
The Australian Financial Review – Page: 39 : 8-Aug-18

Australia’s Performance of Construction Index recorded overall growth of 1.4 points to 52.0 in July, marking the sector’s 18th consecutive month of growth. However, the sub-index for attached housing declined by 11.7 points to 36.7, and Peter Burn of the Australian Industry Group says the downturn in activity in the apartment sector could have implications for the broader construction industry if it is sustained.

CORPORATES
THE AUSTRALIAN INDUSTRY GROUP, HOUSING INDUSTRY ASSOCIATION LIMITED

Feds could compromise on NEG target review

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Original article by Phillip Coorey
The Australian Financial Review – Page: 3 : 8-Aug-18

Federal Government sources have indicated that the Coalition may be open to allowing its carbon emissions reduction target to be reviewed earlier than 2024, in order to secure support for the national energy guarantee. Labor wants the emissions target to be reviewed well before this date, and it advocates holding the reviews every three years. Labor also favours allowing the emissions reduction target to be changed via regulation, but the government is refusing to back down on its requirement that changes can only be made via legislation.

CORPORATES
AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE, AUSTRALIAN GREENS, VICTORIA. DEPT OF ENVIRONMENT, LAND, WATER AND PLANNING

Super carve-out is absolutely ridiculous

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Original article by Anthony Klan
The Australian – Page: 8 : 8-Aug-18

National Party senator John Williams has criticised a loophole in the Superannuation Industry (Supervision) Act which mean that super fund trustees cannot be penalised for breaching it. The statute stipulates that penalties for non-compliance include jail time and financial damages, but these sanctions do not apply to super fund trustees. Williams has described the situation as "ridiculous" and called for urgent action to address the issue.

CORPORATES
NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AMP LIMITED – ASX AMP, IOOF HOLDINGS LIMITED – ASX IFL

FMG sees end in sight to discounting

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Original article by Brad Thompson
The Australian Financial Review – Page: 18 : 8-Aug-18

Fortescue Metals Group CEO Elizabeth Gaines has told the Diggers & Dealers forum in Kalgoorlie that the pure-play iron ore miner still considers the price discount for lower-grade ore to be cyclical. She said the price gap will eventually narrow, although it is too soon to know when this will occur. Gaines also said Fortescue could seek a seat on Atlas Iron’s board after choosing to retain a stake in the takeover target. She added that Fortescue expects to participate in the consultation process regarding the development of new South West Creek berths at Port Hedland.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, ATLAS IRON LIMITED – ASX AGO, DIGGERS AND DEALERS FORUM, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, MINERAL RESOURCES LIMITED – ASX MIN, ROY HILL HOLDINGS PTY LTD

Slowly but surely, the RBA is turning positive

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Original article by David Rogers
The Australian – Page: 27 : 8-Aug-18

As expected, the Reserve Bank of Australia left interest rates on hold at 1.5 per cent on 7 August, marking two years since its last change in monetary policy. The RBA has maintained its guidance for economic growth in 2018 and 2019, while it expects the unemployment rate to ease to around five per cent over the next several years. The central bank has also indicated that although wages growth is likely to remain low, it should rise over time due to the improvement in the domestic economy.

CORPORATES
RESERVE BANK OF AUSTRALIA, AMP CAPITAL INVESTORS LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Roy Morgan new car purchasing intentions data foreshadowed slow-down in new car sales in July

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Original article by Roy Morgan
Market Research Update – Page: Online : 8-Aug-18

Roy Morgan leading indicators report for car buying intention has been showing a reduced appetite for new car buying for several months – well before the latest new car sales data released from VFACTS this week. The motor industry’s statistical service VFACTS show Australian new car sales down 7.8 per cent in July 2018 versus July 2017. Roy Morgan’s two leading indicators – the intention to buy a new vehicle in the next 4 years and the intention to buy a new vehicle in the next 12 months – peaked in late 2017 and have declined through the first half of 2018. The most recent Roy Morgan automotive leading indicators release available in late June showed 2.268 million Australians intended to buy a new car in the next four years and 578,000 intended to buy a car in the next 12 months. Both figures showed a month-on-month decline although there are bright spots with the intention to purchase SUVs improving despite the decline in intentions for more conventional passenger vehicles. See more details on Roy Morgan automotive leading intentions here.

CORPORATES
ROY MORGAN LIMITED, VFACTS

ANZ-Roy Morgan Consumer Confidence drops back to 118.9

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Original article by Roy Morgan
Market Research Update – Page: Online : 8-Aug-18

ANZ-Roy Morgan Australian Consumer Confidence fell 0.8% to 118.9 in the week ended 5 August, entirely reversing the previous week’s gain. Consumers’ views towards current financial conditions rose 0.5%, on the back of a 2.9% increase in the previous week, but sentiment around future financial conditions fell 1.3%. Consumers’ assessment of current economic conditions declined 2.7%, partially unwinding the 4.1% gain in the previous week. Meanwhile, views towards future economic conditions were up 1.4%, following a 0.3% rise in the previous week. The "time to buy a household item" subindex fell 1.7% to its lowest point in 16 weeks.

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

Cottrell interview a mistake, says Sky

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Original article by Darren Davidson
The Australian – Page: 6 : 7-Aug-18

Blair Cottrell will not be seen on Sky News again, according to Angelos Frangopoulos. The CEO of Australian News Channel was responding to criticism of an interview between Cottrell, the former leader of the United Patriots Front, and Adam Giles on 5 August. Cottrell is known for his extremist views, once stating that all Australian classrooms should have a picture of Adolf Hitler on their wall. The criticism of Giles’ interview with Cottrell has prompted a management reshuffle at Sky News.

CORPORATES
SKY NEWS, AUSTRALIAN NEWS CHANNEL PTY LTD