Author: roymorgansocial

Treasurer’s $1bn in sweeteners for voters

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Original article by Andrew Clennell, Sam Buckingham-Jones
The Australian – Page: 1 & 6 : 20-Jun-18

The New South Wales Government’s June 2018 Budget has forecast a surplus of $A3.9bn in 2017-18, and surpluses of at least $A1.4bn in each of the next four financial years. However, spending on transport infrastructure projects will see the state’s net debt blow out to $A28.6bn in 2021-22. The government has also announced a raft of spending measures aimed at families, while it has unveiled plans for a sovereign wealth fund that will own a 49 per cent stake in WestConnex after the balance of the toll road is privatised.

CORPORATES
NEW SOUTH WALES. THE TREASURY, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, NEW SOUTH WALES. DEPT OF TOURISM, SPORT AND RECREATION, AUSTRALIAN LABOR PARTY, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY

Labor to ditch $120b of tax cuts

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 20-Jun-18

Opposition Leader Bill Shorten says Labor will only support the first stage of the Federal Government’s personal income tax package, which is slated to take effect on 1 July. The government has ruled out legislating the first stage separately, and it requires the support of eight crossbenchers to pass its bill in the Senate. At present it has the support of seven crossbenchers, with One Nation still opposing the third stage of the tax cuts. Shorten has indicated that a future Labor government would scrap the second and third stages of the tax package if the bill is passed.

CORPORATES
AUSTRALIAN LABOR PARTY, ONE NATION PARTY, CENTRE ALLIANCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS

Murray warns bank inquiry on dangers of over-reach

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Original article by James Eyers
The Australian Financial Review – Page: 1 & 2 : 20-Jun-18

David Murray has cautioned the banking royal commission against recommending onerous sanctions against financial services providers in response to misconduct in the sector. He will use a speech on 20 June to warn that excessive regulation of lenders and financial advisers could force borrowers to seek loans from unregulated providers. Murray, who headed the federal government’s financial system inquiry, will also advocate retention of the vertically integrated model for the financial services industry.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AMP LIMITED – ASX AMP, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA

Battered ABC chief throws counter-punches

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Original article by Stephen Brook, Richard Ferguson
The Australian – Page: 5 : 20-Jun-18

ABC MD Michelle Guthrie has defended the public broadcaster in a Melbourne Press Club speech. She argued that the ABC contributes at least $A1bn to the broader economy each year, and it directly or indirectly supports about 6,500 jobs. Guthrie added that the ABC is still highly valued by the general public, and any move to privatise it would be opposed by both the public and the commercial media sector.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, MELBOURNE PRESS CLUB, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY

MinRes losing battle for Atlas

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Original article by Paul Garvey
The Australian – Page: 21 : 20-Jun-18

Atlas Iron has given Mineral Resources three days to match the rival bid from Gina Rinehart’s Hancock Prospecting. Mineral Resources’ share price has fallen sharply since launching its scrip bid; based on its closing price of $A16.15 on 19 June, the implied value of its offer has fallen to $A0.028 per share, compared with Hancock’s cash bid of $A0.042. Atlas’s port access rights at Port Hedland are a key attraction for the bidders – despite the Western Australian Government’s ruling that junior miners have priority access – along with accumulated tax losses that exceed $A500m.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, MINERAL RESOURCES LIMITED – ASX MIN, FORTESCUE METALS GROUP LIMITED – ASX FMG

Optus confident it has sidelined World Cup streaming glitches

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Original article by Yolanda Redrup
The Australian Financial Review – Page: 3 : 20-Jun-18

Optus will provide an update on 20 June regarding the actions it has taken to address problems with its live streaming of the FIFA World Cup. However, the telco believes that it has resolved the technical issues that forced it to allow broadcast partner SBS to televise matches that were to have been exclusive to the Optus Sport service. Marketing expert Michelle Gamble says Optus’s advertising partners for its World Cup coverage may seek compensation from the telco. Meanwhile, Russia has defeated Egypt 3-1 in the latest World Cup match.

CORPORATES
SINGTEL OPTUS PTY LTD, SPECIAL BROADCASTING SERVICE (SBS), MARKETING ANGELS CONSULTANCY, HISENSE AUSTRALIA PTY LTD, REBEL SPORT LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Housing outlook dims amid forecasts of falling prices

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Original article by Robyn Ironside
The Australian – Page: 19 & 23 : 20-Jun-18

The ANZ Bank expects house prices in Melbourne and Sydney to fall around 10 per cent by the end of 2019. Senior economist Daniel Gradwell adds that a fall of about four per cent nationally is now expected in 2018, followed by a two per cent decline in 2019. He notes that ANZ had previously forecast a modest rise in house prices in both years. Gradwell also says the Reserve Bank is likely to leave the cash rate on hold until the second half of 2019 due to the outlook for the housing market.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, RESERVE BANK OF AUSTRALIA, MACQUARIE GROUP LIMITED – ASX MQG

ANZ-Roy Morgan Australian Consumer Confidence consolidates at 122.1

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Original article by Roy Morgan
Market Research Update – Page: Online : 20-Jun-18

ANZ-Roy Morgan Australian Consumer Confidence fell 0.7% to 122.1 in the week ended 17 June, following a 5.6% jump the previous week and leaving the index comfortably above its long-term average. Consumers’ views towards current financial conditions fell 4.9%, but remain above the long-term average. Consumers’ views towards future financial conditions rose 3.1%, building on the 1.6% gain in the previous week. Consumers’ views towards current economic conditions fell 3.8% to 110.9, reversing some of the 8.9% gain posted in the previous week, while views towards future economic conditions fell 0.8%. The "time to buy a household item" sub-index rose 1.6% to 146.3, the highest since January 2016 and well above its long-term average of 134.0.

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

Investors run for cover amid trade tension

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Original article by David Rogers
The Australian – Page: 19 & 28 : 20-Jun-18

The Australian dollar has fallen to a 13-month low amid renewed concerns about a US-China trade war. The local bourse eased slightly on 19 June but Asian markets fell sharply, with China’s Shanghai Composite Index and Shenzhen Composite Index shedding 3.8 per cent and 5.7 per cent respectively. A move by US President Donald Trump to look at imposing tariffs on more Chinese products prompted China to warn that it would respond in kind, and Louis Kuijis of Oxford Economics says such a move would affect economic growth in China, the US and globally.

CORPORATES
SHANGHAI COMPOSITE INDEX, SHENZHEN COMPOSITE INDEX, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, OXFORD ECONOMICS LIMITED, OANDA AUSTRALIA PTY LTD, HANG SENG INDEX, KOSPI INDEX, NIKKEI 225 INDEX, NASDAQ, RESERVE BANK OF AUSTRALIA, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Ratio of casual workers steady for 20 years

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Original article by Ewin Hannan
The Australian – Page: 8 : 19-Jun-18

The Australian Industry Group’s analysis of official labour market data suggests that contrary to unions’ claims, the proportion of casual workers has remained steady at about 25 per cent of all employees since 1998. This is despite the fact that the number of casual employees rose from 1.7 million in August 1998 to 2.6 million in February 2018. Ai Group’s chief economist Julie Toth notes that there has been 53 per cent growth in the number of casual employees over this period, and 56 per cent growth in permanent employee numbers.

CORPORATES
THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN BUREAU OF STATISTICS, ACTU, THE AUSTRALIA INSTITUTE LIMITED