O75 Public Administration

RBA keeps rate rise in reserve

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Original article by Michael Read
The Australian Financial Review – Page: 1 & 8 : 20-Mar-24

The Reserve Bank of Australia’s decision to leave the cash rate unchanged at 4.35 per cent on Tuesday had been widely expected. However, the RBA appears to have adopted a more neutral monetary policy stance in the statement it released after the two-day board meeting. It stated that the board is "not ruling anything in or out" with regard to the next interest rate move; in contrast, the RBA stated in February that a further increase in interest rates "cannot be ruled out". Financial markets have now fully priced in a 25 basis point reduction in the cash rate in September, as well as a strong chance of another rate cut in December.

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RESERVE BANK OF AUSTRALIA

Independents move to ban mega donations in far-reaching political transparency overhaul

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Original article by Paul Karp
The Guardian Australia – Page: Online : 19-Mar-24

Political donations of more than $1.5 million would be banned under the fair and transparent elections bill, which is being tabled by crossbench and independent MPs in both houses of federal parliament. The bill also calls for a ban on donations from socially harmful industries such as the fossil fuel sector and for ‘truth-in-political advertising’. It further calls for the donation disclosure threshold to be lowered to $1,000, but it does not support a recommendation from the electoral matters committee to cap spending on elections, due to concerns that this could effectively entrench the two major parties.

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Business in a tizz over Beijing minister lunch

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Original article by Will Glasgow, Ben Packham
The Australian – Page: 5 : 19-Mar-24

The Chinese government and the Australia China Business Council have organised a last-minute lunch for Australian business leaders to meet with China’s Foreign Minister Wang Yi on Wednesday. Senior executives from mining companies BHP and Rio Tinto are expected to attend the lunch, while executives from Treasury Wine Estates and Graincorp have also been invited, but may not be able to attend due to the short notice. Commenting on the lunch, a source from one of the invited companies said that "everyone’s really nervous. No one wants to do anything that upsets things".

CORPORATES
AUSTRALIA CHINA BUSINESS COUNCIL, BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, TREASURY WINE ESTATES LIMITED – ASX TWE, GRAINCORP LIMITED – ASX GNC

Federal voting intention unchanged in mid-March ALP 51.5% cf. L-NP 48.5%

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Original article by Roy Morgan
Market Research Update – Page: Online : 19-Mar-24

The latest Roy Morgan survey shows that support for the ALP is unchanged at 51.5%, ahead of the Coalition on 48.5% (also unchanged) on a two-party preferred basis. If a Federal Election were held now the Albanese Government would be re-elected, but forced into minority government with the support of minor parties and independents. Primary support for both major parties fell: support for the Coalition was down 1% to 37%, while support for the ALP was down 0.5% to 31.5%. Support for the Greens dropped 0.5% to 12.5%, One Nation support increased 1.5% to 5.5%, with the biggest increase in support in Queensland, up 2.5% to 8%. Support for Independents was unchanged at 9% and support for Other Parties was up 0.5% to 4.5%. The latest Roy Morgan survey is based on interviewing a representative cross-section of 1,710 Australian electors from March 11-17. Further details will be released in Roy Morgan’s weekly video update presented by CEO Michele Levine.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, ONE NATION PARTY

Minister snubs US: Kiwis are closest

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Original article by Sarah Ison
The Australian – Page: 1 & 5 : 19-Mar-24

Opposition foreign affairs spokesman Simon Birmingham says comments by Trade Minister Don Farrell that the US is not Australia’s closest ally are "errant and disturbing". Farrell made the remark when asked on Monday why Australia had resumed funding to Gazan aid body UNRWA when the US had not, with Farrell stating that Australia was independent, and that over the course of history, New Zealand was its closest internat­ional ally, rather than the US. Birmingham said Farrell’s statement was something he would have expected from the Greens, not a senior government minister.

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AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIAN GREENS

Penalty rates for WFH outdated

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 7 : 13-Mar-24

Key employers’ groups have used submissions to the Fair Work Commission’s review of industry awards to opposed providing employees with a general right to work from home. However, the Australian Chamber of Commerce & Industry and the Australian Industry Group have argued that overtime and penalty rates should not apply to remote workers who opt to work in the early evening to ‘make up’ for time lost during ordinary working hours, such as to attend to personal needs such as picking up their children from school.

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AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, THE AUSTRALIAN INDUSTRY GROUP

ALP support drops after Dunkley by-election: ALP 51.5% cf. L-NP 48.5%

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Original article by Roy Morgan
Market Research Update – Page: Online : 13-Mar-24

The latest Roy Morgan survey shows that support for the ALP has fallen 2% to 51.5%, but still ahead of the Coalition on 48.5% (up 2%) on a two-party preferred basis. If a Federal Election were held now the Albanese Government would likely be re-elected but forced into minority government with the support of minor parties and independents. There was a swing to the Coalition in all six States, with the biggest swings in Victoria after the state’s mid-year financial report showed that its debt has increased to more than $126 billion. Meanwhile, primary support for the Coalition has increased 1.5% to 38%, while support for the ALP was down 2% to 32%. Support for the Greens dropped 0.5% to 13%, One Nation support increased 0.5% to 4%, support for Independents was up 0.5% to 9% and support for Other Parties was unchanged at 4%. The latest Roy Morgan survey is based on interviewing a representative cross-section of 1,714 Australian electors from March 4-10. Further details will be released in Roy Morgan’s weekly video update presented by CEO Michele Levine.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, ONE NATION PARTY

ANZ-Roy Morgan Consumer Confidence up 1.2pts to 82.2

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Original article by Roy Morgan
Market Research Update – Page: Online : 13-Mar-24

ANZ-Roy Morgan Consumer Confidence rose 1.2 points to 82.2 in the week to 10 March. However, the index has now spent a record 58 straight weeks below the mark of 85. Consumer Confidence is 5.2 points above the same week a year ago (77.0), but 1 point below the 2024 weekly average of 83.2. Now 19% of Australians (unchanged) say their families are ‘better off’ financially than this time last year, while 53% (down 2ppts) say their families are ‘worse off’. Looking forward, 33% (unchanged) of Australians expect their family to be ‘better off’ financially this time next year, while 30% (down 4ppts) expect to be ‘worse off’. Now 11% (unchanged) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 31% (down 1ppt) expect ‘bad times’. Meanwhile, 20% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 49% (down 1ppt) say now is a ‘bad time to buy’.

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

Wealthy would pay at least $20 a day more in aged care overhaul

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Original article by Natassia Chrysanthos
The Age – Page: Online : 13-Mar-24

Everyday living expenses in aged-care facilities are currently capped at $61 per day. However, it costs aged-care operators about $80 per day to provide these services. Aged-care consultant Grant Corderoy contends that self-funded retirees should pay this $19 gap; he argues that while the costs of aged-care nursing, medication and allied health are fully covered by taxpayers, wealthy residents of aged-care facilities should pay for their everyday living and accommodation costs. Corderoy was a member of the federal government’s aged-care taskforce.

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NSW slams GST pool as WA gets extra $6.2b

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Original article by Michael Read, Samantha Hutchinson, Tom Rabe, Gus McCubbing
The Australian Financial Review – Page: 3 : 13-Mar-24

Victoria will gain the most from the annual distribution of goods and services tax revenue. The Commonwealth Grants Commission has advised that the state will be allocated $23.7bn of GST revenue in 2024-25, an increase of $3.8bn. Meanwhile, Western Australia will continue to benefit from the GST ‘floor’ that the former Coalition government introduced in 2018; the state will receive an additional $6.2bn in 2024-25 that it not have been entitled to under the previous GST distribution arrangements. NSW Treasurer Daniel Mookhey has called for changes to the system for distributing GST revenue, after the state’s share was reduced to $26.1bn in 2024-25.

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AUSTRALIA. COMMONWEALTH GRANTS COMMISSION, NEW SOUTH WALES. THE TREASURY