O75 Public Administration

Risk to GDP growth as firms destock

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Original article by Michael Read
The Australian Financial Review – Page: 3 : 5-Mar-24

The Australian Bureau of Statistics has reported that inventories fell by 1.7 per cent in the December quarter as private sector companies destocked, in part due to weaker demand. The surprise fall in inventories has increased speculation that GDP figures for the December quarter, which are to be released on Wednesday, will show a contraction, which would be the first since the September 2021 quarter. Asked about the prospect of GDP growth having been negative in the December quarter, Treasurer Jim Chalmers noted that Britain and Japan had recently fallen into a technical recession.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIA. DEPT OF THE TREASURY

Keep cost-of-living focus: MPs, unions

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

The federal government’s budget in May will include further measures aimed at relieving cost-of-living pressures for households. Some Labor MPs have argued that the cost of living should be the government’s top priority until the next election; they include Queensland MP Graham Perrett, who warns that other issues could become a distraction in the lead-up to the poll. Electrical Trades Union secretary Michael Wright in turn contends that the energy transition is the key issue, arguing that it will result in the single biggest cost of living decrease "in human history".

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AUSTRALIAN LABOR PARTY, ELECTRICAL TRADES UNION

Work to do on female candidates, says Liberal Party MP

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Original article by Jason Whittaker
abc.net.au – Page: Online : 5-Mar-24

Liberal MP Keith Wolahan has conceded that the party is falling short of its target on female representation in federal parliament. Speaking on the ABC’s Q+A program on Monday night, Wolahan said the Liberals are ready to preselect women but must do more to ensure that this occurs. He has also stressed that the preselection process must be democratic, and that Liberal candidates must be chosen by the party’s members. The Liberals may come under further scrutiny after McKinsey consultant Simon Kennedy was chosen as its candidate in the seat of Cook, which was recently vacated by Scott Morrison. There had been a push within the party to select Gwen Cherne to contest the seat at the upcoming by-election.

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LIBERAL PARTY OF AUSTRALIA

Wong urges ASEAN leaders to guard against conflict

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Original article by Joe Kelly, Sarah Ison
The Australian – Page: 1 & 4 : 5-Mar-24

Foreign Minister Penny Wong has told the ASEAN-­Australia special summit that a conflict in South-East Asia could cause the same level of devastation currently being seen in the ongoing wars in Gaza and Ukraine. She urged ASEAN leaders to be bold and to commit to a "preventive architecture" in order to prevent the outbreak of conflict in the South-East Asia region, with Wong saying she wants to see a region where each country can pursue its own aspirations, and one where no country dominates and no country is dominated.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

ALP increases lead Federally as the Albanese Government easily wins the Dunkley by-election

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Original article by Roy Morgan
Market Research Update – Page: Online : 5-Mar-24

Support for the ALP has increased 3.5% to 53.5% to put the party well ahead of the Coalition on 46.5% (down 3.5%) on a two-party preferred basis. If a Federal Election was held now the Albanese Government would be returned with an increased majority, the latest Roy Morgan survey shows. There was a swing to the ALP in all six States, with the biggest swings in NSW and Victoria, largely reversing the result of a week ago. The swing to the ALP came after the ABS announced lower than expected inflation in January of 3.4% last week – all but removing the chance of an interest rate rise in mid-March and a definite positive for the Government. The ALP also retained the seat of Dunkley despite a swing of 3.6% to the Coalition. Meanwhile, primary support for the Coalition was down 1.5% to 36.5%, while support for the ALP recovered (up 2.5% to 34%); also helping the ALP was an increase in Greens support, up 1.5% to 13.5% and a decrease in One Nation support, down 1.5% to 3.5%. Support for Independents & Other Parties was down 1% to 12.5%. The latest Roy Morgan survey is based on interviewing a representative cross-section of 1,679 Australian electors from February 26 – March 3. 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

PM pledges $2b green energy fund

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 5 : 5-Mar-24

Prime Minister Anthony Albanese will announce on Tuesday that the federal government will establish a $2 billion finance facility to help fund green energy and infrastructure investment in South-East Asia. The facility is one of five recommendations by special envoy to South-East Asia Nicholas Moore that the government will adopt and announce on the sidelines of the ASEAN summit. Moore told the summit on Monday that South-East Asia will need an estimated 454 gigawatts of additional generation capacity between 2021 and 2050; he said that much of the extra capacity will need to come from renewable energy sources.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ASSOCIATION OF SOUTH-EAST ASIAN NATIONS

Inflation Expectations in late February are at 5.1% – unchanged from the month of January (5.1%)

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Original article by Roy Morgan
Market Research Update – Page: Online : 28-Feb-24

The latest weekly Inflation Expectations are at 5.1% for the week of February 19-25, which is in line with the average so far this year of 5.1% and unchanged from the month of January. A look at the monthly Inflation Expectations for January 2024 shows the measure at 5.1% for the month, a decrease of 0.2% points on December 2023 (5.3%). In the month of January 2024 Australians expected inflation of 5.1% annually over the next two years – the lowest monthly figure for Inflation Expectations s since February 2022. Since January ended, Inflation Expectations have stabilised within a narrow band over the last few weeks. Inflation Expectations are following a similar trend as the broader official inflation measure. The latest ABS monthly CPI estimate for December 2023 of 3.4% is down 0.9% from November, and down 2.2% points since September (5.6%). The sharp drop in the official inflation readings has raised hopes the RBA will not undertake any further interest rate increases. The ABS will release the January monthly inflation readings later this week which will inform the RBA’s actions at its next meeting in mid-March. The data for the Inflation Expectations series is drawn from the Roy Morgan Single Source, which has interviewed an average of around 5,100 Australians aged 14+ per month over the last decade, and includes interviews with 6,032 Australians aged 14+ in January 2024.

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ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Negative gearing change can win support: Greens

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Original article by Tom McIlroy
The Australian Financial Review – Page: 4 : 28-Feb-24

Prime Minister Anthony Albanese has told a meeting of Labor’s caucus that legislation to establish the Help to Buy shared equity scheme for home buyers is expected to be passed by the lower house this week. However, the said the bill is likely to be blocked in the Senate by the Liberal Party and the Greens. Meanwhile, the Greens have signalled that they are open to a compromise on negative gearing in return for supporting the Help to Buy scheme. The party has proposed restricting negative gearing to existing investment properties, and progressively scrapping the regime for people who buy additional properties.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS, LIBERAL PARTY OF AUSTRALIA

Female-focused businesses among worst for pay equity

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Original article by Jenna Clarke, Sarah Ison
The Australian – Page: 5 : 28-Feb-24

The Workplace Gender Equality Agency’s landmark report shows that there is a significant gender pay gap at some companies whose products are primarily targeted at women. The report shows that the national median gender pay gap is 14 per cent; however, the gender pay gap is 44.5 per cent at bikini brand Seafolly and 36.3 per cent at female-focused activewear label Lorna Jane. Likewise, the gender pay gap at jewellery retailer Lovisa is 26.4 per cent. Deputy Liberal leader Sussan Ley says it is unacceptable that some big-name brands make profits off the products they market to women while not having pay parity in their own workforces.

CORPORATES
AUSTRALIA. WORKPLACE GENDER EQUALITY AGENCY, SEAFOLLY, LORNA JANE EXERCISE WEAR PTY LTD, LOVISA HOLDINGS LIMITED – ASX LOV, LIBERAL PARTY OF AUSTRALIA

Vaccine ruling just tip of the iceberg

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Original article by Ellie Dudley, Lydia Lynch
The Australian – Page: 3 : 28-Feb-24

The Supreme Court of Queensland has ruled that the state government’s COVID-19 vaccine mandate for frontline workers such as police officers and paramedics was unlawful. More than 70 such workers pursued legal action against the government, contending amongst other things that requiring them to be vaccinated at the peak of the pandemic was a breach of their human rights. One Nation leader Pauline Hanson says the frontline workers had been "vindicated", while legal experts believe that the Queensland ruling may set a precedent for similar cases in other states.

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SUPREME COURT OF QUEENSLAND, ONE NATION PARTY