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ANZ-Roy Morgan Consumer Confidence up 3pts to 84.8 to start 2024 with the traditional New Year bounce

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Original article by Roy Morgan
Market Research Update – Page: Online : 10-Jan-24

ANZ-Roy Morgan Consumer Confidence rose 3pts to 84.8 in the first week of 2024, taking the index to its highest since early February 2023. Consumer Confidence started the year 8.4pts higher than a month ago and is now nearly 7pts above the 2023 weekly average of 78.0. However, Consumer Confidence has now spent a record 47 straight weeks below the mark of 85, and it is 2.6pts lower than the same week a year ago (87.4). Now 19% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 52% (up 1ppt) say their families are ‘worse off’. Looking forward, 34% (unchanged) of Australians expect their family to be ‘better off’ financially this time next year (the equal highest figure for this indicator since January 2023), while 32% (down 1ppt) expect to be ‘worse off’ (the lowest figure for this indicator since January 2023). Only 11% (up 1ppt) of Australians now expect ‘good times’ for the Australian economy over the next 12 months (the highest figure for this indicator since May 2022), while 32% (down 1ppt) expect ‘bad times’ (the lowest figure for this indicator since January 2023). Meanwhile, 25% (up 4ppts) of Australians say now is a ‘good time to buy’ major household items (the highest figure for this indicator since January 2023), while 46% (down 5ppts) say now is a ‘bad time to buy’ (the lowest figure for this indicator since January 2023).

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

Emerson to keep supermarkets in check

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Original article by Joe Kelly
The Australian – Page: 3 : 10-Jan-24

The federal government has appointed former Labor trade minister Craig Emerson to head a review of the food and grocery code of conduct. The government will consider a range of options to ensure that businesses are passing on lower costs to consumers, and Prime Minister Anthony Albanese says supermarkets have a duty to ensure that they are providing affordable options for all Australians. Agriculture Minister Murray Watt says major retailers do not have to wait until the review is ­completed to lower their prices.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF AGRICULTURE, FISHERIES AND FORESTRY

Refinery closure to wipe out 1000 jobs

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Original article by Paul Garvey
The Australian – Page: 2 : 10-Jan-24

US-based Alcoa has confirmed that its Kwinana alumina refinery in Western Australia will be closed. Its workforce will be reduced to about 50 by the September 2025 quarter, compared with about 800 employees and 300 contractors at present. WA’s state development minister David Honey says the plant’s closure is unnecessary; he contends that the state government’s failure to issue Alcoa with new bauxite mining approvals and the federal government’s emissions reduction target are to blame. However, federal Resources Minister Madeleine King attributes the closure to factors beyond the government’s control, such as the plant’s age and declining bauxite grades at Alcoa’s mine.

CORPORATES
ALCOA INCORPORATED, AUSTRALIA. DEPT OF INDUSTRY, SCIENCE AND RESOURCES

Dutton pushes stronger stance on hate speech

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Original article by Alexi Demetriadi
The Australian – Page: 3 : 9-Jan-24

Opposition leader Peter Dutton has urged the federal government to strengthen the nation’s laws on hate speech, stating that the Coalition would fully support any such move. Dutton adds that the government should pay the Executive Council of Australian Jewry’s legal costs if it goes ahead with legal action against Muslim clerics who have racially vilified Jewish people in sermons. Former ECAJ president and Holocaust survivor Nina Bassat says the existing legislation is not working; she adds that if hate speech is not prosecuted it becomes normalised and people start to think they can get away with it.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, EXECUTIVE COUNCIL OF AUSTRALIAN JEWRY

ALP holding us back: miners

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Original article by Joe Kelly
The Australian – Page: 1 & 2 : 9-Jan-24

Minerals Council of Australia CEO Tania Constable says the federal government is "taking the resources sector for granted" and its policy settings are aimed at making the industry anti-competitive. She has called for major government support for the resources sector to ensure that Australia continues to be attractive to investors. Constable adds that the government needs to support the sector as a whole, rather than focusing on critical minerals. Analysis shows that 72 coal, iron ore and oil and gas projects have been shelved, delayed or failed to progress in the last 12 months.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA

Roy Morgan’s latest Federal voting intention poll shows L-NP 51% cf. ALP 49%

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Original article by Roy Morgan
Market Research Update – Page: Online : 9-Jan-24

The Coalition has overtaken Labor as the Cost-of-Living crisis intensifies, reaching 51% (up 1%) while ALP stands at 49% (down 1%) on a two-party preferred basis, according to the first Roy Morgan survey on Federal voting intention for 2024. This week saw notable shifts in the primary votes of both major parties. The Coalition’s support increased to 39%, reflecting a 1% rise from December, while the ALP faced a significant setback with a 3% decline, leaving them at 29%. The Greens are up 1.5% to 13% and One Nation is up 0.5% to 5%; support for Independents & Other Parties is unchanged at 14%. The latest Roy Morgan survey is based on interviewing a representative cross-section of 1,716 Australian electors from January 1-7. Further details will be released in Roy Morgan’s weekly video update presented by Roy Morgan 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

Labor pledges ongoing support for Ukraine

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Original article by Andrew Tillett
The Australian Financial Review – Page: 6 : 9-Jan-24

Australia has provided around $730 million in military aid to Ukraine to date, while it has sent off its latest rotation of soldiers to the UK to train Ukrainian infantry. Farewelling the soldiers on Monday, acting Defence Minister Matt Thistlethwaite said the federal government is committed to providing support to Ukraine to the "end of 2024 and beyond" against what he labelled "the illegal and unprovoked aggression and invasion by Russia". Opposition Leader Peter Dutton says support for Ukraine has to be a priority.

CORPORATES
AUSTRALIA. DEPT OF DEFENCE

National, ACT and NZ First increase their level of support in first Roy Morgan Poll after NZ Election

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Original article by Roy Morgan
Market Research Update – Page: Online : 20-Dec-23

The Roy Morgan New Zealand Poll for November 2023 shows new Prime Minister Christopher Luxon and the National-led Government (National, ACT & NZ First) with a majority of 58% support for November, up 5.2% points from the mid-October election. Support for National was virtually unchanged at 37.5%, down 0.6% points from the election, while support for ACT increased 3.9% points to 12.5% and support for NZ First was up 1.9% points to 8%. In November support for the defeated Labour-Greens-Maori Party Parliamentary Opposition was at only 36%, down 5.6% points from the election. Support for Labour dropped 5.9% points to 21% (the lowest ever recorded in a Roy Morgan Poll). However, support for the Greens increased 0.9% points to 12.5% while support for the Maori Party was down 0.6% points to 2.5%. The survey results for November would lead to 74 seats (up six seats) being won by the governing coalition, compared to only 48 seats (down seven seats) for the Labour/ Greens/ Maori Party Opposition. This latest New Zealand Roy Morgan Poll on voting intention was conducted by telephone – both landline and mobile – with a New Zealand-wide cross-section of 920 electors during November. Meanwhile, the Roy Morgan Government Confidence Rating jumped 17pts to 90.5 in November.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, LABOUR PARTY (NEW ZEALAND), GREEN PARTY OF AOTEAROA NEW ZEALAND, NATIONAL PARTY OF NEW ZEALAND, ACT NEW ZEALAND

ANZ-Roy Morgan Consumer Confidence up 1pt to 81.8 to end 2023 at its highest since early February 2023

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Original article by Roy Morgan
Market Research Update – Page: Online : 20-Dec-23

ANZ-Roy Morgan Consumer Confidence rose 1pt to 81.8 in the week to 17 December, a second straight weekly increase to end the year at its highest since early February 2023. However, Consumer Confidence has now spent a record 46 straight weeks below the mark of 85. Consumer Confidence has ended 2023 only 0.7pts below the same week a year ago (82.5), and nearly 4 points above the 2023 weekly average of 78.0. The 2023 weekly average of 78.0 is a record low for the index, below the previous record low of 82.6 in 1990. Now 20% of Australians (down 2ppts) say their families are ‘better off’ financially than this time last year, while 51% (unchanged) say their families are ‘worse off’. Looking forward, 34% (up 3ppts) of Australians expect their family to be ‘better off’ financially this time next year (the highest figure for this indicator since January 2023), while 33% (unchanged) expect to be ‘worse off’ (the lowest figure for this indicator since January 2023). Only 10% (up 1ppt) of Australians now expect ‘good times’ for the Australian economy over the next 12 months (the highest figure for this indicator since May 2022, just after the RBA first raised interest rates), while 33% (down 3ppts) expect ‘bad times’ (the lowest figure for this indicator since February 2023). Meanwhile, 21% (up 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 51% (down 2ppts) say now is a ‘bad time to buy’.

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

Jobless rate fears halt RBA rate increases

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Original article by Patrick Commins
The Australian – Page: 2 : 20-Dec-23

The minutes of the Reserve Bank of Australia’s board meeting for December show that it considered whether to increase the cash rate for a second successive month. The board noted the possibility that the unemployment rate could rise higher than originally anticipated due to the central bank’s push to rein in the inflation rate. The board reiterated that it will do whatever is necessary to return inflation to its target range within a reasonable timeframe. Gareth Aird from the Commonwealth Bank expects three official interest rate cuts in 2024, beginning in September.

CORPORATES
RESERVE BANK OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA