O75 Public Administration

ANZ-Roy Morgan New Zealand Consumer Confidence up 1.6pts to 79.3 in April

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Original article by Roy Morgan
Market Research Update – Page: Online : 3-May-23

ANZ-Roy Morgan New Zealand Consumer Confidence rose 1.6pts to 79.3 in April, although it remains at an extremely low level. Consumers’ net perceptions of their current personal financial situation rose 1 point to -25%. A net 6% of consumers now expect to be ‘better off financially’ this time next year, up 5 points on March. A net -31% of consumers think it is a ‘bad time to buy a major household item’, up 1 point on March. Meanwhile, net perceptions regarding the economic outlook in 12 months’ time fell 4 points to -50%. The 5-year-ahead measure fell from -10% to -2%. One-year-ahead CPI inflation expectations fell back from 5.4% to 5.2%, with no trend evident.

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

ANZ-Roy Morgan Consumer Confidence up 1.8pts to 79.8 and has now spent a record nine straight weeks below 80

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Original article by Roy Morgan
Market Research Update – Page: Online : 3-May-23

ANZ-Roy Morgan Consumer Confidence rose 1.8pts to 79.8 in the week to April 30. The index has now spent nine straight weeks below the mark of 80 – the longest stretch below 80 since the index began being conducted on a weekly rather than monthly basis in October 2008. Consumer Confidence is now 10.9pts below the same week a year ago (90.7), and 0.9pts below the 2023 weekly average of 80.7. Consumer Confidence was mixed around the States, with increases in Queensland and WA, but down in NSW, Victoria and South Australia. Now 20% of Australians (up 1ppt) say their families are ‘better off’ financially than this time last year, while 50% (unchanged) say their families are ‘worse off’ financially. Some 31% (up 1ppt) of Australians now expect their family to be ‘better off’ financially this time next year, while 34% (down 1ppt) expect to be ‘worse off’ financially. Only 6% (down 1ppt) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 35% (down 3ppts) expect ‘bad times’. Meanwhile, 20% (unchanged) of Australians say now is a ‘good time to buy’ major household items, while 52% (up 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

Jobs galore, but more on JobSeeker

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Original article by Geoff Chambers, Sarah Ison
The Australian – Page: 1 & 5 : 3-May-23

Data from the Department of Social Services shows that 921,000 people were receiving the JobSeeker and youth allowance payments at the end of March. The number of people receiving these payments has fallen by just 59,000 since Labor took office in May 2022, despite the unemployment rate having fallen to its lowest level in nearly five decades. Opposition leader Peter Dutton has urged the federal government to strengthen the ‘work for the dole’ program, which Treasurer Jim Chalmers has rejected. He says the 9 May budget will include measures aimed at supporting communities that are facing "entrenched, long-term unemployment".

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AUSTRALIA. DEPT OF SOCIAL SERVICES, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY

Coalition’s $50 JobSeeker rise more generous than Labor’s proposal, Pocock says

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Original article by Amy Remeikis, Paul Karp
The Guardian Australia – Page: Online : 3-May-23

The federal government is under scrutiny over reports that an increase in the JobSeeker payment in the 9 May budget will be restricted to people aged 55+. Independent senator David Pocock has called for an across-the-board increase in unemployment benefits and the youth allowance, saying it appears that younger people are being "left behind". Pocock adds that Labor risks being unfavourably compared to the former Coalition government, which increased JobSeeker and other support payments by $50 a fortnight in April 2021. Liberal MP Bridget Archer and teal MPs have also called for an increase in JobSeeker for all recipients.

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AUSTRALIAN LABOR PARTY

Budget warning after RBA shock

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Original article by Michael Read, Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 3-May-23

Treasurer Jim Chalmers says the Reserve Bank of Australia’s decision to increase the cash rate to 3.85 per cent on Tuesday underlines the fact that inflation remains the primary challenge for the domestic economy. Chalmers adds that the latest rate increase highlights the need to ensure that the budget on 9 May does not add to Australia’s inflation outbreak. Amid calls for an increase in welfare payments, Chalmers has stresssed that the budget will include "responsible cost-of-living relief" that does not add to inflation. Meanwhile, RBA governor Philip Lowe has conceded that further interest rate rises may be needed in coming months in order to reduce inflation to the target range of 2-3 per cent; however, he says the RBA does not need to get inflation back to the target straight away, while it also cannot take too long to do so.

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AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA

Scandal-plagued Perth Mint could be privatised

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Original article by Rebecca Le May
The West Australian – Page: Online : 21-Apr-23

Western Australia’s Mines Minister Bill Johnston has indicated that "all options are on the table" for the Perth Mint in the wake of concerns that it has breached anti-money laundering and counter-terrorism financing laws. The government has commissioned an independent review of the state-owned Gold Corporation, which operates the Perth Mint, and it has not ruled out privatisation. However, shadow mines minister Mia Davies notes that Labor and Premier Mark McGowan have regularly stated that privatisation is not the answer.

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PERTH MINT, GOLD CORPORATION PTY LTD, WESTERN AUSTRALIA. DEPT OF MINES, INDUSTRY REGULATION AND SAFETY

RBA to get the Lowe-down on jobs

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Original article by Patrick Commins
The Australian – Page: 1 & 4 : 21-Apr-23

The federal government will introduce legislation by the end of the year to amend the Reserve Bank Act after accepting all 51 recommendations of an independent review of the central bank. The RBA’s restructuring will result in responsibility for setting interest rates being transferred to a new monetary policy board, which will have six external members and continue to be chaired by the central bank’s governor. This board will meet eight times per year and it will hold a press conference after each meeting. The RBA will be required to give equal consideration to achieving full employment and controlling inflation in its future interest rate decisions. A separate governance board will assume responsibility for the day-to-day management of the RBA.

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RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY

Kelty praises experience of new RBA board members

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Original article by Ewin Hannan
The Australian – Page: 4 : 21-Apr-23

The federal government has appointed Iain Ross and Elana Rubin to the Reserve Bank’s existing board, ahead of the restructuring that will take effect by mid-2024. Ross is a former president of the Fair Work Commission, and Rubin has extensive experience as a company director. They have both been praised by former ACTU secretary Bill Kelty, who worked with them at the peak union body in the 1990s. Kelty says Ross and Rubin have significant knowledge of the labour market and they understand how the economy works. He adds that the RBA’s current board has made two "fundamental mistakes" – the decision to leave interest rates at an historic low for too long and telling people that rates would remain on hold until 2024.

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RESERVE BANK OF AUSTRALIA, AUSTRALIA. FAIR WORK COMMISSION, ACTU

‘Crooked’: Integrity experts slam Andrews for downplaying IBAC report

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Original article by Chip Le Grand, Sumeyya Ilanbey
The Age – Page: Online : 21-Apr-23

Griffith University professor AJ Brown, who is a Transparency International Australia board member and integrity expert, has attacked Victorian Premier Daniel Andrews’ response to the Independent Broad-based Anti-corruption Commission’s Project Daintree report. Andrews has stated the report was ‘out-of-date’ and an "educational report, not a report delivered because wrongdoing was found". Brown says that IBAC found plenty of wrongdoing, while former Court of Appeal judge Stephen Charles says the behaviour unearthed by IBAC’s investigation would have led to findings of corrupt conduct in most other Australian jurisdictions; he has labelled Andrews’ government as "crooked".

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GRIFFITH UNIVERSITY, TRANSPARENCY INTERNATIONAL AUSTRALIA, VICTORIA. INDEPENDENT BROAD-BASED ANTI-CORRUPTION COMMISSION

RBA review ‘won’t change’ the path of interest rates

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Original article by Clancy Yeates, Millie Murio
The Age – Page: Online : 21-Apr-23

Treasurer Jim Chalmers has endorsed all 51 recommendations made by an independent review of the Reserve Bank. Economists have stated that the review’s recommendations are unlikely to result in different interest rate outcomes, nor do they consider that they will necessarily lead to improved long-term economic performance. Shane Oliver of AMP says the changes are unlikely to have much impact on households, adding that the RBA may end up making the same monetary policy decisions and most people will not notice much change. Paul Bloxham says the proposed changes will have limited impact on financial markets.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AMP CAPITAL INVESTORS LIMITED, HSBC AUSTRALIA HOLDINGS PTY LTD