O75 Public Administration

$368b unremarkable, says Marles

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Original article by Phillip Coorey
The Australian Financial Review – Page: 3 : 15-Mar-23

The federal government has disclosed that the deal to acquire nuclear-power submarines will cost $9bn over the next four years and up to $58bn over the next decade. However, this will be offset by savings elsewhere in the defence budget. The nuclear submarines program is slated to cost between $268bn and $368bn over the next 30 years, which Defence Minister Richard Marles has described as an "unremarkable amount" for any major government policy over three decades. In contrast, the National Disability Insurance Scheme is expected to cost some $2trn over the same period.

CORPORATES
AUSTRALIA. DEPT OF DEFENCE

ANZ-Roy Morgan Consumer Confidence down 2.9pts to 77.0 after RBA raises interest rates for a tenth straight meeting

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Original article by Roy Morgan
Market Research Update – Page: Online : 15-Mar-23

ANZ-Roy Morgan Consumer Confidence fell 2.9pts to 77.0 in the week to 12 March; this is the lowest rating since early April 2020, in the early days of the COVID-19 pandemic. Consumer Confidence is now 18.8pts below the same week a year ago (95.8), and 5.7pts below the 2023 weekly average of 82.7. Consumer Confidence was down around the country this week and below 80 in all five mainland States after the RBA raised interest rates for a record tenth straight meeting. Now 19% of Australians (down 2ppts) say their families are ‘better off’ financially than this time last year, while 52% (up 4ppts) say their families are ‘worse off’ financially. Some 30% (down 2ppts) of Australians expect their family to be ‘better off’ financially this time next year, while 37% (up 2ppts) expect to be ‘worse off’ financially. Only 6% (unchanged) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 38% (also unchanged) expect ‘bad times’. Meanwhile, 19% (unchanged) of Australians say now is a ‘good time to buy’ major household items, while 53% (also unchanged) say now is a ‘bad time to buy’.

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

Russia, China bristle at Cold War pact

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Original article by Will Glasgow
The Australian – Page: 5 : 15-Mar-23

The Taiwanese government has welcomed Australia’s deal to acquire nuclear-powered submarines, stating that it will help redress the "military imbalance" across the Taiwan Strait. However, the deal has been criticised by Chinese and Russian officials. China’s Foreign Ministry has described the AUKUS alliance as "typical Cold War mentality" that will undermine the international nuclear non-proliferation system. Russia in turn has warned that the alliance will ensure "years of confrontation" in the Asia-Pacific region. Meanwhile, Professor Chen Hong of the East China Normal University says Australia has officially put itself on the People’s Liberation Army’s "defence radar".

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RBA ‘will do what’s necessary’, but end of rate rises in sight

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Original article by Patrick Commins
The Australian – Page: 1 & 2 : 8-Mar-23

Reserve Bank of Australia governor Philip Lowe adopted a more dovish tone on Tuesday following the latest 25 basis point increase in the cash rate, to 3.6 per cent. He said the RBA board expects that further tightening of monetary policy will be needed to ensure that inflation returns to the target range of 2-3 per cent. He added that the board is of the view that the current period of high inflation will be temporary. Lowe had stated after the RBA’s February board meeting that "further increases in interest rates will be needed over the months ahead". Josh Williamson of Citigroup says this change in tone suggests that the end of rate rises is in sight, and there could potentially be just one more in the current monetary policy tightening cycle. The cash rate is now at its highest level since May 2012.

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RESERVE BANK OF AUSTRALIA, CITIGROUP PTY LTD

Wage war on pay gap

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Original article by Ellen Ransley
Herald Sun – Page: 7 : 8-Mar-23

The Australia Institute has released the findings of research which concludes that the gender pay gap means that on average, women on median earnings will be $1.01m worse off over their working lives. The research, which has been released to coincide with International Women’s Day, also shows that women retire with $136,000 less in superannuation than male workers. Eliza Littleton from the Australia Institute’s Centre of Future Work says the gender pay gap costs women more than $3bn across the economy every week. Official data shows that the gender pay gap is currently about 13.3 per cent.

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THE AUSTRALIA INSTITUTE LIMITED. CENTRE FOR FUTURE WORK

US subsidies shift global energy game

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Original article by Jennifer Hewett
The Australian Financial Review – Page: 2 : 8-Mar-23

BHP CEO Mike Henry says Australia is competing "head-to-head" with other countries in the global transition to renewable energy. He has told a business summit that initiatives such as the Inflation Reduction Act in the US and Canada’s critical minerals strategy are examples of policies that will attract large capital inflows, and Australia must have policies in place to ensure that the nation remains internationally competitive. Fortescue Metals Group founder Andrew Forrest agrees with the importance of the IRA, arguing that companies need to allocate capital where it is most competitive; he adds that this means allocating capital away from Australia into North America.

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BHP GROUP LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG

China invasion forecasts unrealistic: Morrison

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Original article by Will Glasgow
The Australian – Page: 4 : 8-Mar-23

Former prime minister Scott Morrison has downplayed concerns that China may invade Taiwan in coming years. US military officials have warned that China could potentially attack Taiwan within three years, but Morrison contends that any such assessments should be taken with "a grain of salt". He added that Australia’s increased defence spending and alignment with other countries is part of an effort to create an "enduring balance" in the Asia-Pacific region. Meanwhile, Chinese President Xi Jinping has accused the US and its allies of implementing a policy of "all-round containment, encirclement and suppression" of China. Foreign Minister Qin Gang in turn has reiterated that China wants to take control of Taiwan by "peaceful means"; however, he adds that China reserves the right to
take "all necessary measures" to achieve this.

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NAB faces test case over unpaid overtime

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 4 : 8-Mar-23

The issue of ‘reasonable additional hours’ for white-collar workers will come under scrutiny in a test case launched by the Finance Sector Union. The case centres on four National Australia Bank managers who allege that they were required to work unreasonable unpaid hours over several years. The FSU’s national secretary Julia Angrisano says the NAB managers are nominally employed to work 38 hours a week, but their actual hours can range between 10 and 16 hours per day, every day of the week. Angrisano adds that the FSU will seek compensation for all of NAB’s managers if it wins the test case, while it would also pursue action against the nation’s other major banks.

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NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, FINANCE SECTOR UNION

Andrews’ secret Covid polling revealed

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Original article by Damon Johnston
The Australian Financial Review – Page: 1 & 6 : 8-Mar-23

Victoria’s Department of Premier & Cabinet has belatedly released nearly 200 pages of documents and emails pertaining to research on the public’s attitude to COVID-19 lockdowns. The polling was undertaken by QDOS Research, which is owned by Labor strategist John Armitage. The government had frequently reiterated that its pandemic response was shaped by health advice, but the documents also show that it asked QDOS to undertake intensive online surveys and focus groups to gauge Victorians’ reactions to pandemic restrictions, as well as the performance of Premier Daniel Andrews during the state’s marathon 112-day lockdown. The government had sought for two years to block requests for access to the documents via freedom of information laws.

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VICTORIA. DEPT OF PREMIER AND CABINET, QDOS RESEARCH

ANZ-Roy Morgan Consumer Confidence at 79.9 – virtually unchanged for second straight week in early March

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Original article by Roy Morgan
Market Research Update – Page: Online : 8-Mar-23

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 79.9 in the week to 5 March. However, Consumer Confidence is 20.2pts below the same week a year ago (100.1), and 3.4pts below the 2023 weekly average of 83.3. Consumer Confidence had mixed results around the country; it was up in Queensland and South Australia, down in New South Wales and Western Australia and unchanged in Victoria. Now 21% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 48% (unchanged) say their families are ‘worse off’ financially. Some 32% (unchanged) of Australians expect their family to be ‘better off’ financially this time next year, while 35% (also unchanged) 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 38% (unchanged) expect ‘bad times’. Meanwhile, 19% (down 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 53% (up 1ppt) say now is a ‘bad time to buy’.

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