O75 Public Administration

Interest rates: Ghost of ’89 may come to haunt us

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Original article by Patrick Commins
The Australian – Page: 2 : 4-Oct-22

National Australia Bank’s chief economist Alan Oster expects the cash rate to rise by 50 basis points on Tuesday, followed by a 25 basis point increase in November. However, he warns that the nation could pay a heavy price for a "policy mistake" by the Reserve Bank of Australia’s board, noting that the central bank’s aggressive tightening of monetary policy in 1989 ultimately led to a recession and a sharp rise in the unemployment rate. Oster is not predicting a recession in Australia at this stage, but he says the worsening global economic outlook will inevitably have an impact in Australia.

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NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, RESERVE BANK OF AUSTRALIA

Australians are the world’s richest people: Credit Suisse

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Original article by Michael Read
The Australian Financial Review – Page: 3 : 21-Sep-22

Credit Suisse’s annual global wealth report shows that the median Australian adult had a net worth of $US273,900 at the end of 2021. This makes them richer than the comparable resident of any other country, according to the report. However, Australia ranked fourth on a mean wealth basis, behind Switzerland, the US and Hong Kong. The median Australian adult’s net wealth rose by $US28,450 during the calendar year, boosted by strong growth in share prices and the housing market. The number of millionaires in Australia rose to 2.18 million in US dollar terms in 2021, and Credit Suisse expects this to reach 2.94 million by 2026.

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CREDIT SUISSE AG

ANZ-Roy Morgan Consumer Confidence is virtually unchanged at 86.0 in mid-September

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Original article by Roy Morgan
Market Research Update – Page: Online : 21-Sep-22

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 86.0 in the week ended 18 September. However, it is now 17.3pts below the same week a year ago (103.3), and 4.9pts below the 2022 weekly average of 90.9. On a State-by-State basis most were up, including NSW, Queensland and WA but Victoria was down slightly. Now 23% (down 2ppts) of Australians say their families are ‘better off’ financially than this time last year, while 42% (up 1ppt) say their families are ‘worse off’ financially. Some 34% (up 2ppts) of Australians expect their family to be ‘better off’ financially this time next year, while 29% (down 3ppts) expect to be ‘worse off’ financially. Only 7% (down 1ppt) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 35% (up 2ppts) expect ‘bad times’. Meanwhile, 23% (up 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 46% (down 2ppts) say now is a ‘bad time to buy’.

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

PM’s plea to pause for a minute and remember

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Original article by Jess Malcolm
The Australian – Page: 9 : 21-Sep-22

A memorial service for Queen Elizabeth II will be held in the Great Hall of Parliament House in Canberra at 11am on Thursday, which has been designated as a national day of mourning for the late monarch. Members of parliament, state and territory leaders, High Court judges and diplomats will attend the service, which will be broadcast nationwide. Prime Minister Anthony Albanese has urged all Australians to observe a minute’s silence at 11am to reflect on the Queen’s lifetime of dedication and service.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

ALP’s deficit warning despite $50bn boost

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Original article by Patrick Commins
The Australian – Page: 1 & 2 : 21-Sep-22

Treasurer Jim Chalmers has advised that the Budget deficit for 2021-22 is now likely to be around $30bn, compared with expectations of about $79.8bn just four months ago. Government revenue has been $28bn higher than forecast due to factors such as rising commodity prices. Government payments are in turn $20bn lower than expected, with a record low official unemployment rate resulting in a sharp fall in welfare payments. However, Chalmers says the improvement in the Budget bottom line has been largely driven by temporary factors, and he notes that the prices of key commodities have fallen since the start of the financial year. Chalmers is expecting a bigger deficit for 2022-23.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY

ALP voters drive the increase in support for the Monarchy over the last decade

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Original article by Roy Morgan
Market Research Update – Page: Online : 20-Sep-22

A special Roy Morgan SMS Poll last week revealed that support for the Monarchy amongst Australians has grown over the last decade, with 60% (up 5% points since November 2012) now saying Australia should remain a Monarchy while only 40% (down 5% points) say Australia should become a Republic with an elected President. A look at these results by voting intention reveals what may be a surprise to some – it is those who vote for the ALP who have driven this increase in support for the Monarchy from a decade ago. Now a clear majority of ALP voters, 58% (up 18% points since November 2012) say that Australia should remain as a Monarchy – a far larger change than by either L-NP voters or Greens voters who appear far more set in their ways. L-NP voters are staunch supporters of the Monarchy, with 68% saying Australia should remain as a Monarchy, although this is down 3% points on November 2012. At the other end of the spectrum it is Greens supporters who are clearly in support of a Republic with only 34% saying that Australia should remain as a Monarchy, up 4% points in a decade. Supporters of Independents and Other Parties – an increasingly large share of the electorate – are also moving more firmly in favour of the Monarchy. Now 72% of these voters say Australia should remain as a Monarchy, an increase of 15% points on November 2012.

CORPORATES
ROY MORGAN LIMITED,{SPAC}MORGAN POLL,{SPAC}AUSTRALIAN LABOR PARTY,{SPAC}LIBERAL PARTY OF AUSTRALIA,{SPAC}NATIONAL PARTY OF AUSTRALIA,{SPAC}AUSTRALIAN GREENS

We are deeply touched: Charles

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Original article by Valentine Low
The Australian – Page: 7 : 20-Sep-22

King Charles III says he has been "deeply touched" by all the messages of condolence he and his wife have received since the passing of Queen Elizabeth II. He made his comments in a message of thanks after the UK held a minute’s silence in memory of the Queen, while King Charles and Camilla had earlier hosted world leaders and other official guests at a large reception at Buckingham Palace. US President Joe Biden and his wife Jill visited Westminster Hall to pay their respects, with Biden saying at Lancaster House that the Queen reminded him of his mother.

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Queen Elizabeth laid to rest in St George’s Chapel at Windsor Castle

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Original article by Jack Hawke
abc.net.au – Page: Online : 20-Sep-22

Members of the royal family have attend a private burial service for Elizabeth II at Windsor Castle. The Queen has been laid to rest in the Royal Vault in the King George VI Memorial Chapel alongside Prince Philip and her parents, King George VI and the Queen Mother. The private service followed the state funeral at Westminster Abbey, which was attended by more than 2,000 people, including world leaders, ambassadors, royalty and members of the public. Thousands of people had earlier lined the streets of London to watch the funeral procession as the Queen’s coffin was taken on a gun carriage from Westminster Hall to the Abbey. After the funeral the Queen’s coffin was taken to Wellington Arch, where it was placed inside the State Hearse and began its final journey to Windsor Castle. The royal family will now enter seven days of mourning, although the public mourning period has ended.

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ALP voters drive the increase in support for the Monarchy over the last decade

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Original article by Roy Morgan
Market Research Update – Page: Online : 20-Sep-22

A special Roy Morgan SMS Poll last week revealed that support for the Monarchy amongst Australians has grown over the last decade, with 60% (up 5% points since November 2012) now saying Australia should remain a Monarchy while only 40% (down 5% points) say Australia should become a Republic with an elected President. A look at these results by voting intention reveals what may be a surprise to some – it is those who vote for the ALP who have driven this increase in support for the Monarchy from a decade ago. Now a clear majority of ALP voters, 58% (up 18% points since November 2012) say that Australia should remain as a Monarchy – a far larger change than by either L-NP voters or Greens voters who appear far more set in their ways. L-NP voters are staunch supporters of the Monarchy, with 68% saying Australia should remain as a Monarchy, although this is down 3% points on November 2012. At the other end of the spectrum it is Greens supporters who are clearly in support of a Republic with only 34% saying that Australia should remain as a Monarchy, up 4% points in a decade. Supporters of Independents and Other Parties – an increasingly large share of the electorate – are also moving more firmly in favour of the Monarchy. Now 72% of these voters say Australia should remain as a Monarchy, an increase of 15% points on November 2012.

CORPORATES
ROY MORGAN LIMITED,{SPAC}MORGAN POLL,{SPAC}AUSTRALIAN LABOR PARTY,{SPAC}LIBERAL PARTY OF AUSTRALIA,{SPAC}NATIONAL PARTY OF AUSTRALIA,{SPAC}AUSTRALIAN GREENS

We are deeply touched: Charles

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Original article by Valentine Low
The Australian – Page: 7 : 20-Sep-22

King Charles III says he has been "deeply touched" by all the messages of condolence he and his wife have received since the passing of Queen Elizabeth II. He made his comments in a message of thanks after the UK held a minute’s silence in memory of the Queen, while King Charles and Camilla had earlier hosted world leaders and other official guests at a large reception at Buckingham Palace. US President Joe Biden and his wife Jill visited Westminster Hall to pay their respects, with Biden saying at Lancaster House that the Queen reminded him of his mother.

CORPORATES