O75 Public Administration

Cost of Australia’s aged care system to taxpayers could double, experts warn

roymorgansocial Leave a comment

Original article by Christopher Knaus
The Guardian – Page: Online : 17-Jun-22

Australia’s aged care system costs taxpayers $27 billion a year, or roughly 1.2 per cent of GDP. However, a report by the University of Technology Sydney’s Ageing Research Collaborative claims its cost could rise to 2.1 per cent of GDP within 40 years. The report notes that additional government funding will be needed, but that more money is not the only solution to addressing the system’s problems. Work needs to be done on increasing the independence of older people in order to reduce demand, while government subsidies for aged care need to be used more effectively.

CORPORATES
UNIVERSITY OF TECHNOLOGY, SYDNEY

Albanese calls Greens’ bluff on emissions target

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 17-Jun-22

Prime Minister Anthony Albanese has formally informed the United Nations Framework Convention on Climate Change that Labor intends to cut carbon emissions by 43 per cent over 2005 levels by 2030. He says legislation to implement that target will be introduced when Parliament resumes on 26 July, along with a target of net zero emissions by 2050. Albanese will need the support of the Greens to get his legislation through the Senate, as the Coalition opposes legislated targets. Albanese has ruled out negotiating a higher target with the Greens, claiming that business groups deserve investment certainty after more than a decade of "dysfunction".

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

China feud helps push Australia down to 27th in peace index

roymorgansocial Leave a comment

Original article by Latika Burke
Brisbane Times – Page: Online : 17-Jun-22

Global peace has deteriorated for the third consecutive year in the wake of Russia’s invasion of Ukraine, and it has now fallen 11 times in the last 14 years. This is according to the latest Global Peace Index, which is compiled by the Sydney-based Institute for Economics & Peace. Australia’s decision to acquire nuclear-powered submarines and its combative relationship with China saw the nation fall nine places to 27th. Meanwhile, terrorism is at its lowest level globally in the 16-year history of the Index.

CORPORATES
INSTITUTE FOR ECONOMICS AND PEACE LIMITED

Australia could have 15,000 Covid deaths in 2022 and that’s ‘way too high’, epidemiologist says

roymorgansocial Leave a comment

Original article by Melissa Davey
The Guardian Australia – Page: Online : 17-Jun-22

Professor Margaret Hellard from the Burnet Institute has called for the reintroduction of a face mask mandate to help curb the spread of COVID-19. She has told a parliamentary inquiry into Victoria’s pandemic orders that Australia faces a COVID-19 death toll of 10,000 to 15,000 unless some measures are reinstated. Professor Jodie McVernon from the Doherty Institute in turn said that future COVID-19 measures need to be "reasonable and proportionate", and warned that without vaccines the nation’s death toll from the coronavirus would have been "catastrophic". NSW reported 9,117 new COVID-19 cases and 17 deaths on Wednesday; there were 7,889 new infections and 22 deaths in Victoria.

CORPORATES
THE MACFARLANE BURNET INSTITUTE FOR MEDICAL RESEARCH AND PUBLIC HEALTH LIMITED, UNIVERSITY OF MELBOURNE. PETER DOHERTY INSTITUTE FOR INFECTION AND IMMUNITY

Low-pay hike to drive up prices

roymorgansocial Leave a comment

Original article by Ewin Hannan
The Australian – Page: 1 & 4 : 16-Jun-22

Prime Minister Anthony Albanese has welcomed the 5.2 per cent increase in the minimum wage, contending that many low-paid workers carried Australia through the pandemic. The minimum wage will rise by $40 a week to $812, while workers on higher award rates will receive a wage increase of 4.6 per cent. However, Australian Chamber of Commerce & Industry CEO Andrew McKellar says businesses face additional costs of $7.9bn, and he warns that they will either have to absorb the costs or pass them on to customers. The Australian Retailers Association’s CEO Paul Zahra says economic conditions for the retail sector are already challenging, and the minimum wage increase could force some to close.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN RETAILERS ASSOCIATION

Inflation Expectations drop 0.2% points to 5.3% in May, but are higher in the second half of May than the first

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 16-Jun-22

In May 2022, Australians expected inflation of 5.3% annually over the next two years, down 0.2% points from April and down 0.5% points from the high of 5.8% reached in March. However, since the Federal Election won by the ALP Inflation Expectations have increased in the last two weeks of May. Inflation Expectations in May are 1.6% points higher than a year ago and clearly above the long-term average of 4.7%. The usual gap between Inflation Expectations in Capital Cities (5.2%) and Country Areas (5.3%) had all but disappeared by May. Since January 2020 Inflation Expectations have been consistently higher in Country Areas (4.3%) than in Capital Cities (4.0%). The smaller than usual gap is illustrated by differing situations around Australia. In Victoria and SA Inflation Expectations are higher in Country Areas than in the Capital Cities. However, Inflation Expectations are higher in the Capital Cities than Country Areas in NSW, Queensland and WA. On a State-based level Inflation Expectations were again highest in the highly regional States of Tasmania (6.0%) and Queensland (5.5%). The data for the Inflation Expectations series is drawn from the Roy Morgan Single Source, which has interviewed an average of 4,700 Australians aged 14+ per month over the last decade, and includes interviews with 6,021 Australians aged 14+ in May 2022.

CORPORATES
ROY MORGAN LIMITED

Confidence crash: Terrified consumers shut their wallets and fear for the future

roymorgansocial Leave a comment

Original article by Elizabeth Knight
The Sydney Morning Herald – Page: Online : 16-Jun-22

Consumer confidence as measured by ANZ-Roy Morgan has fallen to its lowest level since April 2020; indeed, when the early stages of the COVID-19 pandemic are excluded, consumer confidence is now at a 31-year low. The ANZ Roy Morgan survey took place in the period following the Reserve Bank of Australia’s larger-than-expected 0.5 per cent increase in the cash rate, but before RBA governor Philip Lowe said that inflation is now likely to peak at seven per cent. Consumer confidence surveys are telling us households’ confidence in both financial and economic conditions has significantly deteriorate. If there is a positive to be taken from the plunging consumer sentiment index, it is that the RBA’s measures to take the heat out of inflation by raising rates is already starting to gain traction.

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

ANZ-Roy Morgan Consumer Confidence drops 6.6pts to 80.4 after RBA increases interest rates by 0.50% – largest increase for over 20 years

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 16-Jun-22

ANZ-Roy Morgan Consumer Confidence fell 6.6pts to 80.4 in the week ended 12 June, to its lowest since early April 2020. Consumer Confidence is now 29.6pts below the same week a year ago (111.0), and 14.8pts below the 2022 weekly average of 95.2. On a State-based level Consumer Confidence was down significantly in Victoria, New South Wales, South Australia and Western Australia, but virtually unchanged in Queensland. Now 21% (down 1ppt) of Australians say their families are ‘better off’ financially than this time last year, while 41% (down 1ppt) say their families are ‘worse off’ financially. In addition, 27% (down 5ppts) of Australians expect their family to be ‘better off’ financially this time next year (the lowest figure for this indicator since early April 2020), and 38% (up 6ppts) expect to be ‘worse off’ financially (the highest figure for this indicator since March 2020). Only 8% (unchanged) of Australians now expect ‘good times’ for the Australian economy over the next 12 months (the equal lowest figure for this indicator since October 2020), while 39% (up 5ppts) expect ‘bad times’ (the highest figure for this indicator since September 2020). Meanwhile, just 23% (down 5ppt) of Australians say now is a ‘good time to buy’ major household items (the lowest figure for this indicator since early April 2020), while 49% (up 7ppts) say now is a ‘bad time to buy’ (the highest figure for this indicator since early April 2020).

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

Heat on Joyce as Coalition reshuffles

roymorgansocial Leave a comment

Original article by Greg Brown, Max Maddison
The Australian – Page: 1 & 5 : 30-May-22

Peter Dutton is expected to be endorsed as the Liberal Party of Australia’s new leader at a partyroom meeting on Monday, with Sussan Ley tipped to become deputy leader. Meanwhile, the National Party will hold a post-election leadership spill on Monday, with David Littleproud and Darren Chester set to run against incumbent Barnaby Joyce. Former Nationals leader Michael McCormack has ruled himself out of contention, and he says Joyce’s actions during the election campaign contributed to the Coalition’s defeat. The Coalition is likely to make significant changes to its frontbench team in opposition.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

Albanese on course for at least six years in power

roymorgansocial Leave a comment

Original article by David Crowe
Brisbane Times – Page: Online : 30-May-22

Labor has officially won 75 seats at the 21 May election and appears set to gain the additional seat that is needed to form majority government. The policy agenda of new Prime Minister Anthony Albanese suggests that he expects at least two terms in office, and his stated goal is to go to the 2025 federal election having delivered on his election pledges. Meanwhile, Labor could win even more seats from the Liberals if it governs with competence and care. However, negotiating with Greens leader Adam Bandt will be the biggest challenge for Albanese.

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