O75 Public Administration

No doubt interest rates will continue to climb: RBA

roymorgansocial Leave a comment

Original article by Ronald Mizen
The Australian Financial Review – Page: 2 : 19-Oct-22

The Reserve Bank of Australia’s deputy governor Michele Bullock says inflation is still too high and further rises in the cash rate will be necessary in order to return it to the RBA’s target range of 2-3 per cent. Bullock has told the Australian Finance Industry Association’s annual conference that the RBA believes that it can reduce the inflation rate while avoiding a recession and preserving most of the jobs that have been created in recent times. Meanwhile, the minutes from the RBA’s latest meeting show that the board was of the view that slowing the pace of rate rises in October will give it time to assess incoming economic data.

CORPORATES
RESERVE BANK OF AUSTRALIA

Flood crisis: Serious challenges over coming days

roymorgansocial Leave a comment

Original article by Rachel Baxendale
The Australian – Page: 3 : 19-Oct-22

Victorian Premier Daniel Andrews has stressed that the state’s flood crisis is far from over, with more rain forecast in coming days. Andrews announced additional disaster relief assistance on Tuesday, following a visit to the flood-hit town of Shepparton. Emergency warnings remain in place in Rochester, Shepparton and other towns in the region’s flood zone, while evacuation orders remain in place for residents of towns near the Goulburn River. Evacuation orders have also been issued for Barmah and Lower Moira, while flood-hit Echuca residents are building a massive levee amid expectations that the Murray River will peak within days.

CORPORATES
VICTORIA. DEPT OF PREMIER AND CABINET

ANZ-Roy Morgan Consumer Confidence drops 2.4pts to 82.2 after Australian Dollar drops to lowest since April 2020

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 19-Oct-22

ANZ-Roy Morgan Consumer Confidence fell 2.4pts to 82.2 in the week ended 16 October. It is now 24.8pts below the same week a year ago (107.0), and 8.1pts below the 2022 weekly average of 90.3. Consumer Confidence fell in most States: down in NSW, Victoria, Queensland and South Australia, but there was an improvement in Western Australia. Now 22% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 45% (up 1ppt) 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 34% (up 4ppts) expect to be ‘worse off’ financially. Only 7% (up 1ppt) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 38% (unchanged) expect ‘bad times’. Meanwhile, 22% (down 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 48% (up 3ppts) say now is a ‘bad time to buy’.

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

Inflation Expectations down 0.2% points to 5.4% in September – before the petrol excise returned in full

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 18-Oct-22

In September 2022, Australians expected inflation of 5.4% annually over the next two years, down 0.2% points from August. Inflation Expectations in September are 0.9% points higher than a year ago, and 2.2% points above the record low of 3.2% reached in June 2020. Although Inflation Expectations have dropped for a second straight month, the return of the full petrol excise at the end of September is set to lead to higher inflation expectations going forward. A deeper look at Inflation Expectations by employment status shows that the largest increase has been for people who are unemployed, up 2.6% points to 6.4% since the measure reached a record low in June 2020. The second highest Inflation Expectations are for those people who are under-employed, employed part-time but wanting more work, up 2% points to 5.8% since June 2020. On a State-based level Inflation Expectations were highest in New South Wales at 5.8% and Tasmania at 5.6%. 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 6,069 Australians aged 14+ in September.

CORPORATES
ROY MORGAN LIMITED

Greens warn attorney general could weaponise and release secret reports of anti-corruption body

roymorgansocial Leave a comment

Original article by Paul Karp
The Guardian Australia – Page: Online : 18-Oct-22

The joint select committee examining the National Anti-Corruption Commission legislation will begin four days of hearings on 18 October, at which transparency advocates will call for a lower threshold for public hearings by the NACC than is currently outlined in the legislation. The Coalition has called for greater safeguards before public hearings are to be considered, while the Greens have warned that giving the attorney-general of the day the discretion to publish secret NACC reports could allow that person to discredit political opponents.

CORPORATES
AUSTRALIAN GREENS

Floods hit cost of living: Chalmers

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 18-Oct-22

The office of Treasurer Jim Chalmers has indicated that it is too soon to estimate the inflationary and budgetary impact of the floods in Victoria and NSW. However, Chalmers has conceded that the floods will increase the cost of living and may boost the inflation rate, given that some of the east coast’s major food production regions have been affected. He adds that the forecast Budget deficit for the current financial year is also likely to increase. Meanwhile, the Victorian government has announced a $351m flood recovery package. There are fears that the town of Echuca is facing a second flood peak, while Kerang is expected to be isolated by floodwaters for up to two weeks. Heavy rainfall that is forecast for later in the week also looms as a new threat for flood-affected towns.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY

ALP razor gang eyeing veterans, bushfire funds

roymorgansocial Leave a comment

Original article by Greg Brown
The Australian – Page: 4 : 18-Oct-22

Labor’s ‘razor gang’ is looking to make savings from the Community Development Grants Program, with one grant under scrutiny being one of $15 million to establish veteran wellbeing centres in three regional cities. Another grant potentially under scrutiny is one of almost $6 million to repair fire recovery centres in the Victorian towns of Ensay and Sarsfield, which were hit by the Black Summer bushfires. However, despite Labor’s review of the Community Development Grants Program, Prime Minister Anthony Albanese says regional Australia will not get left behind in its upcoming budget.

CORPORATES
AUSTRALIAN LABOR PARTY

Chalmers warns of rates-driven inflation

roymorgansocial Leave a comment

Original article by Ronald Mizen, Matthew Cranston
The Australian Financial Review – Page: 4 : 12-Oct-22

Treasurer Jim Chalmers says the world is facing a "substantial" global economic downturn, although he adds that the federal government’s first Budget on 25 October will not forecast a recession in Australia. Chalmers has also warned that the widening gap between interest rates in Australia and the US could boost inflation by putting downward pressure on the Australian dollar and making imports more expensive. Meanwhile, the International Monetary Fund now expects the Australian economy to grow by just 1.9 per cent in 2023; it had previously forecast growth of 2.2 per cent. The IMF has also downgraded its global growth forecast.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, INTERNATIONAL MONETARY FUND

More than one in five Australians worked from home at height of 2021 lockdowns, census shows

roymorgansocial Leave a comment

Original article by Caitlin Cassidy, Nick Evershed
The Guardian Australia – Page: Online : 12-Oct-22

Data from the Australian Bureau of Statistics shows that 25 per cent of capital city residents were working from home on Census day in August 2021. Some 20 per cent of people nationwide worked from home on the day of the Census, which coincided with COVID-19 lockdown restrictions across most of eastern Australia. The figures also show that 31 per cent of NSW residents worked from home on Census day, compared with just 4.8 per cent in 2016. Likewise, 26 per cent of people in Victoria were working from home, up from 4.6 per cent in 2016. Australian statistician David Gruen says the 2021 Census provides a "fascinating insight" into how Australians worked and lived during a global pandemic.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS

Australian unemployment drops to 8.1% in September as employment soars to a record high above 13.7 million

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 12-Oct-22

The latest Roy Morgan employment series data shows that 1.2 million Australians (8.1% of the workforce) were unemployed in September, down 161,000 (1.1%) from August. The number of Australians looking for full-time work fell 57,000 to 535,000 in September, and the number of people looking for part-time work was down 104,000 to 667,000. Some 1.56 million Australians (10.5% of the workforce) were under-employed – working part-time but looking for more work – up 59,000 from August. In total, 2.76 million Australians (18.6% of the workforce) were either unemployed or under-employed in September, up 72,000 on August. Meanwhile, employment increased by 218,000 to a record high of 13,705,000 in September. This was driven by a rise in both full-time employment (up 197,000 to 8,881,000) and part-time employment (up 21,000 to a record high of 4,824,000). Roy Morgan’s unemployment figure of 8.1% for September is more than double the ABS estimate for August of 3.5%.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS