O75 Public Administration

Record insolvencies tarnish Chalmers’ spin

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Original article by Geoff Chambers
The Australian – Page: 1 & 4 : 18-Dec-24

Data from the Australian Securities & Investments Commission undermines the federal government’s economic credentials. The figures show that 12,405 businesses were declared insolvent in the first 11 months of 2024. This includes a record 1,442 business failures in November, which is 62 per cent higher year-on-year. Nearly 26,000 businesses have collapsed since Labor won the May 2022 federal election; Deputy Opposition Leader Sussan Ley notes that this is approximately the same as the number of additional public servants Labor has hired since it took office. Separate data shows that the number of welfare recipients has risen by about 83,000 year-on-year.

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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

ANZ-Roy Morgan Inflation Expectations are at 4.8% in mid-December – up from 4.7% for the month of November

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Original article by Roy Morgan
Market Research Update – Page: Online : 18-Dec-24

The latest weekly ANZ-Roy Morgan Inflation Expectations are 4.8% for the week of 9-15 December. This figure is below the average this year of 4.9%, but up 0.1% points from the month of November. A look at monthly Inflation Expectations for November shows the measure at 4.7% for the month – unchanged from September and October, and below the average so far this year of 4.9%. Looking back over the year, weekly Inflation Expectations have moved in a narrow band of 4.5% to 5.3% and averaged 4.9%. The data for the Inflation Expectations series is drawn from the Roy Morgan Single Source, which has interviewed an average of around 5,200 Australians aged 14+ per month over the last decade, and includes interviews with 6,012 Australians aged 14+ in November 2024.

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ROY MORGAN LIMITED

ANZ-Roy Morgan Consumer Confidence drops 1.6pts to 83.9 as buying intentions plunge after the end of the Black Friday/ Cyber Monday sales period

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Original article by Roy Morgan
Market Research Update – Page: Online : 18-Dec-24

ANZ-Roy Morgan Consumer Confidence fell 1.6pts to 83.9 in the week to 15 December, following the end of the Black Friday sales period. However, Consumer Confidence is now 2.1 points above the same week a year ago (81.8), and 1 point above the 2024 weekly average of 82.9. A look at Consumer Confidence by State shows varied results around the country with decreases in NSW, Victoria, and WA, offsetting small increases in Queensland and SA. Now 21% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 49% (down 1ppt) say their families are ‘worse off’. Looking forward, 31% (down 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, while 32% (down 1ppt) expect to be ‘worse off’. Now 10% (up 1ppt) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 30% (down 1ppt) expect ‘bad times’. Meanwhile, 25% (down 5ppts) of Australians say now is a ‘good time to buy’ major household items, while 47% (up 3ppts) say now is a ‘bad time to buy’.

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

Pesutto leadership on the line as he faces special party room meeting

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Original article by Kieran Rooney
The Age – Page: Online : 17-Dec-24

A special meeting of the Victorian Liberal party room will be held on Friday, with its purpose being to return exiled MP Moira Deeming to the party room. The meeting is seen as a test of the leadership of John Pesutto, who last week lost his high-profile defamation case against Deeming. He was ordered to pay her $300,000 in damages, with Justice David O’Callaghan finding that Pesutto harmed Deeming’s reputation by "repeatedly and falsely implying that she knowingly associated with neo-Nazis". Deeming said after the judgement that she expected and wanted to be returned to the Liberal party room, while Pesutto has previously stated that any decision about her status is for the party room.

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LIBERAL PARTY OF VICTORIA

‘No legal basis’: Indonesian MP criticises decision to send remaining Bali Nine home

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Original article by Zach Hope, Karuni Rompies, Amilia Rosa
The Age – Page: Online : 17-Dec-24

Andreas Hugo Pareira has criticised the deal that has seen the remaining members of the Bali Nine returned to Australia, with Pareira being the deputy head of Indonesia’s parliamentary justice committee. Indonesia has struck a similar deal with the Philippines to return high profile death-row inmate Mary Jane Veloso back home, and Pareira says the prisoner deals with Australia and the Philippines goes against Indonesia’s Corrections law, and set a bad precedent. Pareira is a member of the Indonesian Democratic Party of Struggle, the current opposition to new Indonesian president Prabowo Subianto

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INDONESIAN DEMOCRATIC PARTY OF STRUGGLE

Miners claim uranium ban negligent, nonsense policy

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Original article by Rosie Lewis
The Australian – Page: 5 : 17-Dec-24

Minerals Council of Australia CEO Tania Constable will appear before a parliamentary inquiry into nuclear power on Tuesday. Constable will argue that there is no scientific, technical or economic justification for retaining Australia’s long-standing legislative ban on nuclear energy. She will also contend that adding nuclear to the nation’s energy mix will be necessary in order to fully decarbonise the domestic economy by 2050. Electrical Trades Union organiser Simon Brezovnik has told the inquiry that nuclear energy is too expensive and high-risk.

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MINERALS COUNCIL OF AUSTRALIA, ELECTRICAL TRADES UNION

Roy Morgan Poll: Coalition boosts primary support and retains clear two-party preferred lead for Christmas: L-NP 52% cf. ALP 48%

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Original article by Roy Morgan
Market Research Update – Page: Online : 17-Dec-24

A Coalition Government, with a slim majority, would now win a Federal Election with the two-party preferred vote unchanged from last week: L-NP 52% cf. ALP 48%, the latest Roy Morgan survey finds. Primary support for the Coalition increased 3% to 41% – the highest since the last Federal Election and came at the expense of One Nation 5% (down 1.5%), and drops in support for the ALP 27.5% (down 0.5%), Greens 12.5% (down 0.5%), and Other Parties 3.5% (down 0.5%) which all lost support. Support for Independents remained steady at 10.5%. The rise in Coalition primary came after the RBA left interest rates unchanged and the Coalition outlined its energy plan to bring in nuclear power and lower energy costs.

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ROY MORGAN LIMITED, MORGAN POLL, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, ONE NATION PARTY, AUSTRALIAN GREENS

Chalmers’ budget update locks in extra $25bn of unavoidable expenditure

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Original article by Jack Quail, Geoff Chambers
The Australian – Page: 1 & 4 : 17-Dec-24

Treasurer Jim Chalmers says that although global economic volatility is weighing on the federal budget, Labor has delivered two surpluses and lower debt since taking office in May 2022. Meanwhile, the Mid-Year Economic and Fiscal Outlook on Wednesday will feature some $25.1bn worth of additional government spending; this will include $16.3bn for increased welfare payments, childcare subsidies and cost of living relief. The government describes this as ‘automatic spending increases’, while Finance Minister Katy Gallagher has flagged $8.8bn of ‘unavoidable spending’. Independent economic Chris Richardson refutes suggestions that some expenditure cannot be avoided.

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AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE

Academic and banker to join RBA policy board

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Original article by Jack Quail
The Australian – Page: 4 : 17-Dec-24

Treasurer Jim Chalmers says the federal government undertook a "very robust and very consultative" process to select the members of the Reserve Bank of Australia’s two new boards. Professor Renee Fry-McKibbin and former Bendigo Bank CEO Marnie Baker will join four of the RBA’s current external board members on the new interest-rate setting board, which will also include governor Michele Bullock, deputy governor Andrew Hauser and Treasury secretary Steven Kennedy. Current board members Carol Schwartz and Elana Rubin will join the RBA’s governance board.

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RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN

Pesutto leadership on the line as he faces special party room meeting

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Original article by Kieran Rooney
The Age – Page: Online : 17-Dec-24

A special meeting of the Victorian Liberal party room will be held on Friday, with its purpose being to return exiled MP Moira Deeming to the party room. The meeting is seen as a test of the leadership of John Pesutto, who last week lost his high-profile defamation case against Deeming. He was ordered to pay her $300,000 in damages, with Justice David O’Callaghan finding that Pesutto harmed Deeming’s reputation by "repeatedly and falsely implying that she knowingly associated with neo-Nazis". Deeming said after the judgement that she expected and wanted to be returned to the Liberal party room, while Pesutto has previously stated that any decision about her status is for the party room.

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LIBERAL PARTY OF VICTORIA