O75 Public Administration

Bosses reject ACTU’s new bargaining push

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Original article by Ewin Hannan
The Australian – Page: 4 : 3-Dec-24

The Australian Resources & Energy Employer Association has called for restrictions on the use of multi-employer bargaining. Its submission to a review of the federal government’s ‘Secure Jobs, Better Pay’ laws has argued that it should only be available in workplaces where an employer has agreed to bargain collectively. AREEA also opposes the ACTU’s push to broaden the scope of multi-employer bargaining, while it has called for the intractable bargaining provisions to be wound back.

CORPORATES
AUSTRALIAN RESOURCES AND ENERGY EMPLOYER ASSOCIATION, ACTU

Mining profits suffer a $4.6bn hit

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Original article by Jack Quail
The Australian – Page: 4 : 3-Dec-24

Data from the Australian Bureau of Statistics shows that profits in the nation’s resources sector fell by 8.8 per cent to $47.4bn in the September quarter. The $4.6bn downturn was driven by a decline in iron ore and coal exports, which will weigh on the federal government’s revenue and the budget bottom line. The figures also show that non-mining profits fell by 1.7 per cent to $74.1bn during the quarter, and by 2.8 per cent in the year to September. Meanwhile, GDP data to be released on Wednesday is expected to show that the economy grew by 0.5 per cent in the September quarter and 1.1 per cent year-on-year.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS

Victoria: From Garden State to basket case

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Original article by Geoff Chambers
The Australian – Page: 1 & 4 : 3-Dec-24

The Business Council of Australia has released a report which ranks Victoria as the worst state or territory as a place for doing business. The BCA has assessed each jurisdiction based on factors such as red tape, payroll taxes, retail trading hours, property taxes and planning regimes. BCA CEO Bran Black says Victoria has some of nation’s least competitive property taxes, payroll taxes and business licensing requirements; he contends that the state’s regulatory environment is putting a ‘handbrake’ on its economy. The report concluded that South Australia is the best state or territory in which to do business, ahead of Tasmania and the ACT.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA

ALP hidden spending to top $87b

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Original article by Michael Read
The Australian Financial Review – Page: 1 & 6 : 27-Nov-24

The federal government’s growing trend towards ‘off-budget’ spending will be a key contributor to the overall deficit blowout that Deloitte Access Economics has forecast. The firm expects the government to post an underlying deficit of $33.5bn for 2024-25, but it estimates that the headline deficit will be $54.8bn. Economist Chris Richardson says the latter figure deserves greater scrutiny, as it can be used to conceal the real state of the nation’s finances. So-called off-budget spending – which does not affect the budget deficit or surplus – is forecast to reach a record $87.1bn over the next four years.

CORPORATES
DELOITTE ACCESS ECONOMICS PTY LTD

Federal public sector jobs surging under Albanese

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Original article by Ewin Hannan
The Australian – Page: 5 : 27-Nov-24

The federal government tabled the latest State of the Service report in parliament on Tuesday, which shows that the number of public sector employees has risen sharply since Labor took office in May 2022. The headcount was 159,190 in mid-2022, but this had risen by 16.4 per cent to 185,343 by the end of the 2023-24 financial year. The National Disability Insurance Agency has recorded the biggest increase in headcount amongst federal agencies. The report also shows that 555 public servants were found to have breached the code of conduct in 2023-24, although only 61 had their employment terminated.

CORPORATES
AUSTRALIAN LABOR PARTY

Inflation pain for households will linger well beyond 2026

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Original article by Simon Benson
The Australian – Page: 5 : 27-Nov-24

Analysis of the Reserve Bank’s forecasts in its statement on monetary policy for November suggests that real household income per capita will rise by 1.3 per cent in the current quarter, followed by growth of 1.2 per cent in 2025 and 1.1 per cent in 2026. However, Australians’ living standards are still set to be 4.4 per cent lower at the end of 2026 than at the time of the May 2022 federal election; this is despite the central bank factoring in a fall in the cash rate from 4.35 per cent at present to 3.5 per cent over the next two years. Shadow treasurer Angus Taylor said Australians are paying the price for Labor’s economic mismanagement, and they will continue to live with the damage of the inflation crisis well into the late 2020s.

CORPORATES
RESERVE BANK OF AUSTRALIA, LIBERAL PARTY OF AUSTRALIA

ANZ-Roy Morgan Consumer Confidence down 1.1pts to 85.7 in late November – but now six weeks above 85

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Original article by Roy Morgan
Market Research Update – Page: Online : 27-Nov-24

ANZ-Roy Morgan Consumer Confidence fell 1.1pts to 85.7 in the week to 24 November; it has nevertheless stayed above the mark of 85 for a sixth consecutive week for the first time since June 2022. Consumer Confidence is now 9 points above the same week a year ago (76.7), and 3 points above the 2024 weekly average of 82.7. A look at Consumer Confidence by State shows varied results around the country with small increases in NSW and SA more than offset by decreases in Victoria, Queensland, and WA. Now 22% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 47% (unchanged) say their families are ‘worse off’. Looking forward, 32% (down 3ppts) of Australians expect their family to be ‘better off’ financially this time next year, while 31% (up 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% (up 3ppts) expect ‘bad times’. Meanwhile, 24% (unchanged) of Australians say now is a ‘good time to buy’ major household items, while 43% (down 2ppts) say now is a ‘bad time to buy’.

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

Trade war 2.0: Trump’s China tariff bombshell sends global shockwaves

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Original article by Will Glasgow, Joe Kelly, Jack Quail
The Australian – Page: 1 & 2 : 27-Nov-24

Professor Warwick McKibbin from the Australian National University says the new tariff regime announced by US president-elected Donald Trump represents a "dangerous step for global trade". Trump has advised via social media that one of his priorities will be signing an executive order to impose a new tariff of 10 per cent on all Chinese imports, and a 25 per cent tariff on imports from Canada and Mexico. Trump contends that the three nations are not doing enough to stop the importation of a synthetic drug called fentanyl into the US. The move is also aimed at curbing illegal immigration into the US. Steven Hamilton from George Washington University says Trump appears to be using tariffs as a ‘bargaining chip’ to extract concessions from other countries.

CORPORATES
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIAN NATIONAL UNIVERSITY, GEORGE WASHINGTON UNIVERSITY

‘Uninvestable’: Business blasts Victoria’s financial state

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Original article by Gus McCubbing, Patrick Durkin
The Australian Financial Review – Page: 6 : 26-Nov-24

Victoria’s auditor-general warned on Friday that the state’s finances were not sustainable, with gross state debt expected to pass $228 billion by 2028. With a review by economist Saul Eslake finding that Victoria has gone from being the richest and most powerful state over much of the past century to being one of the poorest against a range of indicators, including household income, CSL chair Brian McNamee says a number of leading fund managers have told him that Victoria is currently uninvestable. Former Victorian premier Jeff Kennett, who has a nine-point plan to turn Victoria’s finances around, says the Andrews-Allan Labor government is the worst the state has ever had to endure in economic terms.

CORPORATES
CSL LIMITED – ASX CSL, AUSTRALIAN LABOR PARTY

Roy Morgan Poll: ALP regains two-party preferred lead over the Coalition in late November

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Original article by Roy Morgan
Market Research Update – Page: Online : 26-Nov-24

ALP support at 51%, up 2% points from a week ago, is now narrowly ahead of the Coalition 49% (down 2% points) on a two-party preferred basis, as Prime Minister Anthony Albanese travelled to the Asia-Pacific Economic Co-operation and Group of 20 leadership forums in South America. If a Federal Election were held now the result would be ‘too close to call’, the latest Roy Morgan survey finds. The close result this week, and the large size of the crossbench (currently 16 seats) means the ALP or Coalition would require the support of minor parties and independents to form government. ALP primary support recovered this week, up 2.5% to 31.5% at the expense of the Coalition, down 2% to 37%. Support for the Greens dropped 1% to 12.5%, One Nation was unchanged at 6.5%, Other Parties were down 0.5% to 4% and Independents increased 1% to 8.5%.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, ONE NATION PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ASIA-PACIFIC ECONOMIC CO-OPERATION, GROUP OF TWENTY (G-20)