O75 Public Administration

US on track to sell us Virginia-class subs

roymorgansocial Leave a comment

Original article by Joe Kelly
The Australian – Page: 5 : 23-Oct-24

Democrats congressional representative Joe Courtney has downplayed suggestions that the US government may adopt an alternative model for the AUKUS alliance. Veteran naval analyst Ronald O’Rourke recently proposed a so-called ‘Plan B’, whereby the US would retain ownership of Virginia-class nuclear-powered submarines rather than selling them to Australia. O’Rourke contended that this would allow the federal government to redirect billions of dollars to other defence programs. Courtney says he is not aware of any discussions in Congress regarding the O’Rourke plan, and he contends that the current AUKUS arrangement largely has bipartisan support.

CORPORATES
DEMOCRATIC PARTY (UNITED STATES)

Moronic Andrews reign blasted

roymorgansocial Leave a comment

Original article by Alexi Demetriadi
The Australian – Page: 4 : 23-Oct-24

Former federal treasurer Peter Costello addressed the Alliance for Responsible Citizenship conference in Sydney on Tuesday. Costello described the government of former Victorian premier Daniel Andrews as the "most incompetent government in Australia"; amongst other things, he said the state government’s response to the pandemic was "moronic" and accused it of "rank posturing" by involving itself in federal issues such as treaty negotiations and China’s Belt and Road Initiative. Costello, who stepped down as chairman of Nine Entertainment earlier in 2024, also criticised the growth of governments at local, state and federal level.

CORPORATES
ALLIANCE FOR RESPONSIBLE CITIZENSHIP

Queensland election: Widespread distrust of government and political parties defines the election

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 23-Oct-24

This week’s Queensland election is taking place amidst widespread distrust of government throughout the electorate. Importantly, Net Distrust in government in Queensland has been consistently worse than in the rest of Australia for over three years, according to the latest figures from the Roy Morgan Risk Monitor. Although levels of trust have been relatively stable over the last few years, and even increased since mid-2022 soon after the election of the current Albanese Government, it is vital to also understand the impact of distrust – which only Roy Morgan measures. The changes in distrust have been far more dramatic and have dropped to record lows over the last year, driving Net Distrust down significantly both nationally and in Queensland. Premier Steven Miles has scored more highly than Opposition leader David Crisafulli for both trust (3.8% cf. 1.7%) and for distrust (4.3% cf. 2.2%). Meanwhile, 20% of respondents say they trust the LNP, slightly more than the 18.7% that trust the ALP; only 6.1% trust One Nation and just 5.1% trust the Greens.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN LABOR PARTY, LIBERAL-NATIONAL PARTY OF QUEENSLAND, QUEENSLAND. DEPT OF THE PREMIER AND CABINET, ONE NATION PARTY, AUSTRALIAN GREENS

ANZ-Roy Morgan Consumer Confidence jumps 4.1pts to 87.5 – highest since January 2023 after negative sentiment subsides

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 23-Oct-24

ANZ-Roy Morgan Consumer Confidence rose 4.1pts to 87.5 in the week to 20 October. Consumer Confidence has broken out of the sub-85 range for the first time in 90 weeks, and it now at its highest since January 2023; Consumer Confidence is also now 9.3 points above the same week a year ago (78.2), and 5.2 points above the 2024 weekly average of 82.3. A look at Consumer Confidence by State shows increases in all five mainland States this week, with the largest increases in New South Wales, Queensland and South Australia. Now 24% of Australians (up 3ppts) say their families are ‘better off’ financially than this time last year, while 45% (down 4ppts) say their families are ‘worse off’ (the lowest figure for this indicator since January 2023). Looking forward, 34% (up 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, while 29% (down 2ppts) expect to be ‘worse off’ (the lowest figure for this indicator since January 2023). However, only 8% (down 2ppts) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 28% (down 2ppts) expect ‘bad times’ (the lowest figure for this indicator since April 2022). Meanwhile, 24% (up 4ppts) of Australians say now is a ‘good time to buy’ major household items, while 45% (down 3ppts) say now is a ‘bad time to buy’ (the lowest figure for this indicator since October 2022).

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

Dutton calls on Thorpe to resign

roymorgansocial Leave a comment

Original article by Paul Garvey, Rhiannon Down
The Australian – Page: 5 : 23-Oct-24

Independent senator Lidia Thorpe may face a censure motion when the upper house sits in mid-November. However, shadow home affairs minister James Paterson says the measure is only symbolic, adding that Thorpe would probably wear it as a "badge of honour". Meanwhile, Opposition leader Peter Dutton says Thorpe’s disruption of a parliamentary reception for King Charles and Queen Camilla on Monday was "disrespectful". He adds that there is a very strong argument that Thorpe should resign in principle, given that she does not believe in the parliamentary system but receives a quarter of a million dollars a year from taxpayers. Thorpe is paid a base salary of $233,660 and an additional $25,702 for chairing a committee on so-called ‘forever chemicals’.

CORPORATES
LIBERAL PARTY OF AUSTRALIA

IMF inflation warning: World goes low as we stay high

roymorgansocial Leave a comment

Original article by Geoff Chambers, Jack Quail
The Australian – Page: 1 & 4 : 23-Oct-24

The International Monetary Fund’s latest World Economic Outlook report forecasts that Australia and Slovakia will be the only two advanced economies with headline inflation above three per cent by the end of 2025. The IMF expects Australia’s inflation rate to rise to 3.6 per cent by December 2025, as federal and state government cost-of-living relief is wound back. The IMF had previously forecast in April that Australia’s inflation rate would fall to 2.8 per cent in 2025. While some economists do not expect the Reserve Bank to begin reducing the cash rate until the second half of 2025, the IMF forecasts that other central banks will aggressively ease monetary policy. Meanwhile, the IMF now expects the Australian economy to grow by just 1.2 per cent in 2024, compared with its April forecast of 1.5 per cent growth.

CORPORATES
INTERNATIONAL MONETARY FUND, RESERVE BANK OF AUSTRALIA

‘I know what it’s like to struggle’: PM defends $4.3m beach house

roymorgansocial Leave a comment

Original article by Phillip Coorey, Campbell Kwan
The Australian Financial Review – Page: 4 : 16-Oct-24

Prime Minister Anthony Albanese is under scrutiny following revelations that he has bought a waterfront home on the NSW central coast. Albanese and fiancee Jodie Haydon will pay $4.3m for the clifftop home, which has views over Copacabana Beach. One Labor MP has conceded that the purchase is "not a great look" for Albanese ahead of a federal election that is likely to be dominated by the rising cost of living and the housing crisis. Albanese has downplayed suggestions that he is preparing for life after politics, stating that he intends to remain in his current job "for a very long time". He adds that while he has been fortunate to earn a big salary as prime minister, he knows what it is like to struggle, having grown up in public housing.

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

Labor’s next woe: health premiums

roymorgansocial Leave a comment

Original article by Michael Smith
The Australian Financial Review – Page: 1 & 6 : 16-Oct-24

Sources have indicated that private health insurers will seek approval from the federal government to increase their premiums by 5-6 per cent in 2025. This would be the highest increase since 2016, when premiums rose by an average of 6.18 per cent. Private health insurers are slated to make their final submissions to Health Minister Mark Butler in early November; the size of the premium increases is traditionally announced between December and March, and they take effect from 1 April. With the federal election due by mid-May and the cost-of-living crisis weighing on many voters, the government will be reluctant to approve a large increase in premiums.

CORPORATES
AUSTRALIA. DEPT OF HEALTH AND AGED CARE

In September Australian unemployment increased to 9.5% as workforce grew to a record high; but not enough new jobs created

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 16-Oct-24

In September 2024, Australian ‘real’ unemployment increased by 87,000 to 1,510,000 (up 0.4% to 9.5% of the workforce), as more tham 100,000 people joined the workforce. In addition to the unemployed, a further 1.45 million Australians (9.2% of the workforce) were under-employed, i.e. working part-time but looking for more work, down 43,000 from August. In total, 2.96 million Australians (18.7% of the workforce) were either unemployed or under-employed in September. However, overall employment was virtually unchanged, up 17,000 on a month ago to 14,305,000. Part-time employment increased by 32,000 to 4,933,000 while full-time employment dropped 15,000 to 9,372,000. The total workforce in September was 15,816,000 (up 105,000 from August, and up 497,000 from a year ago). Roy Morgan’s unemployment figure of 9.5% for September is more than double the ABS estimate of 4.2% for August, but it is approaching the combined ABS unemployment and under-employment figure of 10.7%.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

ANZ-Roy Morgan Consumer Confidence unchanged at 83.4

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 16-Oct-24

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 83.4 in the week to 13 October. Consumer Confidence has now spent a record 89 straight weeks below the mark of 85; however, it is now 7 points above the same week a year ago and 1.3 points above the 2024 weekly average of 82.1. Consumer Confidence was up in New South Wales, down in Victoria, Queensland, and South Australia, and unchanged in Western Australia. Now 21% of Australians (down 2ppts) say their families are ‘better off’ financially than this time last year, while 49% (up 1ppt) say their families are ‘worse off’. Looking forward, 33% (down 3ppts) of Australians expect their family to be ‘better off’ financially this time next year, while 31% (unchanged) 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 2ppts) expect ‘bad times’. Meanwhile, 20% (unchanged) of Australians say now is a ‘good time to buy’ major household items, while 48% (down 1ppt) say now is a ‘bad time to buy’.

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