Network 10 to axe local jobs in global Paramount redundancies

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Original article by Calum Jaspan
The Age – Page: Online : 16-Feb-24

US media group Paramount Global has confirmed that the Ten Network will be impacted by its move to cut 800 jobs across its operations. Ten’s staff were advised on Thursday that those who will be affected by the downsizing would be informed by the end of the day. However, a local source within Paramount has indicated that the impact of the job cuts on its operations in Australia will be minimal. The restructuring has coincided with Paramount’s recent discussions regarding potential mergers.

CORPORATES
TEN NETWORK HOLDINGS LIMITED, PARAMOUNT GLOBAL

Greens are targeting tax breaks for investors to make buying a home affordable for renters, Max Chandler-Mather says

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Original article by Paul Karp
The Guardian Australia – Page: Online : 16-Feb-24

The Greens are hoping to use their balance of power in the Senate to get the federal government to cut back on tax breaks for property investors in return for them supporting its Help to Buy shared equity scheme. The Greens are hoping their policies will reduce house prices and therefore make buying a home more affordable for renters. Greens housing spokesperson Max Chandler-Mather contends that the problem with Australia’s housing market is that the tax system essentially forces prices up, often far in excess of wage increases.

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AUSTRALIAN GREENS

Hundreds more immigration detainees could be released in sequel to NZYQ high court ruling

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Original article by Paul Karp
The Guardian Australia – Page: Online : 16-Feb-24

Attorney general Mark Dreyfus has asked that the High Court hear a case that could see hundreds more immigration detainees released in the wake of the NZYQ ruling on indefinite detention, rather than it be heard as an appeal by the full federal court. The case revolves around the issue of whether people in immigration detention have to be released if their refusal to co-operate has prevented them from being deported, with the Commonwealth to argue that it should have the right to detain people who refuse to co-operate.

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AUSTRALIA. ATTORNEY-GENERAL’S DEPT, HIGH COURT OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA

Prabowo wins Indonesian Presidency as surge in support shown by Roy Morgan continued to grow until election day

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

The final Roy Morgan Poll on the Indonesian Presidential Election showed support continuing to grow for Defence Minister Prabowo Subianto early in 2024. Subianto won an estimated 57% of the vote in Wednesday’s vote, ahead of runner-up Anies Baswedan on 25% and third-placed Ganjar Pranowo on 17%. The Roy Morgan Poll for September quarter 2023 showed Prabowo with 30% support and in second place. The next Roy Morgan Poll showed Prabowo’s support increasing rapidly, by 13% points, to 43% in December, after Prabowo recruited incumbent President Joko Widodo’s son Gibran Rakabuming to be his vice-presidential running mate in late October. The surge in support for Prabowo, after recruiting Gibran, continued in 2024 with Prabowo’s support increasing another 3% to 46% in January and then another 11% points to 57% on election day – almost doubling Prabowo’s support since September. The Roy Morgan Polls for December 2023 and January 2024 picked up this surge in support for Prabowo and we remarked that ‘Prabowo (was) closing in on a first-round victory in the Presidential election’ – which proved to be correct. The surge in support for Prabowo during the final months of the Indonesian Presidential election campaign mirrors what happened in the 2019 Australian Federal Election. The ALP enjoyed a consistent lead in Roy Morgan polling between 2016 and 2019. However, as the 2019 Federal Election campaign began, the Coalition began to increase their support and close the gap. This trend continued throughout the campaign and the Coalition managed to retain government and win a narrow majority of one seat on election day as their support continued to increase.

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ROY MORGAN LIMITED, MORGAN POLL

Millions of people being left behind as big banks close branches, say experts

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Original article by Matthew Elmas
The New Daily – Page: Online : 16-Feb-24

Researchers from RMIT and Swinburne University have warned that many Australians are being left with limited or no access to banking services as the sector shifts to digital banking. The nation’s major banks have closed hundreds of branches in recent years, but Julian Thomas from RMIT says a significant proportion of Australians either lack reliable access to the internet or cannot afford the cost. The banking industry has claimed that nine out of 10 Australians now use online banking; however, the researchers’ analysis of digital inclusion index data shows that only 74 per cent of people aged 75+ and 87 per cent of public housing tenants do so. They also note that many people in regional and rural areas lack reliable internet access.

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RMIT UNIVERSITY, SWINBURNE UNIVERSITY OF TECHNOLOGY

BHP train drivers to get $300,000 plus bonus

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Original article by Ewin Hannan
The Australian – Page: 7 : 16-Feb-24

BHP has averted industrial action after agreeing to a new pay deal with its iron ore train drivers in the Pilbara that will see their base salary rise to more than $300,000 over the next four years. The in-principle agreement with the Mining & Energy Union includes an immediate pay rise of four per cent, followed by four annual increases of four per cent. The train drivers will also receive two retention bonuses of $20,000; the first will be paid immediately, with the second to be paid in 12 months’ time. The protected industrial action that was slated to disrupt iron ore rail shipments to Port Hedland from Friday will no longer proceed.

CORPORATES
BHP GROUP LIMITED – ASX BHP, MINING AND ENERGY UNION

Australia, Canada and NZ warn Israel against catastrophic Rafah ground offensive

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Original article by Daniel Hurst
The Guardian Australia – Page: Online : 16-Feb-24

The prime ministers of Australia, Canada and New Zealand have said a joint statement that Israel must "listen to its friends" and not mount a ground offensive on Rafah. Anthony Albanese, Justin Trudeau and Christopher Luxon stated such an offensive would be "catastrophic" and "devastating", with there being "simply nowhere else for civilians to go". Israeli prime minister Benjamin Netanyahu has committed to an offensive on Rafah in order to destroy Hamas and rescue hostages, but only after civilians are allowed to leave the "battle zone". However, he has not yet stated where they would be permitted to go, and what safeguards, if any, would be put in place to protect them.

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BHP hit in $5.4b nickel wipeout

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Original article by Brad Thompson, Peter Ker, Tom Rabe
The Australian Financial Review – Page: 1 & 17 : 16-Feb-24

BHP’s Nickel West division has made a loss of $US200m ($308m) over the last six month, due to the sharp downturn in the price of the battery metal. BHP has advised that its half-year accounts will include a pre-tax writedown of $5.4bn in the value of the nickel business; the resources group has also warned that it could potentially place the nickel operations – which employ about 3,000 people – in ‘care and maintenance’ mode. Meanwhile, the Western Australian government may provide royalty relief to struggling nickel producers, but Premier Roger Cook says governments at all levels need to step in and assist them to ride out the "significant structural disruption" to the industry.

CORPORATES
BHP GROUP LIMITED – ASX BHP, NICKEL WEST, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET

Multi-employer laws a danger to industry: miners

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 4 : 14-Feb-24

The Minerals Council of Australia will oppose a union’s push for a multi-employer enterprise agreement at five coal mines in NSW. The Collieries’ Staff & Officials Association recently applied to the Fair Work Commission to commence negotiations over a new enterprise agreement for mine supervisors at sites operated by Peabody Energy, Glencore, Whitehaven, Delta and Wollongong Resources. MCA CEO Tania Constable says each company has its own cost structures, business models and operating environments, and they not be "roped together" simply because they all produce coal.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA, COLLIERIES’ STAFF AND OFFICIALS ASSOCIATION, AUSTRALIA. FAIR WORK COMMISSION, PEABODY ENERGY AUSTRALIA COAL PTY LTD, GLENCORE AUSTRALIA PTY LTD, WHITEHAVEN COAL LIMITED – ASX WHC, DELTA ENERGY PTY LTD, WOLLONGONG RESOURCES

Australian unemployment virtually unchanged in January but overall unemployment and under-employment at 3 million (19.3% of workforce)

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-Feb-24

In January 2024, Australian ‘real’ unemployment was virtually unchanged at 1,382,000 (8.9% of the workforce), and an additional 1,618,000 (10.4%) were under-employed. In total, 3 million Australians (19.3%) were unemployed or under-employed in January. Although unemployment and under-employment remain high, there has been a surge in employment over the last year – up by 732,000 to 14,150,000. This is the largest annual increase in employment since the end of the COVID-19 pandemic. However, employment dropped 25,000 to 14,150,000 in January. Full-time employment drove the decrease (down 37,000 to 9,205,000), while part-time employment increased 12,000 to 4,945,000. The workforce in January was 15,532,000 (down 7,000 from December, but up 507,000 from a year ago). Roy Morgan’s unemployment figure of 8.9% is more than double the ABS estimate of 3.9% for December, but is comparable with the combined ABS unemployment and under-employment figure of 10.4%. The January Roy Morgan Unemployment estimates were obtained by surveying an Australia-wide cross section of people aged 14+.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS