Exit stage three: Libs in tax pivot

roymorgansocial Leave a comment

Original article by Geoff Chambers, Joe Kelly, Patrick Commins
The Australian – Page: 1 & 4 : 6-Feb-24

The Coalition will finalise its position on the proposed changes to the stage-three tax income cuts at a joint partyroom meeting on Tuesday. Sources have indicated that the Liberal and National parties are unlikely to oppose the federal government’s changes, although they are expected to seek some amendments to Labor’s legislation. Opposition leader Peter Dutton will also use parliament’s first question time of the year to attack the government and Prime Minister Anthony Albanese for reneging on an election commitment to implement the stage-three tax cuts in full. He will also contend that the government plans to target the negative gearing regime, trusts and the family home.

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

ALP support jumps strongly (up 2.5%) after detail of Stage 3 tax cuts is revealed: ALP 53% cf. L-NP 47%

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 6-Feb-24

Labor government support jumped 2.5% to 53% well ahead of the Coalition on 47% (down 2.5%) on a two-party preferred basis, according to the latest Roy Morgan survey on Federal voting intention. Support rebounded after the Albanese Government provided detail on its changes to the ‘Stage 3 tax cuts’ due in mid-year. Treasury analysis shows 84% of taxpayers will be better off under the changes. If this week’s result was repeated at a Federal Election the Albanese government would be returned with a large majority. ALP primary support increased 2% to 33%, Coalition support dropped 0.5% to 37%, the Greens dropped 1% to 12% and One Nation dropped 0.5% to 5%. Support for Independents & Other Parties was unchanged at 13%. The latest Roy Morgan survey is based on interviewing a representative cross-section of 1,709 Australian electors from January 29 – February 4. Further details will be released in Roy Morgan’s weekly video update presented by Roy Morgan CEO Michele Levine.

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

RBA rate cuts a double-edged sword for first-home buyers

roymorgansocial Leave a comment

Original article by Matt Bell
The Australian – Page: 19 : 6-Feb-24

The Reserve Bank of Australia is widely tipped to leave the cash rate unchanged at 4.35 per cent on Tuesday. Sally Tindall of RateCity says the key focus will be on whether the central bank removes its tightening bias. Meanwhile, money markets now expect the RBA to reduce the cash rate by 25 per cent in both August and November. Ray White’s chief economist Nerida Conisbee notes that interest rate cuts will increase the borrowing power of first home buyers, but can also be expected to further boost house prices.

CORPORATES
RESERVE BANK OF AUSTRALIA, RATECITY PTY LTD, RAY WHITE GROUP

Insurance premiums rise faster than Australia’s inflation, spurred by frequent extreme weather

roymorgansocial Leave a comment

Original article by Josh Nicholas, Jonathan Barrett
The Guardian Australia – Page: Online : 6-Feb-24

The latest inflation data shows that insurance premiums have risen by 16.2 per cent over the last year. In contrast, the annual inflation rate was just 4.1 per cent. An Insurance Council of Australia spokesperson says factors such as the rising cost of natural disasters are contributing to the spike in premiums. Reinsurers are also taking into account the impact of climate change when setting their prices, and any such increases are ultimately passed on insurance companies’ customers.

CORPORATES
INSURANCE COUNCIL OF AUSTRALIA LIMITED

WA gold miners Silver Lake, Red 5 in $2.2bn merger deal

roymorgansocial Leave a comment

Original article by Giuseppe Tauriello
The Australian – Page: 15 & 18 : 6-Feb-24

Shares in gold miner Red 5 rose by three per cent to $0.34 on Monday, in response to a proposed merger with Silver Lake Resources. Red 5 is offering 3.434 of its shares for every Silver Lake share, and Red 5 shareholders will own 51.7 per cent of the merged entity if the deal is approved. The deal has the support of both groups’ boards, and Red 5 chairman Russell Clark does not expect a bidding war to emerge. The combined company would be the fifth-largest gold miner on the Australian sharemarket, with annual production of about 445,000 ounces.

CORPORATES
RED 5 LIMITED – ASX RED, SILVER LAKE RESOURCES LIMITED – ASX SLR

Streaming quotas may violate FTA

roymorgansocial Leave a comment

Original article by Jared Lynch
The Australian – Page: 22 : 6-Feb-24

The federal government is under renewed scrutiny over its plans to impose local content requirements on streaming video services, which are largely based in the US. The Computer & Communications Industry Association has warned that local content quotas could constitute a breach of the free-trade agreement between Australia and the US. Amazon in turn notes that some of its TV shows and documentaries that are filmed in Australia will not qualify as local content because they were not produced under the complete control of Australians. Amazon adds that a quota system would increase production costs.

CORPORATES
COMPUTER AND COMMUNICATIONS INDUSTRY ASSOCIATION, AMAZON.COM INCORPORATED

Australian academic Yang Hengjun given suspended death sentence by Chinese court

roymorgansocial Leave a comment

Original article by Helen Davidson, Ben Doherty, Paul Karp
The Guardian Australia – Page: Online : 6-Feb-24

Foreign Minister Penny Wong says the federal government is appalled by the decision of a Chinese court to impose a suspended death sentence on Australian academic Yang Hengjun. An Australian citizen who was born in China, he was arrested in 2019 at Guangzhou airport, accused of spying for an undisclosed foreign country, and has been in detention ever since. A spokesperson for his family said the court’s decision was at the "extreme end of worst expectations", while Human Rights Watch’s Australia director, Daniela Gavshon, said Yang’s sentence was "catastrophic".

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, HUMAN RIGHTS WATCH

Aussies to splash $465 million in the name of love amid cost-of-living squeeze

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 6-Feb-24

Research from the Australian Retailers Association, in conjunction with Roy Morgan, shows that 3.4 million Australians will buy Valentine’s Day gifts this year, down 700,000 from 2023. Australians are forecast to spend $465 million this Valentine’s Day (down 4.1% or $20 million from 2023). While the overall spend and number of Valentine’s Day shoppers is tipped to fall this year, those who are gift-giving are set to spend $135 per head (up from $118 in 2023 or 14.4%). The 18-34 age demographic remains the highest-spending demographic and is set to spend $145 million on Valentine’s Day this year, down substantially from $215 million last year. They are closely followed by those aged 35-49, who will spend $140 million, broadly the same as last year. Flowers (mentioned by 48% of respondents), chocolates (33%) and dinner or a trip away (11%) are set to be the most popular purchases. This ARA-Roy Morgan Snap SMS survey was conducted with an Australia-wide cross-section of 5,670 Australians aged 18+ on Wednesday January 24 – Wednesday January 31, including 685 who plan on buying gifts for Valentine’s Day.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN RETAILERS ASSOCIATION

National/ ACT/ NZ First with majority support of 51.5% ahead of Labour/ Greens/ Maori on 42.5%

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 31-Jan-24

The Roy Morgan New Zealand Poll for December 2023 shows new Prime Minister Christopher Luxon and the National-led Government (National, ACT & NZ First) with a majority of 51.5% (down 6.5% from November) in their first month since being sworn in on November 27, 2023). Support for National was down 1.5% to 36%, while support for ACT dropped 3% points to 9.5% and support for NZ First was down 2% points to 6%. In December support for the defeated Labour-Greens-Maori Party Parliamentary Opposition was at 42.5%, up 6.5% points from November. Support for Labour increased 1% point to 22%, while support for the Greens surged 3% points to 15.5% (the highest support for the Greens since October 2022) and support for the Maori Party was up 2.5% points to 5%. The survey results for December would lead to 66 seats (down eight seats) being won by the current National/ ACT/ NZ First governing coalition, compared to only 56 seats (up eight seats) for the Labour/ Greens/ Maori Party Opposition. This latest New Zealand Roy Morgan Poll on voting intention was conducted by telephone – both landline and mobile – with a New Zealand-wide cross-section of 947 electors during December. Meanwhile, the Roy Morgan Government Confidence Rating increased 2.5pts to 93 in December.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, NATIONAL PARTY OF NEW ZEALAND, ACT NEW ZEALAND, NEW ZEALAND FIRST PARTY, LABOUR PARTY (NEW ZEALAND), GREEN PARTY OF AOTEAROA NEW ZEALAND, THE MAORI PARTY

PNG backs down on China security deal

roymorgansocial Leave a comment

Original article by Andrew Tillett
The Australian Financial Review – Page: 8 : 31-Jan-24

Papua New Guinea’s Foreign Minister Justin Tkachenko has emphasised that security and defence agreements with Australia and the US are the nation’s top priority. This follows revelations that China had approached the PNG government in September about a possible security and policing deal. Tkachenko says PNG will not jeopardise or compromise relations with its two traditional security partners. Australian Prime Minister Anthony Albanese says the nation is the security partner of choice for PNG and most of the countries in the Pacific region. Australia signed a $200m security agreement with PNG in December.

CORPORATES
PAPUA NEW GUINEA. DEPT OF FOREIGN AFFAIRS, TRADE AND IMMIGRATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET