ANZ-Roy Morgan Consumer Confidence unchanged at 84.4 in the third week of 2024

roymorgansocial Leave a comment

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

ANZ-Roy Morgan Consumer Confidence was unchanged at 84.4 in the week to 21 January, and it has now spent a record 51 straight weeks below the mark of 85. Consumer Confidence is 1.5pts below the same week a year ago (85.9), but 6.4 points above the 2023 weekly average of 78.0. There were mixed results around the States, with Consumer Confidence up in Western Australia and South Australia but down in New South Wales and Queensland and unchanged elsewhere. Now 21% of Australians (unchanged) say their families are ‘better off’ financially than this time last year, while 48% (down 4% points) say their families are ‘worse off’. Looking forward, 34% (unchanged) of Australians expect their family to be ‘better off’ financially this time next year (the equal highest figure for this indicator since late January 2023), while 31% (also unchanged) expect to be ‘worse off’ (the equal lowest figure for this indicator since late January 2023). Only 10% (down 1ppt) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 33% (up 2ppts) expect ‘bad times’. Meanwhile, 25% (up 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 48% (up 1ppt) say now is a ‘bad time to buy’.

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

Labor urged to recognise Palestinian state without further delay after Israeli PM’s rejection of two-state solution

roymorgansocial Leave a comment

Original article by Daniel Hurst, Paul Karp
The Guardian Australia – Page: Online : 24-Jan-24

The federal government has consistently supported a two-state solution for Israel and Palestine, although Israeli Prime Minister Benjamin Netanyahu recently ruled out this option. Izzat Abdulhad, who is the head of the general delegation of Palestine to Australia, says the federal government should both express disappointment at Netanyahu’s position and recognise the State of Palestine without further delay. He adds that the government should also adopt the position of the European Union’s foreign policy chief, Josep Borrell, who has contended that a two-state solution may need to be imposed from outside in order to achieve peace.

CORPORATES

‘Abhorrent’: Buttrose lashes ABC staff revolt

roymorgansocial Leave a comment

Original article by James Madden
The Australian – Page: 1 & 2 : 24-Jan-24

The ABC’s board unanimously passed a vote of confidence in MD David Anderson at an emergency meeting on Tuesday. This followed a union-led motion of no-confidence that was passed by the vast majority of 128 staff members on Monday. Amongst other things, they were critical of the public broadcaster’s coverage of the Israel-Hamas war and its decision to sack journalist Antoinette Lattouf in December. The ABC’s outgoing chair Ita Buttrose has defended Anderson, saying any suggestion that he has ever shown a lack of support for independent journalism is "abhorrent and incorrect".

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION

Labor to break tax cut promise

roymorgansocial Leave a comment

Original article by Phillip Coorey, Tom McIlroy
The Australian Financial Review – Page: 1 & 4 : 24-Jan-24

The federal government is set to break a key election pledge by making changes to the legislated stage-three personal income tax cuts. The proposed changes were discussed at a cabinet meeting on Tuesday, and will be endorsed by Labor’s caucus on Wednesday. Amongst other things, the government is expected to retain the 37 per cent income tax rate that was to have been abolished in July, although the current income threshold of between $120,000 and $180,000 will be increased. Prime Minister Anthony Albanese is slated to announce the changes to the tax cuts package and new cost-of-living relief measures at a National Press Club speech on Thursday.

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

Future Fund lifts returns on back of equities rally

roymorgansocial Leave a comment

Original article by Jonathan Shapiro
The Australian Financial Review – Page: 13 : 24-Jan-24

The federal government’s Future Fund has advised that it has posted a return of eight per cent in the year to 31 December. The sovereign wealth fund has in turn reported an annualised return over three years of 7.4 per cent, and 7.6 per cent over five years. The Future Fund’s full-year return for 2023 was boosted by a sharemarket rally in the fourth quarter, which increased the value of its assets by 3.2 per cent. Future Fund chairman Peter Costello says the high inflation environment of the last two years has made it harder for the fund to achieve its mandated return target.

CORPORATES
AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY

Forrest wants tax credits, royalty relief to save nickel

roymorgansocial Leave a comment

Original article by Brad Thompson, Peter Ker
The Australian Financial Review – Page: 14 : 24-Jan-24

Wyloo Metals CEO Luca Giacovazzi has warned that Australia’s nickel industry is at a crossroads, arguing that action is needed to ensure that the sector remains viable. Amongst other things, the private company of mining magnate Andrew Forrest has called for a 10 per cent production tax credit for downstream nickel processing, royalty relief and greater access to government funding. Wyloo also advocates a price premium on nickel that is produced in accordance with environmental, social and governance standards.

CORPORATES
WYLOO METALS PTY LTD

Investors caution markets still too bullish on rates

roymorgansocial Leave a comment

Original article by Cecile Lefort
The Australian Financial Review – Page: 21 : 24-Jan-24

Financial markets have scaled back their expectations of interest rate cuts from the Reserve Bank of Australia in 2024; the RBA is now expected to reduce the cash rate by 37 basis points over the year, compared with expectations of a 55 basis point cut earlier in January. Tim Van Klaveren of UBS expects two rate cuts in 2024, while Matt Wacher from Morningstar anticipates three rate cuts in response to an economy that he expects to slow quickly. Meanwhile, financial markets have now fully priced in a US interest rate cut in June.

CORPORATES
RESERVE BANK OF AUSTRALIA, UBS HOLDINGS PTY LTD, MORNINGSTAR PTY LTD

Super fund satisfaction improves since low in July 2023 with strong performances from HESTA, Unisuper & CARE Super

roymorgansocial Leave a comment

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

New data from Roy Morgan’s Superannuation Satisfaction Report shows an overall super fund satisfaction rating of 65.9% in November 2023, an increase of 0.9% points from July (65.0%). However, satisfaction with super funds is still significantly higher than the long-term average of 58.2% from 2007-2023, and also higher than at any time prior to the pandemic years of 2021-22 when the measure was at record highs. Customer satisfaction for Industry Funds is down 1.4% points to 68.2% compared to a year ago, although this is the smallest decline of any of the four super fund categories. Customer satisfaction with Retail Funds has declined by 2.7% points to 58.9%, and this category continues to have clearly the lowest customer satisfaction of any of the four categories. Customer satisfaction for Public Sector Funds has in turn declined by 3.2% points from a year ago to 70.7% – the largest decline for any of the super fund categories. A standout performer over the past year has been Self-Managed Funds, which have increased their customer satisfaction by 1.9% points to 75.8% and clearly the highest customer satisfaction of any of the four super fund categories. This is the highest level of customer satisfaction for Self-Managed Funds since May 2022. The report’s findings are from Roy Morgan Single Source, Australia’s most trusted consumer survey, compiled by in-depth interviews with over 60,000 Australians each year.

CORPORATES
ROY MORGAN LIMITED

ABC staff pass no-confidence vote in boss as senior journalist lashes leadership

roymorgansocial Leave a comment

Original article by Calum Jaspan, Michael Bachelard
The Age – Page: Online : 23-Jan-24

The ABC board will hold an emergency meeting on Tuesday after the public broadcaster’s union members passed a motion of no-confidence in MD David Anderson by 125 to 3 at a meeting on Monday. The meeting was prompted by the public broadcaster’s sacking of journalist Antoinette Lattouf in December, while ABC global affairs editor John Lyons is said to have told the meeting he was embarrassed by it, accusing it of pro-Israel bias and of failing to protect its staff. The meeting outlined five demands it wants Anderson and senior ABC management to address in order to win back the confidence of its staff and the public, including upholding a transparent complaints process and developing clearer and fairer social media policies.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION

Leading Liberal figures endorse an Indigenous governor-general

roymorgansocial Leave a comment

Original article by Joe Kelly, Simon Benson
The Australian – Page: 3 : 23-Jan-24

Former NSW Liberal premier Barry Ó’Farrell has backed calls for Australia’s next governor-general to be either an Aboriginal or a Torres Strait Islander, with the Coalition’s Indigenous Australians spokesman Julian Leeser also endorsing the idea. Leeser says Anthony Albanese should consult with Peter Dutton to ensure bipartisanship over a suitable Indigenous appointment, and while Opposition Indigenous Australians spokeswoman Jacinta Price said that race should not be a consideration when choosing the next governor-general, Ó’Farrell noted there has always been an element of symbolism in federal and state vice-regal appointments.

CORPORATES
LIBERAL PARTY OF AUSTRALIA