Business pans unfair IR deal with Greens

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 5 : 30-Nov-23

The federal government’s Closing Loopholes Bill was passed by the lower house on Wednesday, with more than 80 amendments that Labor had agreed to implement. However, employers’ groups have criticised a Greens amendment that will have major implications for the government’s intractable bargaining laws, which allow unions or employers to unilaterally go to arbitration after nine months of failed bargaining. The amendment means that employees’ existing conditions cannot be reduced via such arbitration. Australian Chamber of Commerce & Industry CEO Andrew McKellar says the Fair Work Commission will make a lot more unilateral decisions as a result of this amendment, which will in turn further reduce productivity.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

States take on Albanese in GST spat

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Original article by Phillip Coorey, Patrick Durkin
The Australian Financial Review – Page: 1 & 4 : 30-Nov-23

The federal government is under pressure from the states and territories to permanently retain the goods and services ‘no worse off guarantee’, which is slated to end by 2026-27. The guarantee was introduced in 2018, with the aim of compensating the states for GST revenue they lost as part of a deal to put a ‘floor’ under the allocation for Western Australia. Victoria’s Treasurer Tim Pallas contends that ending the guarantee would be ‘disastrous’ for the states, as they would be collectively $4.9bn worse off each year. The guarantee will be on the agenda for a meeting of the state and federal treasurers in Brisbane on Friday.

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VICTORIA. DEPT OF TREASURY AND FINANCE

RBA won’t lift rates again, says OECD

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Original article by Michael Read
The Australian Financial Review – Page: 4 : 30-Nov-23

The latest CPI data has strengthened the case for leaving Australia’s official interest rates on hold in December, with the annual inflation rate falling from 5.6 per cent in September to just 4.9 per cent in October. Meanwhile, the OECD expects the cash rate to remain on hold at 4.35 per cent until the September 2024 quarter, while the Paris-based organisation forecasts that a gradual easing of monetary policy will see it fall to 3.6 per cent by the end of 2025. Meanwhile, the OECD expects cost-of-living pressures to reduce Australia’s GDP growth from 1.9 per cent in 2023 to just 1.4 per cent in 2024. It also anticipates that inflation will fall below three per cent by 2025.

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ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Almost half of Australians (49%) say the Australian Government should not take sides in the current crisis in Israel and Gaza

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Original article by Roy Morgan
Market Research Update – Page: Online : 30-Nov-23

Now 49% of Australians say the Australian Government should ‘not take sides’ in the current crisis in Israel and Gaza, according to a special Roy Morgan online survey conducted in conjunction with the Islamic Society of South Australia. This compares to 19% who say the Government ‘should do more to support Palestine’ and 17% who say the ‘Australian Government should do more to support Israel’; 15% of respondents don’t know. The survey also found that 39% of Australians say the Government is ‘favouring the Israelis’ compared to only 10% who say the Government is ‘favouring the Palestinians’. Meanwhile, 80% of Australians say Hamas should return the Israeli hostages unconditionally, while 40% of Australians say the Israeli army should withdraw their armed forces from Gaza immediately and 33% say they should not. This special Roy Morgan online survey was conducted with an Australia-wide cross-section of 1,006 Australians aged 18+ from Thursday November 16 to Monday November 20.

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ROY MORGAN LIMITED, ISLAMIC SOCIETY OF SOUTH AUSTRALIA

Bill shock fears risk NDIS deal

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Original article by Sarah Ison, Stephen Lunn, Greg Brown
The Australian – Page: 1 & 5 : 30-Nov-23

The federal government will push for an overhaul of the National Disability Insurance Scheme at a meeting of the national cabinet on 6 December. However, several state and territory governments are believed to have warned that they will not agree to any NDIS reforms unless they know just how much the changes will cost them. NDIS Minister Bill Shorten has declined to comment on how the proposed reforms would affect state government budgets. However, he has emphasised the urgency of reining in the cost of the scheme.

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House prices could dip before next rate cut

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Original article by Nila Sweeney
The Australian Financial Review – Page: 32 : 30-Nov-23

Domain Holdings is upbeat about Australia’s residential market, forecasting that house prices will rise by seven per cent nationally in 2024. Dwelling prices in Sydney are tipped to rise by up to nine per cent, while prices in Melbourne are expected to gain four per cent. Nicola Powell from Domain says house prices could fall in early 2024, particularly if there is another interest rate rise and inflation remains high. Powell adds that dwelling prices could rebound if there is an interest rate cut later in the year.

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DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA

Lynas: rare earth needs critical mass

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Original article by Nick Evans
The Australian – Page: 16 : 30-Nov-23

Lynas Rare Earths’ CEO Amanda Lacaze has declined to comment on when the company’s cracking and leaching plant in Western Australia will be fully commissioned. She has told shareholders that most of the plant has now been commissioned, and Lynas is awaiting regulatory clearance for the facility’s gas treatment plant. Lacaze added that Lynas is open to processing rare earths ore from rival companies, although it has yet to secure any such agreements. Lynas also intends to build a rare earths plant in the US.

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LYNAS RARE EARTHS LIMITED – ASX LYC

Aussie firms caught up in Google trade breach

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Original article by Jared Lynch
The Australian – Page: 18 : 30-Nov-23

Advertising technology firm Adalytics has found that Google is placing ads for many high-profile Australian companies on Russian and Iranian websites; both countries are subject to international sanctions. Telstra, Qantas, National Australia Bank and Woolworths are among the local members of the Google Search Partners program whose ads have appeared on these sites, as well as pornographic sites. Qantas and Telstra have temporarily suspended advertising via Google in response to the revelation.

CORPORATES
ADALYTICS, GOOGLE INCORPORATED, TELSTRA CORPORATION LIMITED – ASX TLS, QANTAS AIRWAYS LIMITED – ASX QAN, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WOOLWORTHS GROUP LIMITED – ASX WOW

ANZ-Roy Morgan Consumer Confidence up 2pts to 76.7 this week as Black Friday/Cyber Monday drives buying intentions up to their highest for ten months – since January 2023

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Original article by Roy Morgan
Market Research Update – Page: Online : 29-Nov-23

ANZ-Roy Morgan Consumer Confidence rose 2pts to 76.7 in the week to 26 November; however, it has now spent a record 43 straight weeks below the mark of 85. Consumer Confidence is 6.9pts below the same week a year ago (83.1), and clearly below the 2023 weekly average of 77.9. Consumer Confidence was up significantly in New South Wales and Queensland, but down in Victoria and South Australia, and virtually unchanged in Western Australia. Now 20% of Australians (up 1ppt) say their families are ‘better off’ financially than this time last year, while 55% (unchanged) say their families are ‘worse off’ financially. Looking forward, 27% (down 1ppt) of Australians expect their family to be ‘better off’ financially this time next year (the lowest figure for this indicator since the early days of the pandemic in April 2020), while 40% (up 2ppts) expect to be ‘worse off’. (This week’s figure is the lowest net rating for this question since August 1989). Only 8% (up 2ppts) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 40% (down 2ppts) expect ‘bad times’. Meanwhile, 23% (up 4ppts) of Australians say now is a ‘good time to buy’ major household items (the highest figure for this indicator since January 2023), while 49% (down 3ppts) say now is a ‘bad time to buy’ (the lowest figure for this indicator since January 2023).

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

Roy Morgan Poll on Federal voting intention shows support for the ALP recovering – up 3% points: ALP 52.5% cf. L-NP 47.5%

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Original article by Roy Morgan
Market Research Update – Page: Online : 29-Nov-23

The ALP has regained the lead on 52.5% (up 3% on a week ago) ahead of the Coalition on 47.5% (down 3%) on a two-party preferred basis, according to the latest Roy Morgan Poll on Federal voting intention conducted over the last week. The result halts a run of three straight weeks of declines for the ALP. On primary vote the Coalition is now on 35% (down 2.5% from a week ago), ahead of the ALP on 32% (up 2.5%). The Greens are unchanged on 13.5% and One Nation is on 5%, down 1.5%. There has been a gain in support for Independents on 9%, up 2%, but a drop in support for Other Parties on 5.5%, down 0.5%. The latest Roy Morgan Poll is based on interviewing a representative cross-section of 1,379 Australian electors from November 20-26, 2023. For further details watch Roy Morgan’s weekly Market Research Update video presented by Roy Morgan CEO Michele Levine.

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