Business blues over IR shake-up bill

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Original article by Geoff Chambers
The Australian – Page: 2 : 8-Nov-23

The federal government continues to attract scrutiny over its compromise agreement with the Australian Hotels Association regarding the casual employment provisions of the Closing Loopholes Bill. The deal has been criticised by Restaurant & Catering Australia, the Council of Small Business Organisations Australia and the Minerals Council of Australia. They have released legal advice from Corrs Chambers Westgarth which suggests that, despite the amendments, employers that breach the new definition of a casual could still incur existing penalties.

CORPORATES
AUSTRALIAN HOTELS ASSOCIATION, RESTAURANT AND CATERING INDUSTRY ASSOCIATION OF AUSTRALIA INCORPORATED, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, MINERALS COUNCIL OF AUSTRALIA

Albanese and Xi to restart annual talks

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 8-Nov-23

Prime Minister Anthony Albanese held talks with Chinese Premier Li Qiang in Beijing on Tuesday. Li said the meeting will mark the resumption of annual talks between the leaders of the two nations. Albanese had previously held formal talks with Li in Jakarta in September; it was the first meeting between an Australian prime minister and a Chinese premier since Scott Morrison held talks with the late Li Keqiang in Bangkok in November 2019. Meanwhile, Albanese and Li have agreed to a number of initiatives aimed at improving relations between the two nations, including the introduction of multi-entry visas.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Bullock acts on stubborn price rises

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Original article by Michael Read
The Australian Financial Review – Page: 1 & 8 : 8-Nov-23

Reserve Bank of Australia governor Michele Bullock says that slower than expected progress in reducing inflation had prompted the board’s decision to increase the cash rate to 4.35 per cent on Tuesday. Bullock also indicated that economic data and the evolving assessment of risks will determine whether further tightening of monetary policy will be required to ensure that inflation returns to the RBA’s target range of 2-3 per cent in a reasonable timeframe. Financial markets have priced in a seven per cent chance of a rate rise in December, and a 36 per cent chance of another increase in February 2024.

CORPORATES
RESERVE BANK OF AUSTRALIA

No housing crash, just a slowdown say economists

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Original article by Michael Bleby
The Australian Financial Review – Page: 28 : 8-Nov-23

PEXA’s chief economist Julie Toth says the latest increase in the cash rate is likely to result in a pause in house price growth, as was the case at the start of the current monetary policy tightening cycle. However, Toth does not expect house prices to fall, adding that the rate rise is likely to trigger a new wave of mortgage refinancing. Tim Lawless of CoreLogic says the 13th interest rate rise since May 2022 is likely to further dampen consumer sentiment; he notes that consumer confidence has been at "very pessimistic" levels for nearly 18 months and has a close correlation with housing activity.

CORPORATES
PEXA GROUP LIMITED – ASX PXA, CORELOGIC AUSTRALIA PTY LTD

Top proxy group backs Origin bid

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Original article by Colin Packham
The Australian – Page: 13 & 16 : 8-Nov-23

Proxy advisor Institutional Shareholder Services has endorsed the takeover bid for Origin Energy, recommending that shareholders should vote in favour of the deal on 23 November. The revised offer of $9.53 per share from Brookfield Asset Management and EIG values the deal at nearly $20bn. The offer price represents a 70 per cent premium to Origin’s share price when the consortium made its initial bid in late 2022. However, AustralianSuper maintains that the offer still undervalues Origin. The industry superannuation fund has a stake of more than 15 per cent in Origin, and could sway the vote given that the deal must be approved by 75 per cent of shareholders.

CORPORATES
ORIGIN ENERGY LIMITED – ASX ORG, BROOKFIELD ASSET MANAGEMENT INCORPORATED, EIG GLOBAL ENERGY PARTNERS, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED, AUSTRALIANSUPER PTY LTD

Complaints over super funds soar

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Original article by Hannah Wootton
The Australian Financial Review – Page: 7 : 8-Nov-23

Data from the Australian Financial Complaints Authority shows that there was a surge in complaints about some superannuation funds during 2022-23. The number of complaints about AustralianSuper rose by 127 per cent year-on-year to 1,750; this includes more than 1,000 complaints about the administration of customers’ accounts. AustralianSuper has acknowledged that its customer service has not met expectations, but says it is taking action to address the issue. The Australian Retirement Trust, Cbus and Hostplus are among the super funds that also attracted a large increase in complaints.

CORPORATES
AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY, AUSTRALIANSUPER PTY LTD, AUSTRALIAN RETIREMENT TRUST PTY LTD, CONSTRUCTION AND BUILDING UNIONS’ SUPERANNUATION FUND, HOST-PLUS

WeWork cuts space despite staying open

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 27 : 8-Nov-23

Co-working pioneer WeWork has advised that its 15 hubs across Australian will remain open, despite its US parent company’s move to file for Chapter 11 bankruptcy. WeWork indicated that it will further rationalise its commercial lease portfolio while it is in bankruptcy, although this process will exclude its locations outside the US and Canada. However, WeWork will scale back the size of two co-working hubs in Sydney and its only site in Perth. A spokesman says it will be "business as usual" for WeWork in Australia. WeWork was estimated to be valued at around $US47bn at its peak, but its market capitalisation has fallen to less than $US50m following a 98 per cent fall in its share price in 2023.

CORPORATES
WEWORK

Telfer ‘a strategic asset for Newmont

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Original article by Nick Evans
The Australian – Page: 16 : 8-Nov-23

Newmont Corporation’s CEO Tom Parker has emphasised that the US-based company is committed to retaining its secondary listing on the Australian sharemarket. He has also downplayed speculation that the Telfer gold and copper mine in Western Australia is among the assets that Newmont will divest following its acquisition of Newcrest Mining. He has highlighted the strategic potential of Telfer and its associated infrastructure in the northern Pilbara region. Parker adds that Newmont has moved quickly to appoint its own managers to all of Newcrest’s operating mines, while Newcrest’s top executives have left the company.

CORPORATES
NEWMONT CORPORATION – ASX NEM, NEWCREST MINING LIMITED

Black Friday sales tipped to buck Christmas slowdown trend

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Original article by Roy Morgan
Market Research Update – Page: Online : 2-Nov-23

Research by the Australian Retailers Association in partnership with Roy Morgan reveals that shoppers are tipped to spend $6.36bn across the four-day Black Friday/Cyber Monday weekend (November 24-27); this is up 3.0% from last year. It is expected that many Australian shoppers will use the sales extravaganza to purchase gifts for Christmas. Broader pre-Christmas spending in 2023 is tipped to edge in line with last year’s results as shoppers increasingly tighten their budgets in the wake of the cost-of-living crisis. Provisional forecasts by the ARA and Roy Morgan suggest that $66.8bn will be spent in the November to December 24 Christmas trading period – broadly in line with last year (up slightly by 0.1% or $74,000).

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN RETAILERS ASSOCIATION

Former PM Tony Abbott says climate warnings are ahistorical and implausible

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Original article by Josh Butler
The Guardian Australia – Page: Online : 2-Nov-23

Former prime minister Tony Abbott has used a speech in London to express his view that voters will continue to prioritise issues such as the rising cost of living and energy price over emissions reduction. Abbott also questioned the theory of anthropogenic global warming, arguing that in its more extreme forms it is both "ahistorical and utterly implausible". He also criticised the "emissions obsession" and contended that the "climate cult" will eventually be discredited. Abbott was speaking at the launch of a new report on energy security from the Institute of Public Affairs, a right-wing Australian think tank.

CORPORATES
INSTITUTE OF PUBLIC AFFAIRS LIMITED