Energy prices fall as solar gets hot

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Original article by Colin Packham
The Australian – Page: 17 : 23-Oct-23

Data from the Australian Energy Market Operator shows that the amount of electricity generated by solar power reached a record 2,287 megawatts in the September quarter. AEMO has also reported that wholesale spot electricity prices across the National Electricity Market averaged $63/MWh during the quarter, which is 71 per cent lower than the previous corresponding period. Meanwhile, coal-fired power generation fell to a record low in the September quarter, after AGL shut down the Liddell power station in late April.

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AUSTRALIAN ENERGY MARKET OPERATOR LIMITED

Bendigo Bank is the most trusted agribusiness bank among Australian farmers, followed by NAB and CBA

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

A special Roy Morgan Agribusiness Brand Trust Survey of Australian farmers looking at trust and distrust in the nation’s agricultural sector shows that Bendigo Bank is the most trusted agribusiness bank in 2023. Farmers commended Bendigo Bank for its community support, long-term relationships with farmers, the provision of reliable customer service, and for providing solutions locally. The next most trusted banks in the agribusiness sector were National Australia Bank and the Commonwealth Bank. The higher Net Trust Score for Bendigo Bank was largely driven by higher trust among sheep farmers; however, dairy farmers ranked CBA as the most trusted bank. Differences were also evident among beef, horticulture and other livestock farmers. The findings of the Roy Morgan Farmer Agribusiness Brand Trust Survey Report are based on 1,002 in-depth interviews with Australian farmers conducted during July 2023.

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ROY MORGAN LIMITED

PM to back Biden on AUKUS, Israel and Ukraine

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Original article by Geoff Chambers, Adam Creighton
The Australian – Page: 1 & 4 : 23-Oct-23

Prime Minister Anthony Albanese flew to Washington on Sunday for an official state visit and dinner at the White House with US President Joe Biden. Albanese says he will lobby the US Congress to pass Biden’s $105 billion military aid bill, which includes $3.4 billion to boost US submarine production to help promised sales to Australia as part of the AUKUS treaty; the bill also will provide aid for Israel and Ukraine. Albanese has also confirmed that he will visit China to meet President Xi Jinping and Premier Li Qiang in Beijing and attend the Shanghai International Import Expo in early November.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Ellison eyes new lithium prize in WA

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Original article by Brad Thompson
The Australian Financial Review – Page: 17 : 23-Oct-23

Mineral Resources has declined to comment on reports that it is looking to acquire a stake in Wildcat Resources, citing ‘market speculation’. Wildcat recently completed a deal with Global Advanced Metals to acquire the Tabba Tabba lithium project in the Pilbara. Global Advanced Metals is owned by the private equity firm of Mineral Resources’ chairman James McClements. The Tabba Tabba project is in turn located near the Wodgina lithium mine, which is jointly owned by Mineral Resources and Albemarle.

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MINERAL RESOURCES LIMITED – ASX MIN, WILDCAT RESOURCES LIMITED – ASX WC8, GLOBAL ADVANCED METALS PTY LTD

Medibank to trial four-day work week

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Original article by Jessica Yun
Brisbane Times – Page: Online : 23-Oct-23

Health insurer Medibank Private will shortly commence a six-month trial of the 100:80:100 model, whereby employees retain 100 per cent of their salary for 80 per cent of their time, in exchange for a commitment productivity of 100 per cent. Some 250 employees will participate in the four-day working week trial, with a view to eventually rolling it out across the company. Professor Bronwen Dalton from the University of Technology, Sydney has praised Medibank’s initiative, but she believes that the length of the trial and the number of participants should be increased.

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MEDIBANK PRIVATE LIMITED – ASX MPL, UNIVERSITY OF TECHNOLOGY, SYDNEY

Why Rhodes Ridge is Rio’s silver bullet

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Original article by Nick Evans
The Australian – Page: 15 & 19 : 23-Oct-23

Rhodes Ridge has long been considered as the best iron ore deposit in Western Australia’s Pilbara region, but for a while it was regarded as the most heavily litigated mining deposit in the world. However, it is now being hailed as Rio Tinto’s ‘silver bullet’, as it will end Rio’s reliance on its network of 17 mines across the Pilbara that it uses to produce the differing ore types that make up its ‘flagship’ Pilbara Blend; it can also be serviced by Rio’s existing infrastructure, doing away with the need to build new rail infrastructure.

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RIO TINTO LIMITED – ASX RIO

China wine tariffs under review

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Original article by Will Glasgow
The Australian – Page: 4 : 23-Oct-23

The Chinese government imposed tariffs of more than 200 per cent on Australian wine in 2020 as part of a widespread imposition of tariffs on Australian exports after the former Coalition government called for an inquiry into the origins of COVID-19. However, China has announced that it will review its tariffs on Australian wine. Shadow foreign affairs minister Simon Birmingham – who was trade minister at the time the tariffs were imposed – said they were "an attempt at economic coercion by China".

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Heat on ABC voice, Garma spending

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Original article by Sophie Elsworth
The Australian – Page: 23 : 23-Oct-23

The ABC’s MD David Anderson is slated to appear before a Senate estimates hearing on Tuesday. Liberal senator Hollie Hughes recently wrote to Anderson informing him of the issues he can expect to be asked about. They include how much the public broadcaster spent on its coverage of the Voice referendum over the last year, as well as its coverage of the Garma Festival in the Northern Territory. Anderson will also be asked to provide more details of ABC employees whose annual salaries exceed $220,000. The ABC’s legal costs are also likely to come under scrutiny.

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AUSTRALIAN BROADCASTING CORPORATION, LIBERAL PARTY OF AUSTRALIA

Roy Morgan Business Confidence down 7.6pts to 87.1 in September – lowest for three years since September 2020

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Original article by Roy Morgan
Market Research Update – Page: Online : 18-Oct-23

In September 2023, Roy Morgan Business Confidence was 87.1 (down 7.6pts since August). This is the lowest Business Confidence since September 2020, when Victoria was in an extended lockdown and New South Wales was enduring significant COVID-19 outbreaks. The Business Confidence survey was conducted after the RBA left interest rates unchanged for a third straight month in September at 4.1%. However, there were renewed concerns about inflation during September, with average retail petrol prices hitting a record high. Business Confidence has now spent eight consecutive months below the neutral level of 100, the longest stretch in negative territory since October 2020 during the first year of the COVID-19 pandemic. A majority of businesses are worried about the performance of the Australian economy, with 55.2% expecting ‘bad times’ for the economy over the next year and 63.1% expecting ‘bad times’ for the economy over the next five years. Nevertheless, businesses remain relatively positive about their own prospects over the next year; 38.3% say they will be ‘better off’ financially this time next year, while only 30.5% say they will be ‘worse off’ – a positive net rating of 7.8% points and the only index in positive territory. The pressure that high inflation and rising interest rates are placing on consumer spending habits is clear when one considers the Retail industry has the lowest Business Confidence of all at only 43.6, and more than halving from a year ago, down 44.1pts (-50.3%) from a year ago. This is an all-time record low reading of Business Confidence for the Retail industry heading into the most important retailing period of the year. The just released ARA-Roy Morgan pre-Christmas forecasts predict total pre-Christmas retail sales of $78 billion (up 0.4% on a year ago), and a seasonally adjusted figure of $66.8 billion.

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ROY MORGAN LIMITED

Delivery prices could soar under gig laws: DoorDash

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 11 : 18-Oct-23

Uber Eats recently estimated that the gig economy reforms in the federal government’s Closing Loopholes Bill could increase the cost of using food delivery services by up to 85 per cent. However, rival food delivery platform DoorDash has told a Senate inquiry into the legislation that prices could potentially rise by more than 260 per cent. The legislation would give the Fair Work Commission powers to set minimum pay and conditions for gig workers, but DoorDash has argued that these powers should be limited to setting minimum pay, insurance, portable leave and payment times. Nick McIntosh from the Transport Workers’ Union says there is broad support for the reforms among gig economy workers and companies.

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DOORDASH, UBER EATS, AUSTRALIA. FAIR WORK COMMISSION, TRANSPORT WORKERS’ UNION