Odds of Melbourne Cup Day rate rise shorten

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Original article by Shane Wright, Rachel Clun
The Age – Page: Online : 18-Oct-23

The minutes of the Reserve Bank of Australia’s board meeting for October show that it considered increasing the cash rate. The minutes stated that the RBA board has a low tolerance for a slower return of inflation to the target range than currently expected, and that upcoming economic data will determine whether the current monetary pause is sustained. Inflation and unemployment data to be released next week are likely to be a key factor as to whether the cash rate is increased in November. Meanwhile, Deloitte Access Economics has forecast that economic growth will slow to one per cent by the March 2024 quarter, and that the nation will experience both a per capita recession and a recession in the retail sector.

CORPORATES
RESERVE BANK OF AUSTRALIA, DELOITTE ACCESS ECONOMICS PTY LTD

Telstra stands by its $1m backing for Voice

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Original article by Matt Bell
The Australian – Page: 13 & 16 : 18-Oct-23

Telstra’s support for the ‘Yes’ campaign for an Indigenous Voice to parliament came under scrutiny at the telco’s AGM on Tuesday. Chairman John Mullen said the decision to contribute $1m to the campaign had been deemed to be in the best interests of the company and its shareholders; he emphasised that the personal views of Telstra’s executives and directors played no role in the decision. However, Australian Shareholders’ Association CEO Rachel Waterhouse contends that companies should only support a social cause if it aligns with their strategy and shareholders are fully informed.

CORPORATES
TELSTRA CORPORATION LIMITED – ASX TLS, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION

Fortescue on track to hit 2030 greening target

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Original article by Brad Thompson
The Australian Financial Review – Page: 19 : 18-Oct-23

Fortescue Metals Group director Larry Marshall says he agreed to join the iron ore producer’s board in August after being satisfied that the target of decarbonising its mining operations by 2030 is achievable. Marshall adds that the technology that is needed to decarbonise mining is in place and simply needs to be built. Solar and wind power will be a key focus of Fortescue’s decarbonisation strategy; the company estimates that it will require 1,000 megawatts of capacity of both forms of renewal energy.

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FORTESCUE METALS GROUP LIMITED – ASX FMG

ANZ-Roy Morgan Consumer Confidence drops 3.7pts to 76.4, a pull-back after one week above 80

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

ANZ-Roy Morgan Consumer Confidence fell 3.7pts to 76.4 in the week to 15 October, unable to register back-to-back weeks above 80 for the first time since early February. Consumer Confidence is now 5.8pts below the same week a year ago (82.2), and below the 2023 weekly average of 78.1. Consumer Confidence was down in NSW, Victoria, Queensland and South Australia, but up slightly in Western Australia. Now 19% of Australians (down 2ppts) say their families are ‘better off’ financially than this time last year, while 53% (up 4ppts) say their families are ‘worse off’ financially. Only 6% (down 2ppts) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 37% (up 1ppt) expect ‘bad times’. Meanwhile, 18% (down 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 52% (unchanged) say now is a ‘bad time to buy’.

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

Teal MPs deeply polarised over Israel attack

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Original article by James Robertson
The New Daily – Page: Online : 18-Oct-23

The House of Representatives voted 107-7 on Tuesday to defeat the Greens’ proposed amendment to a motion condemning the attacks on Israel by Hamas on 7 October. Amongst other things, the Greens sought to amend the motion to refer to "war crimes perpetrated by the State of Israel" and remove a sentence stating that Australia “stands with Israel and recognises its inherent right to defend itself”. Teal MPs Kylea Tink and Sophie Scamps voted in favour of the Greens’ amendment, along with independent MP Andrew Wilkie. However, several other teal MPs distanced themselves from the vote.

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AUSTRALIAN GREENS

Israel steps back from ground assault on Gaza

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Original article by Hans van Leeuwen
The Australian Financial Review – Page: Online : 18-Oct-23

Israeli Defence Force spokesman Lt Colonel Richard Hecht has downplayed suggestions that a ground invasion of Gaza could be imminent. He says Israel is preparing for the next stages of the war against Hamas, but this may not necessarily include a ground offensive. Any such invasion is unlikely to proceed until after US President Joe Biden visits Israel on Wednesday, where he will meet with Prime Minister Benjamin Netanyahu. The US has put 2,000 troops on a "heightened state of readiness" and deployed two aircraft carriers to the region, and Israeli national security adviser Tzachi Hanegbi says Biden has made it "clear to our enemies" that the US will become involved if Iran or Hezbollah join the conflict.

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ISRAELI DEFENCE FORCE, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Starboard pushes News Corp to sell REA Group stake

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Original article by Crystal Tse
The Australian Financial Review – Page: Online : 18-Oct-23

Starboard Value has used an investor presentation to argue that News Corporation is significantly undervalued. The activist investor contended that News Corp could unlock more than than $US7bn ($11bn) for shareholders by divesting its 61 per cent stake in Australian-listed REA Group. The firm argued that doing so would also highlight the value of News Corp’s other assets, and it values the media group’s assets at around $US33 per share overall. News Corp’s US-listed shares are currently trading at around $US22.

CORPORATES
NEWS CORPORATION – ASX NWS, STARBOARD VALUE LP, REA GROUP LIMITED – ASX REA

Rio Tinto boosts its shipments

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Original article by Glen Norris
The Australian – Page: 16 : 18-Oct-23

Rio Tinto has advised that its Pilbara iron ore shipments for the September quarter totalled 83.9 million tonnes, which is one per cent higher year-on-year. However, iron ore production was down one per cent at 83.5 million tonnes. Rio Tinto expects its iron ore shipments for calendar 2023 to be at the upper end of its initial full-year guidance of 320 to 335 million tonnes. Meanwhile, Rio Tinto’s aluminium and bauxite production rose by nine per cent and two per cent respectively year-on-year.

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RIO TINTO LIMITED – ASX RIO

‘Hell of a journey’: campaign run ends after 14,500km

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Original article by Tom McIlroy
The Australian Financial Review – Page: 4 : 12-Oct-23

Former Liberal MP Pat Farmer has finished a 14,500-kilometre run around Australia in support of an Indigenous Voice to parliament. Starting his run in Tasmania in April, Farmer arrived at Uluru on Wednesday, where Prime Minister Anthony Albanese and Northern Territory Chief Minister Natasha Fyles were among those to greet him. Farmer said the run "was a hell of a journey", while Albanese described him "as an absolute inspiration". Farmer spoke in favour of Indigenous constitutional recognition in towns and cities along his run, while he referred to the voice referendum on 14 October as a "turning point in Australia’s history"

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ATHLETES – AUSTRALIA]

Australian journalist Cheng Lei released from Chinese prison, arrives in Melbourne

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Original article by Georgia Roberts
abc.net.au – Page: Online : 12-Oct-23

Australian journalist Cheng Lei has returned to Australia more than three years after being arrested in China, with Prime Minister Anthony Albanese saying he had known about her release for some time. Cheng was working at Chinese state-owned media CGTN when she was arrested in August 2020; she was accused of "supplying state secrets overseas", an allegation she denied. Albanese said he had spoken to her on Wednesday, noting she had been happily reunited with her family in Melbourne. Chinese Foreign Ministry spokesman Wang Wenbin said on Wednesday that Cheng had served a sentence of two years and 11 months, and was released after completing it

CORPORATES

IMPRISONMENT – CHINA,[SPACE]DETENTION OF PERSONS – CHINA]