RBA to keep rates on hold as inflation stalls

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Original article by Patrick Commins
The Australian – Page: 2 : 6-Sep-23

Philip Lowe has used his final statement as Reserve Bank of Australia governor to contend that the series of interest rate rises since May 2022 are working to establish a "more sustainable balance between supply and demand in the economy". He adds that the decision on Tuesday to pause official rates at 4.1 per cent for a third successive month will give the RBA board more time to assess the economic outlook and the impact of the interest rate rises to date. Lowe emphasised that bringing inflation under control is still the board’s priority. JP Morgan expects the RBA to increase the cash rate one more time, in November. Michele Bullock will formally succeed Lowe on 18 September.

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RESERVE BANK OF AUSTRALIA,JP MORGAN AUSTRALIA LIMITED

We could lose the race on critical minerals

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Original article by Jennifer Hewett
The Australian Financial Review – Page: 2 : 6-Sep-23

Lynas Rare Earths has received a $US258m ($404m) grant from the Biden administration to build a heavy rare earths refinery in Texas. It will be the first facility of its kind outside of China, and will process material from Lynas’s Mt Weld mine in Western Australia. However, although the federal government has allocated some funding to Australia’s burgeoning critical minerals industry, its strategy for the sector seems to be based primarily on local companies gaining access to funding from the US. Tesla chair Robyn Denholm has used a Minerals Week speech in Canberra to call for greater action to capitalise on Australia’s competitive advantage in the criticals minerals sector.

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LYNAS RARE EARTHS LIMITED – ASX LYC,TESLA INCORPORATED

Gender balance improves, but still a long way to go

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Original article by Helen Trinca
The Australian – Page: 15 : 6-Sep-23

Data from Chief Executive Women shows that 10 women were appointed as the CEO of an S&P/ASX 300 company in 2022-23. However, the net gain was eight, given that two female CEOs resigned during the period, while men still account for 91 per cent of CEO roles at the nation’s top 300 listed companies. CEW president Susan Lloyd-Hurwitz says progress towards gender equity is being made, but it is still "glacial". The figures do not include the more recent appointment of Michelle Jablko at Transurban and Fiona Hick’s resignation at Fortescue Metals Group. Vanessa Hudson was named the successor to Qantas CEO Alan Joyce in May, but her appointment was originally slated to take effect in November.

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CHIEF EXECUTIVE WOMEN,STANDARD AND POOR’S ASX 300 INDEX,TRANSURBAN GROUP LIMITED – ASX TCL,FORTESCUE METALS GROUP LIMITED – ASX FMG,QANTAS AIRWAYS LIMITED – ASX QAN

Liberals accused of dirty tactics over Indigenous voice pamphlet leading voters to site that harvests information

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Original article by Tory Shepherd
The Guardian Australia – Page: Online : 6-Sep-23

The Coalition is under scrutiny over a pamphlet delivered to thousands of homes that directs electors to a website that harvests their personal information. The pamphlet advocating the ‘No’ case in the referendum on an Indigenous Voice to parliament includes a QR code with a link to the postal.vote website, which was also used by the Liberal and National parties during the 2022 election. It invites voters to apply for a postal vote by entering their name and contact details, and states that this will be forwarded to the Liberal and National parties. The site then informs electors that applications for postal votes are not yet available. The Australian Electoral Commission says people should always apply for a postal vote directly through it.

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LIBERAL PARTY OF AUSTRALIA,NATIONAL PARTY OF AUSTRALIA,AUSTRALIAN ELECTORAL COMMISSION

ANZ-Roy Morgan Consumer Confidence up 0.6pts to 78.7 – highest for four months since late April

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Original article by Roy Morgan
Market Research Update – Page: Online : 6-Sep-23

ANZ-Roy Morgan Consumer Confidence rose 0.6pts to 78.7 in the week to 3 September; despite the small increase, the index has now spent a record 27 straight weeks below the mark of 80. Consumer Confidence is now 7.4pts below the same week a year ago (86.1), and it is just above the 2023 weekly average of 78.1. Consumer Confidence was up in Victoria and South Australia, but down slightly in New South Wales, Queensland and Western Australia. Now 20% of Australians (up 1ppt) say their families are ‘better off’ financially than this time last year, while 53% (up 1ppt) say their families are ‘worse off’ financially. Only 7% (unchanged) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 37% (up 1ppt) expect ‘bad times’. Meanwhile, 21% (unchanged) of Australians say now is a ‘good time to buy’ major household items, while 52% (down 3ppts) say now is a ‘bad time to buy’.

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

Victoria’s demands are taste of future: Price

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Original article by Rachel Baxendale,Joe Kelly
The Australian – Page: 1 & 4 : 6-Sep-23

Victorian Premier Daniel Andrews says the Yoorrook Justice Commission’s 12-month deadline to respond to the 46 recommendations in its final report is "ambitious", and one that the state government is unlikely to meet. He has downplayed concerns that the recommendations would result in separate justice systems for Indigenous and non-Indigenous people. The federal Opposition’s Indigenous affairs spokeswoman, Jacinta Nampijinpa Price, warns that the Yoorrook commission’s recommendations are a taste of what Australians can expect if the divisive voice to parliament is enshrined in the Constitution. She adds that lowering expectations for Indigenous Australians does not help solve the problems that lead to their over-representation in the criminal justice and child protection systems.

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VICTORIA. DEPT OF PREMIER AND CABINET

BHP says IR changes to cost more than $1.3b estimate

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Original article by Peter Ker
The Australian Financial Review – Page: 5 : 6-Sep-23

BHP estimated in May that the ‘same job, same pay’ policy for labour hire workers would cost the resources group about $1.3bn a year. However, BHP believes that the actual cost may be much higher, given that the explanatory memorandum attached to the Closing Loopholes Bill could potentially capture mining service providers such as Thiess and Downer EDI. BHP did not take such providers into account when it released the initial estimate. BHP says it supports the intention of the bill with regard to low-paid and vulnerable workers, but argues that it is not appropriate for the mining sector; BHP notes that the average wage for employees in its Operations Services division is nearly $150,000 a year.

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BHP GROUP LIMITED – ASX BHP,THIESS PTY LTD,DOWNER EDI LIMITED – ASX DOW

Alan Joyce to depart Qantas early

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Original article by Ayesha de Kretser,Joe Aston
The Australian Financial Review – Page: Online : 6-Sep-23

Qantas CEO Alan Joyce has stepped down with immediate effect, stating that recent events have made it clear that he should bring forward his retirement by two months and allow the airline to move ahead with its ‘renewal’ as a priority. Qantas has come under scrutiny over its role in lobbying the federal government to block Qatar Airways’ request for additional flights to Australia, as well as legal action by the Australian Competition & Consumer Commission over allegations that Qantas had sold tickets for more than 8,000 flights that it had already cancelled. Incoming CEO Vanessa Hudson will face the challenge of restoring Qantas’s reputation. Michele Levine, the CEO of Roy Morgan, which surveys the public regularly on the question of whether Corporate Australia is facing moral bankruptcy, says the poor behaviour of many of the economy’s corporate leaders reveals a moral blindness to what is ethical and in the community’s interest rather than solely in the shareholders’ interest.

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QANTAS AIRWAYS LIMITED – ASX QAN,ROY MORGAN LIMITED

Backbench MPs now on $225k a year

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Original article by Rhiannon Down
The Australian – Page: 6 : 30-Aug-23

The Remuneration Tribunal has approved a pay rise of four per cent for federal MPs; it will take effect from 1 September and will be backdated to 1 July. Prime Minister Anthony Albanese will receive a pay rise of $22,573 a year, lifting his salary to $586,929. The base salary for cabinet ministers will rise by $14,977 to $389,406, while the base salary of backbench MPs will rise from $217,060 a year to $225,742. The independent tribunal has described the increase in MPs’ salaries as ‘conservative’, given that wages for public sector workers have grown much faster over the last decade.

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AUSTRALIA. REMUNERATION TRIBUNAL, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Qatar turbulence worsens as PM washes his hands of flights decision

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Original article by Joe Kelly, Robyn Ironside, Glen Norris
The Australian – Page: 1 & 7 : 30-Aug-23

Prime Minister Anthony Albanese says the decision to reject Qatar Airlines’ application for additional flights into Australia was made solely by Transport Minister Catherine King, and that he had no role in it. However, Albanese contends that the former Coalition government had made similar decisions. It has also been revealed that King did not consult with her colleagues prior to rejecting Qatar Airways’ request. King has stated that the decision was made in the national interest, while Assistant Treasurer Stephen Jones recently said Labor did not want to drive airfares down to a level where it is unsustainable for the existing Australia-based carrier. ANZ Bank CEO Shane Elliott says he is "disturbed" by reports that Qatar had been rebuffed in order to protect the profits of Qantas.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, QATAR AIRWAYS, AUSTRALIA. DEPT OF INFRASTRUCTURE, TRANSPORT, REGIONAL DEVELOPMENT, COMMUNICATIONS AND THE ARTS, QANTAS AIRWAYS LIMITED – ASX QAN, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ