Labor targets Stuart Robert and his handling of robodebt in negative ads before Fadden byelection

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Original article by Paul Karp
The Guardian Australia – Page: Online : 12-Jul-23

The Coalition’s robodebt scheme has become a key focus of the campaign for the byelection in the federal seat of Fadden on Saturday. Labor has used social media and newspaper advertisements to target outgoing Fadden MP Stuart Robert and former prime minister Scott Morrison over their role in the robodebt scandal. Robert is a former government services minister, while Morrison was social services minister when the scheme was implemented. The Coalition is expected to win the byelection, having retained Fadden with a two-party preferred margin of 10.6 per cent at the 2022 election.

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AUSTRALIAN LABOR PARTY

ANZ-Roy Morgan Consumer Confidence slips 0.8pts to 73.3 despite the RBA holding interest rates unchanged

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Original article by Roy Morgan
Market Research Update – Page: Online : 12-Jul-23

ANZ-Roy Morgan Consumer Confidence fell 0.8pts to 73.3 in the week to 9 July. Consumer Confidence has now spent 19 straight weeks below the mark of 80, the longest stretch below 80 since the index began being conducted on a weekly rather than a monthly basis in October 2008. Consumer Confidence is now 8.3pts below the same week a year ago (81.6), and 5.3pts below the 2023 weekly average of 78.6. Consumer Confidence was unchanged in New South Wales but down in Victoria, Queensland, WA and SA. Now only 19% of Australians (unchanged) say their families are ‘better off’ financially than this time last year, while 53% (down 3ppts) say their families are ‘worse off’ financially. Some 27% (down 1ppt) of Australians now expect their family to be ‘better off’ financially this time next year, while 39% (down 1ppt) expect to be ‘worse off’ financially. Only 6% (unchanged) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 43% (also unchanged) expect ‘bad times’. Meanwhile, 17% (down 4ppts) of Australians say now is a ‘good time to buy’ major household items, while 56% (up 4ppts) say now is a ‘bad time to buy’.

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

Australia and European Union fail to resolve trade deadlock

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Original article by Latika Bourke
The Age – Page: Online : 12-Jul-23

The federal government’s negotiations over a free-trade agreement with the European Union have reached an impasse after two days of talks. Trade Minister Don Farrell interrupted his European holiday to attend the talks in Brussels. Negotiations will resume in August, but Farrell has indicated that the government is prepared to abandon the proposed trade deal if it is not finalised by the end of 2023. The European Union wants access to Australia’s critical minerals, but Australian farmers’ access to Europe’s agricultural markets remains a key issue, along with the use of geographical indicators for products such as champagne and feta.

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AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

Labor hints at further cost respite

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Original article by Phillip Coorey, Michael Read
The Australian Financial Review – Page: 1 & 4 : 12-Jul-23

Treasurer Jim Chalmers says the federal government’s bigger-than-expected budget surplus for 2022-23 is in addition to cost-of-living relief than than instead of it. Addressing an event hosted by the Brotherhood of St Laurence in Melbourne on Tuesday night, Chalmers said the surplus of around $20bn will give the government the flexibility to provide further cost-of-living relief if this proves to be necessary, after the 9 May budget included expenditure of $14.6bn on such measures over the forward estimates period. Meanwhile, independent economist Chris Richardson says the recent fall in commodity prices means that a second successive surplus in 2023-24 is now much less certain than on budget night.

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AUSTRALIA. DEPT OF THE TREASURY, BROTHERHOOD OF ST LAURENCE

NATO grateful for Australia’s support

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Original article by Hans van Leeuwen
The Australian Financial Review – Page: 11 : 12-Jul-23

Prime Minister Anthony Albanese has met with NATO’s Secretary General Jens Stoltenberg on the sidelines of the defence alliance’s leaders’ summit in Lithuania. Albo emphasised the federal government’s strong support for Ukraine, noting that despite Australia’s distance from Europe the invasion has had an impact on the nation’s inflation rate and its economy. Stoltenberg in turn said NATO is "extremely grateful" for Australia’s support, noting that what happens in Europe matters for the Indo-Pacific region. Albanese will participate in a special session on the Indo-Pacific region on Wednesday. Meanwhile, some media reports have suggested that major NATO member nations believe that Ukraine cannot be offered a pathway to full membership even when the war ends.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NORTH ATLANTIC TREATY ORGANISATION

Aussies spending $600m less online than a year ago

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Original article by David Swan
The Australian – Page: 15 : 12-Jul-23

Data from Airwallex shows that factors such as cost-of-living pressures and interest rates rises are prompting Australian consumers to shop online less frequently. The company estimates that online spending fell by 1.82 per cent nationwide in the year to June; this equates to a downturn of $523.3m, or $587 per adult. Amelia Hamer of Airwallex says Australians are holding back on their discretionary spending across the digital economy; however, she notes that "bright spots" include the technology, education and travel sectors

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AIRWALLEX PTY LTD

Investors pull out of equities on recession fear

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Original article by Joanne Tran
The Australian Financial Review – Page: 27 : 12-Jul-23

Data from global funds network Calastone shows that Australia fund managers’ net outflows totalled $2.8bn in the June quarter. Equities accounted for $1.65bn of the net outflows, while property accounted for $173m. The bearish investor sentiment toward higher-risk assets resulted in fixed income funds recording net inflows of $582m for the period. Teresa Walker of Calastone says there is no particular reason to favour the Australian sharemarket over offshore markets at present.

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CALASTONE

Rio hunts in the outback for new lithium deposits

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Original article by Elouise Fowler, Peter Ker
The Australian Financial Review – Page: 18 : 12-Jul-23

Rio Tinto has extended a lithium exploration partnership with Everest Metals with regard to the latter’s Rover Project in Western Australia. Everest has advised that Rio Tinto Exploration will commence a drilling program to assess the hard rock lithium reserves at the Rover Project. The Rio Tinto subsidiary struck an initial exploration deal with Everest in March 2021, before taking an 80 per cent stake in the venture in October 2022. WA is the world’s biggest source of hard rock lithium.

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RIO TINTO LIMITED – ASX RIO, EVEREST METALS CORPORATION LIMITED – ASX EMC

New Zealand: National/Act NZ on 45% are on the verge of a majority ahead of Labour/Greens on 40% in June

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Original article by Roy Morgan
Market Research Update – Page: Online : 5-Jul-23

The latest Roy Morgan New Zealand Poll shows that support for the Labour/Greens coalition government fell 3% points to 40% in June. Support for Labour was down 0.5% points to 30.5%, while support for the Greens fell 2.5% points to 9.5% (the lowest support for the party since August 2022). Support for the National Party was down 1.5% points to 30% (the lowest level of support since Christopher Luxon became National leader in November 2021), while support for Act NZ was up 1.5% point to 15%. Support for a right-leaning potential National/Act NZ coalition was unchanged at 45% in June. The results for June suggest that neither Labour/Greens nor National/Act NZ will have enough support to form a majority Government later this year and the party in the box seat to determine the next Government is the Maori Party, with support surging 2.5% points to a record high of 7% in June. This New Zealand Roy Morgan Poll on voting intention was conducted by telephone – both landline and mobile – with a New Zealand-wide cross-section of 955 electors during June. Meanwhile, the Roy Morgan Government Confidence Rating was up 4pts to 84 in June, its highest since March.

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ROY MORGAN LIMITED, MORGAN POLL, LABOUR PARTY (NEW ZEALAND), GREEN PARTY OF AOTEAROA NEW ZEALAND, NATIONAL PARTY OF NEW ZEALAND

Gas code poised for release

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Original article by Colin Packham
The Australian – Page: 13 & 16 : 5-Jul-23

The federal government will shortly release the full text of its new mandatory code of conduct for the gas industry, which will require gas to be sold at a "reasonable price". Senex Energy and Cooper Energy are amongst the companies that have suspended or delayed gas projects due to concerns about the code, which is being introduced as part of the government’s controversial intervention in the gas industry. The Australian Consumer & Competition Commission recently concluded that the nation should have sufficient gas supplies for the next 18 months.

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SENEX ENERGY LIMITED, COOPER ENERGY LIMITED – ASX COE