ANZ-Roy Morgan Consumer Confidence down 2.9pts to 77.0 after RBA raises interest rates for a tenth straight meeting

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Original article by Roy Morgan
Market Research Update – Page: Online : 15-Mar-23

ANZ-Roy Morgan Consumer Confidence fell 2.9pts to 77.0 in the week to 12 March; this is the lowest rating since early April 2020, in the early days of the COVID-19 pandemic. Consumer Confidence is now 18.8pts below the same week a year ago (95.8), and 5.7pts below the 2023 weekly average of 82.7. Consumer Confidence was down around the country this week and below 80 in all five mainland States after the RBA raised interest rates for a record tenth straight meeting. Now 19% of Australians (down 2ppts) say their families are ‘better off’ financially than this time last year, while 52% (up 4ppts) say their families are ‘worse off’ financially. Some 30% (down 2ppts) of Australians expect their family to be ‘better off’ financially this time next year, while 37% (up 2ppts) expect to be ‘worse off’ financially. Only 6% (unchanged) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 38% (also unchanged) expect ‘bad times’. Meanwhile, 19% (unchanged) of Australians say now is a ‘good time to buy’ major household items, while 53% (also 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

$368b unremarkable, says Marles

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Original article by Phillip Coorey
The Australian Financial Review – Page: 3 : 15-Mar-23

The federal government has disclosed that the deal to acquire nuclear-power submarines will cost $9bn over the next four years and up to $58bn over the next decade. However, this will be offset by savings elsewhere in the defence budget. The nuclear submarines program is slated to cost between $268bn and $368bn over the next 30 years, which Defence Minister Richard Marles has described as an "unremarkable amount" for any major government policy over three decades. In contrast, the National Disability Insurance Scheme is expected to cost some $2trn over the same period.

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AUSTRALIA. DEPT OF DEFENCE

Woodside faces climate protest vote

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Original article by Giuseppe Tauriello
The Australian – Page: 15 & 18 : 15-Mar-23

Woodside Energy’s climate strategy will come under scrutiny again at its AGM on 28 April. Some 49 per cent of shareholders had voted against the oil and gas group’s climate report at its 2022 AGM. Climate activists contend that Woodside’s latest climate plan fails to address concerns that were raised in 2022. Meanwhile, Vision Super and Betashares have joined with the Australasian Centre for Corporate Responsibility in calling for shareholders to vote against the re-election of Ian Macfarlane, Swee Chen Goh and Larry Archibald to Woodside’s board. They contend that the three directors should be held to account for the board’s repeated failure to present a credible climate strategy.

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WOODSIDE ENERGY GROUP LIMITED – ASX WDS, VISION SUPER PTY LTD, BETASHARES CAPITAL LIMITED, AUSTRALASIAN CENTRE FOR CORPORATE RESPONSIBILITY

Lung cancer is closely linked to smoking, so why are so many Australians who have never lit up dying of it?

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Original article by Katie Hampson
The West Australian – Page: Online : 15-Mar-23

About 80 per cent of people who develop lung cancer are smokers or ex-smokers. However, Melissa Treby from Cancer Council Western Australia says it is estimated that 16.1 per cent of lung cancer cases in men and 28.9 per cent in women that will be diagnosed in Australia between 2017 and 2026 will not be attributable to active smoking. She says other known risk factors include exposure to occupational carcinogens such as silica dust, asbestos and diesel engine exhaust. People may also be at heightened risk of lung cancer if they have a family history of the disease.

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CANCER COUNCIL WESTERN AUSTRALIA

Super tax may cost more than it raises

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Original article by Glenda Korporaal
The Australian – Page: 17 : 15-Mar-23

The SMSF Association will establish a working group of technical experts which will assess the federal government’s proposed changes to super tax concessions. CEO Peter Burgess says the proposed reforms could potentially prove to be as disastrous as the super surcharge regime, which cost more to implement and run than it raised in tax revenue. Burgess adds that the SMSFA is concerned that the proposed changes could have unintended consequences and could affect public confidence in super.

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SMSF ASSOCIATION

Russia, China bristle at Cold War pact

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Original article by Will Glasgow
The Australian – Page: 5 : 15-Mar-23

The Taiwanese government has welcomed Australia’s deal to acquire nuclear-powered submarines, stating that it will help redress the "military imbalance" across the Taiwan Strait. However, the deal has been criticised by Chinese and Russian officials. China’s Foreign Ministry has described the AUKUS alliance as "typical Cold War mentality" that will undermine the international nuclear non-proliferation system. Russia in turn has warned that the alliance will ensure "years of confrontation" in the Asia-Pacific region. Meanwhile, Professor Chen Hong of the East China Normal University says Australia has officially put itself on the People’s Liberation Army’s "defence radar".

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Two more rate hikes on the way, tips NAB chief

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Original article by Paul Garvey
The Australian – Page: 15 & 19 : 15-Mar-23

National Australia Bank CEO Ross McEwan says the collapse of Silicon Valley Bank will have little or no direct impact on NAB’s customers. However, he has acknowledged that the NAB Ventures unit has invested in five small fintech start-ups that have links to SVB. McEwan adds that the rapid demise of SVB underlines the value of Australia’s strong regulatory regime for the banking sector. Meanwhile, McEwan believes that SVB’s collapse will not deter the Reserve Bank from increasing official interest rates another two times in order to curb inflation. NAB still expects the cash rate to peak at 4.1 per cent.

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NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, SILICON VALLEY BANK, RESERVE BANK OF AUSTRALIA

News Corp encourages staff to try AI chatbot

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 19 : 8-Mar-23

News Corp Australia chairman Michael Miller has urged the media company’s staff to embrace artificial intelligence technology such as ChatGPT. Miller has told staff via email that AI will "change our industry", and noted that News Corp has already incorporated AI into its work practices. It has also established an AI Working Group to explore "high-value opportunities" for the technology.

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NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

China invasion forecasts unrealistic: Morrison

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Original article by Will Glasgow
The Australian – Page: 4 : 8-Mar-23

Former prime minister Scott Morrison has downplayed concerns that China may invade Taiwan in coming years. US military officials have warned that China could potentially attack Taiwan within three years, but Morrison contends that any such assessments should be taken with "a grain of salt". He added that Australia’s increased defence spending and alignment with other countries is part of an effort to create an "enduring balance" in the Asia-Pacific region. Meanwhile, Chinese President Xi Jinping has accused the US and its allies of implementing a policy of "all-round containment, encirclement and suppression" of China. Foreign Minister Qin Gang in turn has reiterated that China wants to take control of Taiwan by "peaceful means"; however, he adds that China reserves the right to
take "all necessary measures" to achieve this.

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US subsidies shift global energy game

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Original article by Jennifer Hewett
The Australian Financial Review – Page: 2 : 8-Mar-23

BHP CEO Mike Henry says Australia is competing "head-to-head" with other countries in the global transition to renewable energy. He has told a business summit that initiatives such as the Inflation Reduction Act in the US and Canada’s critical minerals strategy are examples of policies that will attract large capital inflows, and Australia must have policies in place to ensure that the nation remains internationally competitive. Fortescue Metals Group founder Andrew Forrest agrees with the importance of the IRA, arguing that companies need to allocate capital where it is most competitive; he adds that this means allocating capital away from Australia into North America.

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BHP GROUP LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG