Top CEOs to work on Australia Day

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Original article by Hannah Wootton, Lucas Baird
The Australian Financial Review – Page: 1 & 2 : 25-Jan-23

Telstra, Woodside Energy and Canva are among the Australian companies that will allow employees to work on Australia Day and have another day off in lieu. A number of CEOs at major Australian companies have advised that they intend to work on 26 January. They include Telstra CEO Vicki Brady, who says that doing so feels right to her; however, she acknowledges that the choice people make regarding how they spend Australia Day is a personal one. National Australia Bank CEO Ross McEwan will also be working on Thursday, as will REA Group CEO Owen Wilson.

CORPORATES
TELSTRA CORPORATION LIMITED – ASX TLS, WOODSIDE ENERGY GROUP LIMITED – ASX WDS, CANVA INCORPORATED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, REA GROUP LIMITED – ASX REA

Government prepares to unveil AUKUS plan

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Original article by Matthew Knott
The Age – Page: Online : 25-Jan-23

The federal government is expected to shortly announce which nuclear-powered submarine design it would opt for under the AUKUS alliance. Defence Minister Richard Marles will receive the recommendations of the submarine taskforce in coming weeks, as well as the final version of a strategic review of the nation’s defence forces. Marles says he is prepared to make difficult decisions regarding defence spending in response to the strategic review. However, he stresses that the government will ensure that the nation avoids a ‘capability gap’ between the retirement of the Collins-class submarines and the delivery of their nuclear-powered replacements.

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AUSTRALIA. DEPT OF DEFENCE

ANZ-Roy Morgan Consumer Confidence down 1.8pts to 85.9, first fall in the index of the New Year

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Original article by Roy Morgan
Market Research Update – Page: Online : 25-Jan-23

ANZ-Roy Morgan Consumer Confidence fell 1.8pts to 85.9 in the week ended 22 January. Consumer Confidence is now 14.2pts below the same week a year ago (100.1), and 2.8pts below the 2022 weekly average of 88.7. Consumer Confidence was down slightly in most parts of Australia including New South Wales, Victoria, Western Australia and Queensland, but it was up in South Australia. Now 22% of Australians (unchanged) say their families are ‘better off’ financially than this time last year, while 45% (up 2ppts) say their families are ‘worse off’ financially. Some 34% (down 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, while 31% (up 2ppts) expect to be ‘worse off’ financially. Only 9% (up 1ppt) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 30% (down 1ppt) expect ‘bad times’ (the lowest figure for this indicator since late May 2022 – the week after the election of the Albanese Government). Meanwhile, 23% (down 3ppts) of Australians say now is a ‘good time to buy’ major household items, while 47% (up 1ppt) say now is a ‘bad time to buy’.

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

Cancel culture threat to future of the arts: Dark Mofo director

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Original article by Gabriella Coslovich
The Australian Financial Review – Page: 3 : 25-Jan-23

Leigh Carmichael will step down as the creative director of the Dark Mofo festival after the 2023 event. The founding creative director of the popular Hobart festival says the art world is no longer a "safe space" and he is concerned about its future. This follows the controversy over the 2021 Dark Mofo, which was to have featured an artwork by Spanish artist Santiago Sierra. It comprised a British flag soaked in blood donated by Indigenous people from across the world. The resulting backlash included allegations of racism, and the artwork was cancelled.

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DARK MOFO

Cost of living crisis drives vulnerable Australians to buy now, pay later schemes, consumer groups say

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Original article by Jordyn Beazley
The Guardian Australia – Page: Online : 25-Jan-23

‘Buy now, pay later’ providers are continuing to attract scrutiny, amid a growing push for greater regulation of the sector. The federal government outlined three potential options in late 2022 for regulating the sector, but consumer groups contend that regulating BNPL as traditional credit products is the only one of the options that would provide sufficient protection for consumers. Shungu Patsika from the National Debt helpline says the number of people with BNPL debts has risen significantly since Christmas; he notes that in the past it was mainly welfare recipients who contact the service for help, but a growing number of people with jobs are also doing so.

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Evolution puts mill expansion on table

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Original article by Nick Evans
The Australian – Page: 14 : 25-Jan-23

Evolution Mining produced 166,404 ounces of gold during the December quarter, which is three per cent higher than the previous three months. Production at the flagship Cowal mine in NSW rose by 33 per cent to 76,676 ounces, although output at the Red Lake mine in Canada fell by 30 per cent to 24,960 ounces. Meanwhile, CEO Lawrie Conway says Evolution has completed a feasibility study on the proposed expansion of the processing plant at its Mungari mine in Western Australia; the company’s board will consider the proposal in February. The expansion was put on hold in mid-2022 due to concerns about rising construction costs and a labour shortage in WA.

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EVOLUTION MINING LIMITED – ASX EVN

Nearly two-thirds of Australians (64%) say January 26 should be known as ‘Australia Day’, virtually unchanged on a year ago

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Original article by Roy Morgan
Market Research Update – Page: Online : 25-Jan-23

A special Roy Morgan SMS Poll into attitudes towards January 26 shows that a clear majority of 64% of Australians now say the date should be known as ‘Australia Day’, which is virtually unchanged from a year ago. Some 36% of Australians say it should be called ‘Invasion Day’. Analysis by gender shows that 69% of men favour January 26 being known as ‘Australia Day’, while 31% say it should be called ‘Invasion Day’. In contrast, women are more evenly split with a narrow majority of 58% in favour of January 26 being known as ‘Australia Day’ compared to 42% saying it should be known as ‘Invasion Day’. Support for saying January 26 should be known as ‘Australia Day’ is down slightly on a year ago for both genders. This Roy Morgan SMS Poll was conducted with an Australia-wide cross-section of 1,231 Australians aged 18+ on the weekend from Friday January 20 to Monday January 23.

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ROY MORGAN LIMITED

Jobs data is too old – we are in a new world

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Original article by Terry McCrann
Herald Sun – Page: 61 : 20-Jan-23

Official data from the Australian Bureau of Statistics shows that the economy shed 14,600 jobs in December. Economists had expected a gain of about 25,000 jobs. It is important to keep in mind that the ABS data only covers the first two weeks of December, and is therefore already five or six weeks old. The ABS itself concedes that it is only 95 per cent confident that the change in jobs was somewhere between a fall of 78,400 and an increase of 49,200. The loss of 78,000 jobs leading into the Christmas peak retail season would raise concerns about a recession, as well as the prospect of interest rate cuts. A strong increase in jobs could in turn prompt the Reserve Bank to resume lifting the cash rate by 50 basis points. More relevant and more recent evidence on what is happening with the economy will be available when the central bank’s board meets in early February.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, RESERVE BANK OF AUSTRALIA

Liberals hose down talk of Abbott tilt

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Original article by Dennis Shanahan
The Australian – Page: 4 : 20-Jan-23

The Liberal Party’s state council will select someone to fill an upper house vacancy following the death of NSW senator Jim Molan. NSW Liberals are downplaying the prospect that former prime minister Tony Abbott could return to parliament via Molan’s seat. There is also the potential for a factional battle to fill the vacancy; Dallas Mc­Inerney is seen as the leading contender from the Liberals’ conservative faction, although there is speculation that the moderate faction will seek to fill the seat.

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LIBERAL PARTY OF AUSTRALIA, LIBERAL PARTY OF NEW SOUTH WALES

Australia will miss Jacinda Ardern but trans-Tasman ties likely to stay strong

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Original article by Josh Butler
The Guardian Australia – Page: Online : 20-Jan-23

Former Australian diplomat Allan Behm does not expect the sudden resignation of New Zealand Prime Minister Jacinda Ardern to have much impact on the relationship between the two nations. He says this relationship is very close and will remain so regardless of who is prime minister. However, Behm adds that it makes the relationship much more effective if the two PMs get on really well, as is the case with Anthony Albanese and Ardern. Robert Ayson from the Victoria University of Wellington says Ardern’s Labour Party would most likely have lost the upcoming election in October even if she had stayed on. He adds that the growing prospect of a change in government in NZ is unlikely to have much impact on trans-Tasman relations.

CORPORATES
NEW ZEALAND. DEPT OF THE PRIME MINISTER AND CABINET, LABOUR PARTY (NEW ZEALAND), VICTORIA UNIVERSITY OF WELLINGTON