Home values drop in 80pc of suburbs

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Original article by Nila Sweeney
The Australian Financial Review – Page: 29 : 19-Jan-23

Data from CoreLogic shows that dwelling values fell in more than eight out of 10 suburbs across Australia in the last three months of 2022. Some 98 per cent of Sydney suburbs recorded a fall in house prices in the December quarter, down from 100 per cent in the September quarter; the value of units fell in 93.2 per cent of suburbs in the harbour city, compared with 95.7 per cent of suburbs in the September quarter. Likewise, house prices fell in 98.4 per cent of Melbourne suburbs (also down from 100 per cent in the three months to September), and unit values fell in 78.8 per cent of suburbs (down from 88.4 per cent in the previous quarter).

CORPORATES
CORELOGIC AUSTRALIA PTY LTD

Coalminers told to keep the lights on

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Original article by Perry Williams, Nick Evans
The Australian – Page: 1 & 4 : 19-Jan-23

The NSW government will require the majority of mining companies to reserve up to 10 per cent of their thermal coal output in the state for the domestic market. The domestic coal reservation policy is expected to be implemented by the end of January. The government had previously only required some thermal coal miners to reserve part of their output for the state’s power stations, but this prompted complaints that it placed an unfair burden on a small number of ­producers. Coal-fired power stations generate about 60 per cent of the state’s electricity supply.

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Australia to consider European-style right to be forgotten privacy laws

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Original article by Paul Karp
The Guardian Australia – Page: Online : 19-Jan-23

Attorney-General Mark Dreyfus says the federal government will pursue a major overhaul of the Privacy Act. He had stated in late 2022 that the legislation is not "fit-for-purpose" in the digital due to inaction by the former Coalition government. Amongst other things, potential reforms could include introducing a statutory tort of privacy, which would give people the right to seek damages for breaches of their privacy. The so-called ‘right to be forgotten’ could also be on Labor’s agenda; this would allow people to request companies to erase their personal data if it is no longer necessary for the purpose for which it was collected.

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AUSTRALIA. ATTORNEY-GENERAL’S DEPT

Dozens more cases expose CFMEU to maximum fines

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 5 : 19-Jan-23

Court records show that the Fair Work Ombudsman is currently handling 35 open cases involving the Construction, Forestry, Maritime, Mining & Energy Union. This includes five appeals launched by the CFMEU and one appeal that was instigated by the defunct Australian Building & Construction Commission. The ABCC’s case load was transferred to the FWO after the building industry watchdog was abolished in late 2022. Steven Amendola of law firm Kingston Reid says the CFMEU could potentially face total fines in excess of $5m if judges impose maximum or near-maximum penalties in each case.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, KINGSTON REID

Lib’s Senate push for Abbott

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Original article by Dennis Shanahan
The Australian – Page: 1 & 4 : 19-Jan-23

Liberal Party powerbroker Michael Kroger has suggested that former prime minister Tony Abbott should replace the late Jim Molan in the Senate. Kroger says he believes there is "no better candidate" than Abbott to fill the upper house vacancy, arguing that his experience in opposition would help the Coalition. However, Kroger emphasises any decision as to who will replace Molan for the remaining five years of his eight-year term is entirely up to the Liberals’ NSW division. Abbott lost the seat of Warringah at the 2019 election.

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LIBERAL PARTY OF AUSTRALIA, LIBERAL PARTY OF NEW SOUTH WALES

Albanese keeps door open to legislating Voice if the referendum fails

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Original article by Lisa Visentin
Brisbane Times – Page: Online : 19-Jan-23

Prime Minister Anthony Albanese is confident that the referendum on an Indigenous Voice to parliament will be passed. Albanese has stated that he is "not contemplating failure", although he has refused to rule out the option of legislating the Voice if the ‘No’ vote prevails. He has merely stated that there will be no constitutional change if the Voice referendum is rejected by voters. Meanwhile, Opposition leader Peter Dutton has again urged Labor to legislate the Voice before seeking to enshrine it in the Constitution.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Australian unemployment increased to 9.3% in December in line with the usual seasonal trends for this time of the year

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Original article by Roy Morgan
Market Research Update – Page: Online : 19-Jan-23

The latest Roy Morgan employment series data shows that 1.38 million Australians (9.3% of the workforce) were unemployed in December, up 46,000 from November. The increase in unemployment was in line with the usual seasonal trends seen at this time of the year as school leavers and university students joined the workforce. The number of Australians looking for full-time work rose 89,000 to 595,000 in December, while the number of people looking for part-time work fell 43,000 to 789,000. Some 1.36 million Australians (9.1% of the workforce) were under-employed – working part-time but looking for more work – down 16,000 from November. In total, 2.74 million Australians (19.4% of the workforce) were either unemployed or under-employed in December, up 30,000 on November. Meanwhile, employment decreased by 12,000 to 13,568,000 in December. This was driven by a drop in full-time employment (down 97,000 to 8,771,000), although part-time employment increased in line with the usual seasonal trends (up by 85,000 to 4,797,000). Roy Morgan’s under-employment figure of 9.1% is over 3% points higher than the ABS estimate of 5.8% for November.

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ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Virgin IPO could be tough sell as bankers question timing

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Original article by Aaron Weinman
The Australian Financial Review – Page: 13 & 18 : 18-Jan-23

Private equity firm Bain Capital is widely tipped to proceed with an IPO of Virgin Australia in the second half of 2023. The mooted sharemarket float could be well-timed, given that airlines are benefiting from a post-pandemic upturn in demand for travel and the reopening of Australia’s borders to international tourists. However, some observers are concerned that demand for travel may peak ahead of the float, as growing pressure on household budgets due to rising interest rates and energy bills prompts them to reprioritise their spending. Some bankers also suggest that the high cost of international airfares and a lower Australian dollar will benefit Virgin, which has shifted its focus to the domestic market under Bain’s ownership.

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VIRGIN AUSTRALIA HOLDINGS LIMITED, BAIN CAPITAL LLC

Loss of patriot Molan leaves Libs with awkward decision

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Original article by Andrew Tillett
The Australian Financial Review – Page: 2 : 18-Jan-23

Opposition Leader Peter Dutton has paid tribute to NSW Liberal senator Jim Molan, who has died at the age of 72. The Australian Army veteran unsuccessfully contested the 2016 federal election, but he was appointed to fill a vacancy in the upper house when Nationals senator Fiona Nash was disqualified due to British citizenship by descent. Molan had more than five years left of his eight-year term, and senior Liberal sources have indicated that the party may delay filling the casual vacancy to avoid creating a distraction for the NSW government ahead of the state election in March. The seat could also potentially provide an opening for Premier Dominic Perrottet to enter federal politics if he loses the election.

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LIBERAL PARTY OF AUSTRALIA

China’s drop in births a global threat

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Original article by Michael Smith, Ronald Mizen
The Australian Financial Review – Page: 1 & 11 : 18-Jan-23

University of Wisconsin-Madison demographer Yi Fuxian says China’s declining birth rate will have long-term implications for the global economy. The Chinese government has advised that the nation’s population fell by 850,000 in calendar 2022, to 1.412 billion. The number of deaths exceeded births for the first time in six decades, with factors such as the rising cost of living and COVID-19 restrictions deterring many couples from having more than one child. The demographic shift in China will have a limited impact on the nation’s economy in the short-term; however, demographers warn that China is likely to face labour shortages in 20-30 years’ time, which will affect the global supply of manufactured goods.

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UNIVERSITY OF WISCONSIN-MADISON