Optus tells customers affected by data breach they can no longer use passports as online ID

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Original article by Tory Shepherd
The Guardian Australia – Page: Online : 18-Oct-22

Sydney Optus customer Daniel Reeders says he is angry that the telco did not tell customers whose passports were exposed under its recent data breach that it would ask the federal government to block those numbers from the national Document Verification System. Reeders does not drive so his passport number is his main means of identification, and he was one of over 100,000 Optus customers who had their passport numbers exposed by the hack; he had been told that he did not need to begin the process of getting a new one, prior to learning what Optus had asked the government to do.

CORPORATES
SINGTEL OPTUS PTY LTD

Threadbare ethics of Australia’s fashion brands shown in charity group’s report

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Original article by Genevieve Thorpe
The New Daily – Page: Online : 18-Oct-22

Charity organisation Baptist World Aid has released its annual ‘Ethical Fashion Guide’, in which it assesses 581 fashion and footwear brands against six key areas, including use of sustainable fibres, commitment to climate action and payment of living wages. The brands were ranked out of 100, with the total average score being just 29.25, down from 33.6 in 2021. Ethical underwear brand Mighty Good Basics achieved the highest score with 86 points, while 40 per cent of brands had no idea where their raw materials come from.

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BAPTIST WORLD AID

ALP razor gang eyeing veterans, bushfire funds

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Original article by Greg Brown
The Australian – Page: 4 : 18-Oct-22

Labor’s ‘razor gang’ is looking to make savings from the Community Development Grants Program, with one grant under scrutiny being one of $15 million to establish veteran wellbeing centres in three regional cities. Another grant potentially under scrutiny is one of almost $6 million to repair fire recovery centres in the Victorian towns of Ensay and Sarsfield, which were hit by the Black Summer bushfires. However, despite Labor’s review of the Community Development Grants Program, Prime Minister Anthony Albanese says regional Australia will not get left behind in its upcoming budget.

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AUSTRALIAN LABOR PARTY

ABC calls for mandate to ensure it hosts federal election debate

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Original article by Amanda Meade
The Guardian Australia – Page: Online : 18-Oct-22

A parliamentary committee is examining the conduct of the 2022 federal election, and is looking at issues such as voting rules and political donation laws. In its submission to the committee’s inquiry, the ABC has called for legislation that would see it host and broadcast at least one leaders’ debate during a federal election campaign. Then Prime Minister Scott Morrison accepted invitations to take part in debates with Anthony Albanese on the Seven and Nine networks and Sky News Australia during the 2022 election campaign, but refused to appear on the ABC. In arguing its case for at least one debate, the ABC noted in its submission that research has revealed it is the most trusted media brand, while it also pointed out it has Australia’s biggest "broadcast footprint".

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE NETWORK AUSTRALIA LIMITED, SKY NEWS

Clough on the brink amid fresh contract blowouts

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Original article by Nick Evans, Perry Williams
The Australian – Page: 17 : 18-Oct-22

Murray & Roberts has advised the Johannesburg Stock Exchange that cost blowouts at the Waitsia gas project and a petrochemicals plant in Texas will reduce its profit for the six months to December. The company’s Australian subsidiary Clough is undertaking engineering work on the two projects, and Clough CEO Peter Bennett has advised staff that the contractor’s financial position has worsened since an update in early September. He also said Clough and its parent are looking at options for the company. Clough recently opened a data room for prospective buyers of the business, while sources have indicated that voluntary administration may also be an option.

CORPORATES
CLOUGH LIMITED, MURRAY AND ROBERTS HOLDINGS LIMITED, JOHANNESBURG STOCK EXCHANGE

Superannuation fund returns go negative in September as markets weaken

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Original article by Rod Myer
The New Daily – Page: Online : 18-Oct-22

Data from SuperRatings shows that the average balanced superannuation fund lost 3.1 per cent in value during September and 5.7 per cent in the year to September. Factors such as rising inflation and interest rates have weighed on super returns in 2022. SuperRatings’ executive director Kirby Rappell anticipates a challenging calendar year for returns in the sector. However, Rappell emphasises that super is a long-term investment, and he notes that balanced funds have returned an average of at least seven per cent over time.

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SUPERRATINGS PTY LTD

The hidden message in Rupert Murdoch’s latest manoeuvre

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Original article by John McDuling
The Age – Page: Online : 18-Oct-22

Rupert Murdoch’s proposal to reunify News Corp and Fox Corp is worthy of scrutiny. Both companies have changed significantly since being split in 2013. News Corp now derives the bulk of its revenue from digital real estate advertising rather than newspapers; likewise, Fox Corp’s focus has shifted to live news and sports after selling most of its entertainment assets to Disney. Combining the two companies makes some strategic sense, with the potential for greater cross-promotion across media platforms. Meanwhile, Barclays analysts have speculated that the reunification proposal may be aimed at preparing the companies for even more challenging economic conditions.

CORPORATES
NEWS CORPORATION – ASX NWS, FOX CORPORATION, BARCLAYS BANK PLC

Chalmers warns of rates-driven inflation

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Original article by Ronald Mizen, Matthew Cranston
The Australian Financial Review – Page: 4 : 12-Oct-22

Treasurer Jim Chalmers says the world is facing a "substantial" global economic downturn, although he adds that the federal government’s first Budget on 25 October will not forecast a recession in Australia. Chalmers has also warned that the widening gap between interest rates in Australia and the US could boost inflation by putting downward pressure on the Australian dollar and making imports more expensive. Meanwhile, the International Monetary Fund now expects the Australian economy to grow by just 1.9 per cent in 2023; it had previously forecast growth of 2.2 per cent. The IMF has also downgraded its global growth forecast.

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AUSTRALIA. DEPT OF THE TREASURY, INTERNATIONAL MONETARY FUND

ANZ-Roy Morgan Consumer Confidence drops 0.9pts to 84.6 after RBA raises interest rates to nine-year high of 2.6%

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Original article by Roy Morgan
Market Research Update – Page: Online : 12-Oct-22

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 84.6 in the week ended 9 October. It is now 21pts below the same week a year ago (105.6), and 5.9pts below the 2022 weekly average of 90.5. The fall in Consumer Confidence was patchy, with three States down (NSW, Victoria and WA) and two States increasing slightly (Queensland and SA). Now 23% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 44% (up 2ppts) say their families are ‘worse off’ financially. Some 32% (up 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, while 30% (down 1ppt) 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% (up 2ppts) expect ‘bad times’. Meanwhile, 24% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 45% (up 2ppts) say now is a ‘bad time to buy’.

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

Treasurer tipped for $114b revenue windfall

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Original article by Tom McIlroy, Ronald Mizen
The Australian Financial Review – Page: 4 : 12-Oct-22

Deloitte Access Economics has forecast that the federal government’s Budget on 25 October will include additional revenue of $114.4bn over four years. Deloitte also anticipates that government spending will be higher than expected, and the firm has forecast that cumulative underlying cash deficits will be $45.5bn lower over four years. Stephen Smith of Deloitte says the strength of the domestic economy is a key reason why Australia has emerged from the pandemic with a budget position that is far healthier than most of its peers.

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DELOITTE ACCESS ECONOMICS PTY LTD