More Australians switching insurance since COVID-19

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Original article by Roy Morgan
Market Research Update – Page: Online : 9-Jun-21

New data from Roy Morgan shows that since the COVID-19 pandemic began, Australians with either vehicle insurance or household insurance have been far more likely to switch their insurance provider, and also far more likely to consider switching after looking for deals from other companies. In the year to March 2021, only 62.9% of the nation’s 30 million+ vehicle insurance policies (including Compulsory Third Party) were renewed without approaching another company, down from 77.9% in the year to March 2020. There was a significant increase in vehicle insurance policies that were renewed only after approaching other companies, up 9.2% points to 23.5%. There was a similar trend in the household insurance market, which comprises nearly 25 million policies. Some 68.1% of these policies were renewed without approaching another company, down 12.3% points from the year to March 2020 when 80.4% of household insurance policies were renewed. Meanwhile, 22% of household insurance policies were renewed after approaching other companies, up 7.7% points from a year ago, and 6.1% of policies were ‘switched’ from another company, up from 3.7% a year ago. These are some of the latest findings from Roy Morgan’s Single Source insurance data derived from in-depth personal interviews conducted with over 50,000 Australians per annum, including details of over 75,000 vehicle insurance policies and over 65,000 household insurance policies.

CORPORATES
ROY MORGAN LIMITED

Trump calls for $13 trillion in Covid reparations from China

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Original article by Alex Leary
The Australian – Page: 9 : 7-Jun-21

Former US president Donald Trump has used a campaign-style speech in North Carolina to argue that China should pay reparations of $US10 trillion ($12.9 trillion) for the global damage caused by COVID-19. He said the US and the world must demand reparations and accountability from the Communist Party of China for the pandemic, which is estimated to have killed more than 3.7 million people to date. Trump’s comments were made in the wake of growing speculation that the virus leaked from a Chinese lab. Trump also called for the US to impose a tariff of 100 per cent tariff on all Chinese-made goods.

CORPORATES
COMMUNIST PARTY (CHINA)

Guardian expected to ink Facebook deal within days

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Original article by Miranda Ward
The Australian Financial Review – Page: 29 : 7-Jun-21

Online news publisher Guardian Australia is poised to secure a revenue-sharing deal with Facebook under the news media bargaining code. Industry sources say the deal will be completed within days, and it is believed to involve supplying content for the Facebook News product, which has yet to be launched. Facebook has already secured content deals with a number of Australian media companies, including News Corp, Nine Entertainment and Australian Community Media. Guardian Australia signed a content deal with Google earlier in 2021.

CORPORATES
GUARDIAN AUSTRALIA, FACEBOOK AUSTRALIA PTY LTD, FACEBOOK INCORPORATED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, AUSTRALIAN COMMUNITY MEDIA PTY LTD, GOOGLE AUSTRALIA PTY LTD, GOOGLE INCORPORATED

Bosses and unions unite to urge senator’s vote against seriously flawed super reform bill

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Original article by Patrick Commins
The Australian – Page: 7 : 7-Jun-21

The ACTU and the Australian Industry Group have joined forces to call for the ‘Your Super, Your Future’ legislation to be rejected by the Senate. They contend that the bill still has some major flaws; it recently passed the lower house following the removal of provisions which allow the federal government to veto investments made by superannuation funds that are not deemed to be in members’ best interests. Amongst other things, the ACTU and the Ai Group are concerned that the bill will result in people being stuck in underperforming super funds.

CORPORATES
ACTU, THE AUSTRALIAN INDUSTRY GROUP

Tech giants targeted by historic G7 deal

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Original article by David Milliken, Kate Holten
The Australian Financial Review – Page: Online : 7-Jun-21

The Group of Seven finance ministers have committed to a deal that would see a minimum global corporate tax rate of at least 15 per cent. US Treasury Secretary Janet Yellen said it would mean an end to what she referred to as a "race to the bottom on global taxation", while Facebook has stated that it expects to pay more tax in more countries as a result of the deal. German finance minister Olaf Scholz claimed the deal was "bad news for tax havens around the world", but Irish finance minister Paschal Donohoe said any global deal needs to take small nations into account; Ireland has a corporate tax rate of just 12.5 per cent.

CORPORATES
GROUP OF SEVEN (G-7), UNITED STATES. DEPT OF THE TREASURY

BHP to overtake Rio in premium iron ore

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Original article by Peter Ker
The Australian Financial Review – Page: Online : 7-Jun-21

BHP could soon become Australia’s biggest exporter of ‘lump’ iron ore following the recent start of production at its new South Flank mine in the Pilbara. Lump iron ore is a premium product that attracts a higher price than ‘fines’, which is Australia’s biggest iron ore export. Lump iron ore can be used in steel-making without first undergoing the sintering process, which is both energy-intensive and generates carbon emissions. The South Flank mine will increase the proportion of lump in BHP’s iron ore exports to 30-33 per cent, compared with 24-25 per cent in recent years.

CORPORATES
BHP GROUP LIMITED – ASX BHP

World facing a long-term Covid aftermath

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Original article by Max Maddison
The Australian – Page: 4 : 7-Jun-21

Research undertaken at Murdoch University’s Australian National Phenome Centre has added to the growing body of evidence that so-called ‘long-Covid’ may have more serious health consequences than COVID-19 itself. The research shows that people who have a strong immune response to the virus trigger a biochemical reaction that can result in long-term health problems, including heart disease and liver dysfunction. One of the researchers, Jeremy Nicholson, is still experiencing side-effects some 14 months after contracting COVID-19; he also developed type-2 diabetes after recovering from the virus.

CORPORATES
MURDOCH UNIVERSITY

Fears over mystery Melbourne Covid cluster

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Original article by Grant McArthur
Herald Sun – Page: 9 : 7-Jun-21

Four new locally-acquired COVID-19 cases have been reported in Victoria in the last 24 hours. They include a resident and a nurse at an aged-care facility that has reported two previous infections; both of these cases will be included in the case numbers for 7 June. Meanwhile, health authorities are hopeful that the northern suburbs outbreak that prompted the latest lockdown in Melbourne has been contained, as all of the initial close contacts of people in the cluster are no longer required to self-isolate. However, deputy chief health officer Allen Cheng has downplayed the prospect of the lockdown ending ahead of schedule; he say attention has shifted to the West Melbourne cluster, which now comprises 10 people with the more infectious Delta variant of COVID-19. There are 85 active cases in Victoria, including six new cases in hotel quarantine.

CORPORATES
VICTORIA. DEPT OF HEALTH

Four Corners morale is at an all-time low

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Original article by James Madden
The Australian – Page: 19 : 7-Jun-21

The ABC’s decision to delay a ‘Four Corners’ program on the alleged links between Prime Minister Scott Morrison and a supporter of the QAnon movement is said to have caused a rift within the public broadcaster. ABC news director Gavin Morris referred the story to MD David Anderson, who decided that the story was not ready to be broadcast. The decision has angered senior journalist Louise Milligan and the executive producer of ‘Four Corners’, Sally Neighbour. The internal row follows the ABC’s recent legal dispute with former attorney-general Christian Porter.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Australian unemployment increases 186,000 to 10.3% in May – a month after the end of JobKeeper

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Original article by Roy Morgan
Market Research Update – Page: Online : 7-Jun-21

The latest Roy Morgan employment series data shows that 1.49 million Australians were unemployed in May, up 186,000 on April for an unemployment rate of 10.3%. Some 13.07 million Australians were employed in May, just below the record high in April: a record 8,679,000 workers were employed full-time, an increase of 145,000 from April and the seventh straight monthly increase. However, the increase in full-time employment was offset by a drop of 367,000 in part-time employment, to 4,390,000. In addition to those who were unemployed, 1.26 million Australians (8.6% of the workforce) were under-employed – working part-time but looking for more work. This was a decrease of 101,000 on April. In total 2.75 million Australians (18.9% of the workforce) were either unemployed or under-employed in May, an increase of 85,000 on April. The increase was driven by rising unemployment in May. Roy Morgan’s unemployment figure of 10.3% for May is over 4% points higher than the current ABS estimate for April 2021 of 5.5%

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS