Protests cost economy $1bn

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Original article by Geoff Chambers, Dennis Shanahan
The Australian – Page: 1 & 4 : 10-Jun-20

The timetable for the further easing of coronavirus lockdown restrictions may be pushed back due to the recent Black Lives Matter protests across Australia. The national cabinet meeting on 12 June had been expected to approve the easing of stage two restrictions, but the Australian Health Protection Principal Committee believes that it will take up to 14 days to determine whether the protests have caused a fresh outbreak of the virus. Meanwhile, ACTU secretary Sally McManus says the potential for a second wave of infections means that lockdown restrictions must remain in place until medical professionals advise that it is safe to lift them.

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AUSTRALIAN HEALTH PROTECTION PRINCIPAL COMMITTEE, ACTU

Awareness of buy-now-pay-later services Afterpay and Zip soars to over 12.3 million Australians

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Original article by Roy Morgan
Market Research Update – Page: Online : 10-Jun-20

The latest Roy Morgan Digital Payments Report shows that over 12.3 million Australians (59%) are now aware of buy-now-pay-later services such as Afterpay and Zip – up 22.1% in only 18 months. Afterpay is the clear market leader, with 55.8% of Australians aware of the service in the year to March 2020, up by 22% since September 2018. Main rival Zip is also making a significant impression on the Australian marketplace with over a third of Australians (35.2%) now aware of Zip – almost doubling awareness of the service in only 18 months. These new digital payment findings are from Roy Morgan Single Source, Australia’s leading consumer survey, compiled by comprehensive interviews with a sample of over 1,000 Australians each week.

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ROY MORGAN LIMITED, AFTERPAY LIMITED – ASX APT, ZIP CO LIMITED – ASX Z1P

Asset write-off extension to aid business

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Original article by Matthew Cranston, Tom McIlroy
The Australian Financial Review – Page: 1 & 4 : 9-Jun-20

The federal government will extend its $150,000 instant asset write-off scheme for another six months. It will be accessible to companies with annual turnover of less than $500 million, which covers more than 3.5 million businesses employing over 9.7 million people. Council of Small Business Organisations CEO Peter Strong says the government has done the right thing by the small business sector in extending the scheme.

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COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED

Beijing’s espionage, tech-theft has global reach

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Original article by Ben Packham
The Australian – Page: 2 : 9-Jun-20

The Australian Strategic Policy Institute has released a report on the Chinese Communist Party’s ‘united front system’. The report discloses how China’s global influence network extends well beyond the CCP’s United Front Work Department, and has been issued at a time of increased concern about the CCP’s influence in Australia, including Victoria, where Premier Daniel Andrews has advisers with United Front links; Victoria has previously signed up to China’s Belt and Road Initiative. The report was written by ASPI analyst Alex Joske, whose previous paper stressed the risks of scientific collaborations with Chinese military researchers.

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AUSTRALIAN STRATEGIC POLICY INSTITUTE LIMITED, COMMUNIST PARTY (CHINA)

China turning off the cash tap

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Original article by Glenda Korporaal
The Australian – Page: 1 & 2 : 9-Jun-20

A report produced by KPMG and the University of Sydney shows that Chinese investment in Australia fell to a 12-year in 2019. Chinese investment fell by 60 per cent to $3.4bn in total, including the acquisition of Bellamy’s Australia for $1.5bn. The report also shows that China-based investors made just 42 deals in Australia during 2019, compared with 74 in 2018. The report covers completed deals worth more than $US5m. Doug Ferguson of KPMG says Chinese investment in Australia is likely to continue to fall in 2020.

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KPMG AUSTRALIA PTY LTD

Iron ore surge a $100b elixir for coronavirus

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Original article by Brad Thompson
The Australian Financial Review – Page: 15 & 21 : 9-Jun-20

The rally in the price of iron ore to more than $US100 a tonne will boost federal government revenue by about $2.3bn. The 2019-20 Budget forecasts were based on the iron ore price averaging about $US62 when shipping costs are included, but it is currently averaging more than $80 a tonne. Australia’s export revenue from iron ore is set to top $100bn in 2019-20, eclipsing the previous annual record of $76bn in 2018-19. Meanwhile, shares in Australia’s three major iron ore producers have rallied since the end of March, and investors are set to receive big dividend payouts for the financial year.

CORPORATES
BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG

AAP enters final stages of sale, will continue to operate but says some jobs will be lost

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Original article by Hannah Blackiston
Mumbrella – Page: Online : 9-Jun-20

A consortium of investors and philanthropists headed by former News Corp Australia CEO Peter Tonagh is set to acquire the newswire business of Australian Associated Press. The consortium has commenced negotiations with AAP for a binding sale contract, and the deal is expected to be finalised by mid-June. The Media, Entertainment & Arts Alliance has welcomed the deal to sell the AAP Newswire business, but notes that it will result in the loss of some jobs. The consortium will retain 85-90 jobs, including at least 70 editorial staff. AAP’s existing shareholders will retain the other parts of its business.

CORPORATES
AUSTRALIAN ASSOCIATED PRESS PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

News in shared digital strategy

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Original article by Leo Shanahan
The Australian – Page: 19 : 8-Jun-20

News Corp Australia veteran Peter Blunden will head the media group’s new specialist network teams of journalists, which will produce content across its metropolitan, community and regional mastheads. He says the traditional ‘silo model’ of journalism is no longer relevant, and quality content must be shared across its portfolio of mastheads. Blunden has also defended the decision to adopt a digital-only model for some regional and community newspapers, arguing that the print editions were not sustainable.

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NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

AUSTRAC, Westpac head to court

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Original article by James Frost
The Australian Financial Review – Page: 19 : 9-Jun-20

Westpac and AUSTRAC are having difficulty agreeing on an agreed statement of facts as the two parties prepare to heard for court. AUSTRAC has accepted Westpac’s admission that it broke the law 23 million times, but AUSTRAC has indicated it plans to pursue Westpac for a series of "unquantifiable" breaches. Justice James Allsop said on 30 March that Westpac and AUSTRAC should be ready to go to trial "sooner than later" in a case that may well cost Westpac more than $1 billion to settle.

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WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

Business Confidence jumps in May, up 13pts to 89.9 – highest in Western Australia & South Australia

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Original article by Roy Morgan
Market Research Update – Page: Online : 9-Jun-20

In May 2020 Roy Morgan Business Confidence was up 13pts (+16.7%) to 89.9 and recovering significantly from the record low reached in April. Michele Levine, CEO of Roy Morgan, says: "For the first time in 2020 a majority of 50.5% of businesses expect the business will be ‘better off’ this time next year. The turnaround has been quickest in SA & WA. However, for the Australian economy to really get moving, the Governments of NSW and Victoria must improve their low Business Confidence by encouraging businesses to invest and seek opportunities for growth in the year ahead."

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ROY MORGAN LIMITED