Morrison: ANZUS Libs’ greatest move

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Original article by Troy Bramston
The Australian – Page: 1 & 4 : 9-Oct-19

Prime Minister Scott Morrison has attributed the Liberal Party’s electoral success and longevity in government to the fact that it is a ‘common sense’ and ‘pragmatic’ party that has broad appeal. Morrison has identified the ANZUS Treaty, which was signed in 1951, as the Liberal Party’s most important achievement in government. Morrison adds that he has always wanted to serve his country, but never had any ambitions of becoming Liberal leader or prime minister.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA

Doubts about Fortescue’s Simandou bid

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Original article by Nick Evans
The Australian – Page: 21 : 9-Oct-19

Lyndon Fagan of JP Morgan has expressed reservations about Fortescue Metals Group’s bid for blocks 1 and 2 of the Simandou iron ore project in Guinea. He says a successful bid may not be welcomed by shareholders, given the sovereign risks associated with the West African nation. He adds that given Simandou’s high-grade iron ore and the fact that it is likely to be developed, Fortescue may be taking the view that it is better to participate in a project that will compete with Fortescue’s own Pilbara operations.

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FORTESCUE METALS GROUP LIMITED – ASX FMG, JP MORGAN AUSTRALIA LIMITED, MORGAN STANLEY AUSTRALIA LIMITED

QE would kill finance and capitalism, McKibbin warns

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Original article by John Kehoe
The Australian Financial Review – Page: 6 : 9-Oct-19

Former Reserve Bank board member Warwick McKibbin has cautioned against any move to reduce implement quantitative easing in Australia. He argues that unconventional monetary policy in Europe is merely propping up financially unsustainable businesses while restricting access to capital for new businesses. He adds that reducing interest rates below a certain level merely distorts capital without providing any economic stimulus. Some economists expect the cash rate to fall to 0.5 per cent in coming months.

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RESERVE BANK OF AUSTRALIA, BANK FOR INTERNATIONAL SETTLEMENTS, AUSTRALIAN NATIONAL UNIVERSITY

ANZ-Roy Morgan Consumer Confidence reverses to 112.3

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Original article by Roy Morgan
Market Research Update – Page: Online : 9-Oct-19

ANZ-Roy Morgan Australian Consumer Confidence fell 2.1% to 112.3 in the week ended 6 October, after gaining 4.2% in the previous reading. Households’ views towards current financial conditions fell 4.7%, while views towards future financial conditions lost 5.0%. Consumers’ views toward current economic conditions fell 1.7% and views towards future economic conditions fell 1.1%. The ‘time to buy a major household item’ continued to recover after falling to a 10-year low in recent weeks, although it remains below its long-term average. Inflation expectations rose 0.1 ppt to 4.1%.

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

Research on how cells adapt to oxygen earns trio Nobel Prize for medicine

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The New Daily – Page: Online : 8-Oct-19

Scientists William Kaelin, Gregg Semenza and Peter Ratcliffe have been awarded the 2019 Nobel Prize for Medicine for their work in determining how cells adapt to oxygen levels. In awarding the prize to Kaelin, Semenza and Ratcliffe, the Nobel Assembly at Sweden’s Karolinska Institute noted that oxygen sensing is central to a large number of diseases. Their work is tipped to help find new methods for combating diseases such as cancer and anaemia.

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KAROLINSKA INSTITUTE

Australia: rich, but getting dumber

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Original article by Aaron Patrick
The Australian Financial Review – Page: 7 : 8-Oct-19

The Harvard Kennedy School’s Center for International Development has developed an Atlas of Economic Complexity, with Australia being ranked as having one of the least complex economies. The Atlas measures the diversity and sophistication of national exports, with almost all of Australia’s exports not requiring a degree to make. The Center for International Development contends that for countries to get richer that they need to develop more sophisticated products, but Australia has been very tardy when it comes to innovation.

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HARVARD UNIVERSITY. HARVARD KENNEDY SCHOOL. CENTER FOR INTERNATIONAL DEVELOPMENT

Coalition faces Senate battle to pass big reforms

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Original article by Rosie Lewis
The Australian – Page: 2 : 8-Oct-19

The federal government has identified a number of legislative priorities when Parliament resumes on 14 October. However, analysis suggests that the Coalition may lack the numbers to pass up to seven bills in the Senate, including the Ensuring Integrity Bill and a religious discrimination bill. The proposed first-home loan deposit scheme is the only government initiative that appears to have sufficient support in both houses at present, after Labor agreed to back the bill.

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AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF FINANCE

We’ve ourselves to blame for paying banks too much

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Original article by Adam Creighton
The Australian – Page: 12 : 8-Oct-19

Australia’s banks have attracted widespread criticism for reducing their mortgate rates by about half of the 0.25 per cent official interest rate cut on 1 October. However, banks are entitled to pass on as much or as little of the cash rate cut as they like, and customers can easily switch to another lender if they are dissatisfied. Consumers effectively pay a loyalty tax for remaining with their existing lender; this may be more appropriately called a stupidity tax, as it raises some $6.3bn each year for mortgage lenders. While banks are the biggest beneficiary of the stupidity tax, it is paid across the economy.

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RESERVE BANK OF AUSTRALIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

More work to do for CBA boss

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Original article by Joyce Moullakis
The Australian – Page: 17 & 21 : 8-Oct-19

Commonwealth Bank of Australia CEO Matt Comyn is seeking feedback from customers about what it is doing right and areas in which it can improve. He has sent a letter to customers in which he concedes that CBA still has a lot of work to do to restore its reputation in the wake of a series of scandals. Comyn has also written to employees, stating that amongst other things, the bank must keep listening to customers, complete a remediation program and implement the recommendations of the Hayne royal commission. CBA will provide a live stream of its upcoming customer forum in Brisbane.

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COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, RESERVE BANK OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMINSURE

Denialists are to blame for high power bills: Turnbull

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Original article by Troy Bramston
The Australian – Page: 1 & 2 : 8-Oct-19

Former prime minister Malcolm Turnbull says the federal government’s lack of a ‘­coherent’ national energy policy has resulted in higher electricity prices in Australia and higher greenhouse gas emissions. He has also accused the Liberal Party of having been influenced by a group that is "denialist and reactionary" on the issue of climate change. Turnbull contends that Robert Menzies regarded the Liberal Party as being ‘genuinely progressive’ rather than a ‘conventional conservative party’. He argues that the term ‘conservative’ has lost its true meaning.

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LIBERAL PARTY OF AUSTRALIA