Open banking delayed due to data concerns

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 7 : 4-Jul-19

The federal government’s open banking regime is slated to begin on 1 February 2020, although this will require the Consumer Data Right bill to be passed by the end of July. Shadow financial services minister Stephen Jones says Labor has some concerns about how customers’ data is used and retained under the new regime, which will need to be addressed if Labor is to support the legislation. Jones has questioned whether there will be sufficient time to pass the bill before parliament rises for the winter break.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MACQUARIE GROUP LIMITED – ASX MQG

Media bosses in dark on charges

roymorgansocial Leave a comment

Original article by Rosie Lewis
The Australian – Page: 4 : 4-Jul-19

Attorney-General Christian Porter and Communications Minister Paul Fletcher held talks with media industry representatives on 3 July. The meeting failed to ease the media sector’s concerns about Australian Federal Police raids on the ABC’s Sydney office and the home of a News Corp Australia journalist in early June, and whether journalists will face prosecution as a result of the raids. Media executives have also expressed reservations about the government’s plans for the parliamentary joint committee on intelligence and security to hold an inquiry into press freedom.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN BROADCASTING CORPORATION, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SPECIAL BROADCASTING SERVICE (SBS), FREE TV AUSTRALIA LIMITED, AUSTRALIA. PARLIAMENTARY JOINT COMMITTEE ON INTELLIGENCE AND SECURITY, AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE

PM wins battle over tax cuts

roymorgansocial Leave a comment

Original article by Simon Benson, Rosie Lewis
The Australian – Page: 1 & 4 : 4-Jul-19

Senior federal government sources have indicated that independent senator Jacqui Lambie has agreed to support the Coalition’s full income tax cuts package. Lambie had pushed for the government to waive the $157m public housing debt of her home state of Tasmania in return for backing the tax bill. Fellow independent Cory Bernardi and Centre Alliance’s Rex Patrick and Stirling Griff will also support the full tax package, giving the Coalition sufficient numbers in the Senate to pass it. Labor will decide its stance on the tax package before it is put before the Senate on 4 July.

CORPORATES
CENTRE ALLIANCE, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE, ONE NATION PARTY

Supermarkets, Pubs and Pokies – poles apart in Trust and Distrust

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 4-Jul-19

The latest research from the Roy Morgan Trust and Distrust Monitor shows that Retail and Supermarkets have the highest Net Trust Score (NTS). Gambling is at the other extreme, with a negative NTS – more Australians distrust gambling companies than trust them, while and Food and Beverage companies are in the middle. Banks remain in negative territory, on an annual basis, but the last quarter has shown signs of improvement.

CORPORATES
ROY MORGAN LIMITED

Miners cashing in as iron ore price surges

roymorgansocial Leave a comment

Original article by Nick Evans
The Australian – Page: 28 : 4-Jul-19

The price of iron ore from the Pilbara peaked at $US185 per tonne in 2011, when the Australian dollar was at parity with its US counterpart. The headline price of Pilbara iron ore is now trading at almost $US125 a tonne, which equates to a relative price of nearly $US180 a tonne when a much lower exchange rate is taken into account. Macquarie says the spot price of iron ore may have further to run, given that stockpiles at Chinese ports are continuing to decline. Meanwhile, BHP and Fortescue Metals Group are likely to exceed their revised guidance for 2018-19 iron ore export volumes after strong performances in June.

CORPORATES
BHP GROUP LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, RIO TINTO LIMITED – ASX RIO, MACQUARIE GROUP LIMITED – ASX MQG, HANCOCK PROSPECTING PTY LTD, ATLAS IRON LIMITED, MINERAL RESOURCES LIMITED – ASX MIN, VALE SA

Big four rate game plan takes shape

roymorgansocial Leave a comment

Original article by James Frost
The Australian Financial Review – Page: 9 : 3-Jul-19

The ANZ Bank’s s variable mortgage interest rates for all customers will be reduced by 25 basis points, in line with the Reserve Bank’s official interest rate cut. The Commonwealth Bank in turn will reduce its rates for interest-only customers by 25 basis points, although those with principal and interest loans will receive a rate cut of just 19 basis points. Meanwhile, Westpac will reduce its mortgage interest rates by 20 basis points, and the ANZ Bank’s will be cut by 19 basis points.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, RESERVE BANK OF AUSTRALIA, ATHENA HOME LOANS PTY LTD, AUSTRALIA. DEPT OF THE TREASURY

MUA’s challenge to enterprise agreement with VICT thrown out

roymorgansocial Leave a comment

Original article by David Marin-Guzman
The Australian Financial Review – Page: 10 : 3-Jul-19

A spokesman for Victorian International Container Terminal says the company is likely to seek costs against the Maritime Union of Australia after a court dismissed a challenge to its enterprise agreement. The legal challenge was mounted by dock worker Richard Lunt, but the Federal Court’s Justice Darryl Rangiah ruled that he was a ‘front man’ for the MUA, and that the case was an abuse of process. VICT’s Webb Dock terminal in Melbourne was unlawfully picketed by the MUA in late 2017.

CORPORATES
VICTORIAN INTERNATIONAL CONTAINER TERMINAL PTY LTD, MARITIME UNION OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA

Labor fails to change tax cuts timetable

roymorgansocial Leave a comment

Original article by Geoff Chambers
The Australian – Page: 5 : 3-Jul-19

The federal government has rejected Labor’s proposed amendments to its income tax package that would have brought forward the second stage of the tax cuts. Labor’s push to exclude the third-stage tax cuts from the package and to accelerate investment in infrastructure was also defeated in the lower house. Shadow treasurer Jim Chalmers says the Reserve Bank’s latest interest rate cut demonstrates the need for more economic stimulus. The Coalition requires the support of four crossbenchers to pass the full tax package in the Senate, and it is confident of doing so.

CORPORATES
AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, CENTRE ALLIANCE

Digital giants must take rap for online comments

roymorgansocial Leave a comment

Original article by Hugh Marks
The Australian Financial Review – Page: 39 : 3-Jul-19

Australian media companies receive little or no revenue from making their content available via digital platforms such as Facebook and Google. However, a recent court ruling means local media companies can be held liable for defamatory comments that are posted on their Facebook pages. At the same time, Facebook’s terms of use do not allow media companies to turn off comments. The federal government needs to take action regarding the issue of control over media content on digital platforms; it must also clarify who is liable for defamatory comments that are posted on such platforms.

CORPORATES
FACEBOOK INCORPORATED, GOOGLE INCORPORATED, SUPREME COURT OF NEW SOUTH WALES, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC

Iron ore surges past $US120 but softer China demand looms

roymorgansocial Leave a comment

Original article by Luke Housego
The Australian Financial Review – Page: 13 & 27 : 3-Jul-19

Shares in Australia’s three major iron ore producers rallied on 2 July after the price of the steel input rose above $US120 per tonne. Factors such as supply constraints and record Chinese demand for steel have been key drivers of the iron ore price in 2019. However, some market watchers believe that the current price of iron ore cannot be sustained, given the uncertain outlook for the Chinese economy. Fortescue Metals Group’s shares have gained 139 per cent so far in 2019, while BHP and Rio Tinto have gained 28 per cent and 41 per cent respectively.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, GRIFFITH ASIA INSTITUTE, THE CHAMBER OF MINERALS AND ENERGY OF WESTERN AUSTRALIA INCORPORATED