Aged care next for a pay rise from taxpayers

roymorgansocial Leave a comment

Original article by Ewin Hannan
The Australian – Page: 4 : 1-May-19

Opposition Leader Bill Shorten says Labor has no plans to extend its taxpayer-funded pay rise for childcare workers to other low-paid sectors. He says the policy takes into account the "unique" status of childcare workers. However, Council on the Ageing CEO Ian Yates says increasing the wages of aged-care staff should also be a priority for Labor if it wins the election, noting that they are also underpaid and undertrained. Shorten has signalled that Labor could look at wage increases for these workers after the aged-care royal commission delivers its final report in April 2020.

CORPORATES
AUSTRALIAN LABOR PARTY, COUNCIL ON THE AGEING, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIA. ROYAL COMMISSION INTO AGED CARE QUALITY AND SAFETY

Newcrest seeks time to fix its tailings dam

roymorgansocial Leave a comment

Original article by Nick Evans
The Australian – Page: 24 : 1-May-19

Newcrest Mining has advised that it produced 623,000 ounces of gold during the March quarter, which is five per cent lower than in the December 2018 quarter. Its average all-in sustaining cost rose by $18 to $738 an ounce during the period, although its average margin on gold sales rose by $48 to $563 an ounce. Meanwhile, CEO Sandeep Biswas says Newcrest has accepted all of the findings and recommendations of an independent panel’s review of the partial collapse of a tailings dam wall at its Cadia mine in March 2018.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM

Westpac to take $753m earnings hit

roymorgansocial Leave a comment

Original article by Richard Gluyas
The Australian – Page: 19 : 1-May-19

Westpac has advised that its 2018-19 interim cash profit will be marred by writedowns totalling $753m. The bank has increased its half-year provisions for customer remediation by $357m, to $617m in total. Westpac’s financial accounts will also include provisions totalling $136m in relation to the restructuring of its wealth division. Westpac will report its half-year results on 6 May. The ANZ Bank and National Australia Bank will also release their interim results in coming days.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, BT FINANCIAL GROUP PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AMP LIMITED – ASX AMP, MACQUARIE GROUP LIMITED – ASX MQG, VIRIDIAN ADVISORY PTY LTD

Catalano swoops on Nine’s regional papers

roymorgansocial Leave a comment

Original article by John Stensholt, Lilly Vitorovich
The Australian – Page: 19 & 24 : 1-May-19

Nine Entertainment Company has sold its portfolio of regional newspapers to former Domain Holdings CEO Antony Catalano. He will pay $125m for the assets in partnership with Alex Waislitz’s Thorney Investment Group. Catalano forecasts that the Australian Community Media business will post EBITDA of around $42m in 2018-19 and about $50m in 2019-20. The Media Entertainment & Arts Alliance has urged ACM’s new owners to commit to maintaining quality journalism in regional communities. Nine also intends to sell Fairfax Media’s events business and its New Zealand assets.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, AUSTRALIAN COMMUNITY MEDIA, THORNEY INVESTMENT GROUP AUSTRALIA PTY LTD, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, MEDIA, ENTERTAINMENT AND ARTS ALLIANCE, FAIRFAX MEDIA LIMITED, STUFF LIMITED, MORNINGSTAR PTY LTD

Climate policy impossible to cost: ALP

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 1-May-19

Labor’s climate change spokesman Mark Butler says it cannot estimate how much its carbon emissions reduction policy will cost the business sector. He argues that this is because Labor will not impose a direct carbon price on businesses. However, the Coalition claims that Labor’s policy would cost businesses between $27.5bn and $35bn. A senior industry economist argues that the lack of detail regarding Labor’s policy means that no accurate estimate of its cost can be made prior to the election.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

ANZ-Roy Morgan Australian Consumer Confidence down to 117.6

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 1-May-19

ANZ-Roy Morgan Australian Consumer Confidence fell 1.6% to 117.6 in the week ended 28 April, although consumer confidence remains well above average. Households’ views towards current financial conditions fell 2.7%, while views towards future financial conditions fell 1.5% after four straight weekly gains. Consumers’ views toward current economic conditions fell 5.5%, and views towards future economic conditions fell 2.6% after a gain of 7.7% in the previous reading. The ‘time to buy a household item’ index was up 4%. The rise was pleasing, as it is the only subindex that is below its long-term average.

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

Greens stir Gillard ghosts

roymorgansocial Leave a comment

Original article by Rosie Lewis
The Australian – Page: 1 & 4 : 1-May-19

Australian Greens leader Richard Di Natale will use a National Press Club speech on 1 May to urge Labor to form a coalition with the minor party to address the issue of climate change. Former prime minister Julia Gillard struck a similar alliance with the Greens to form a minority government after the 2010 election. The Greens have questioned Labor’s proposal to use international carbon credits as part of its target of reducing carbon emissions by 45 per cent on 2005 levels by 2030.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, UNITED AUSTRALIA PARTY, NATIONAL PARTY OF AUSTRALIA, ONE NATION PARTY, INTERGOVERNMENTAL PANEL ON CLIMATE CHANGE, NATIONAL PRESS CLUB (AUSTRALIA)

Investors wary in peak profit warning season

roymorgansocial Leave a comment

Original article by David Rogers
The Australian – Page: 28 : 1-May-19

Matthew Ross of Goldman Sachs anticipates an increase in profit warnings ahead of the end of the 2018-19 financial year. He adds that factors such as the federal election will make it hard for listed companies to increase earnings momentum leading into the second half of the calendar year. However, Ross notes that despite a decline in profit margins in the last 18 months, the EBIT margins of 80 per cent of companies remained above long-term averages during the first half of 2018-19.

CORPORATES
GOLDMAN SACHS AUSTRALIA PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, SEEK LIMITED – ASX SEK

Gupta to make 20,000 Aussie electric cars

roymorgansocial Leave a comment

Original article by Simon Evans
The Australian Financial Review – Page: 14 & 18 : 30-Apr-19

British billionaire Sanjeev Gupta has indicated that GFG Alliance will announce further details of its plans to build electric cars in Australia within weeks. Gupta says the company aims to build between 10,000 and 20,000 electric cars in Australia, adding that he is of the view that the nation should be a manufacturer of such vehicles rather than just importing them. He also says the price of electric cars is likely to fall over time as more consumers embrace the technology.

CORPORATES
GFG ALLIANCE, GORDON MURRAY DESIGN, ARRIUM LIMITED, ARCELOR MITTAL SA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Politicians silent on inflation target change

roymorgansocial Leave a comment

Original article by Matthew Cranston
The Australian Financial Review – Page: 4 : 30-Apr-19

The need for the Reserve Bank’s inflation target continues to attract scrutiny, given that inflation remains well below its target range of 2-3 per cent. Warren Hogan and David Bassanesse are among the economists who believe that the central bank should revise its inflation target, although Westpac’s Bill Evans argues that doing so would have an impact on inflation expectations. Treasurer Josh Frydenberg and shadow treasurer Chris Bowen have declined to comment on the prospect of government intervention regarding the inflation target after the federal election.

CORPORATES
RESERVE BANK OF AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC, UNIVERSITY OF TECHNOLOGY, SYDNEY, BETASHARES CAPITAL LIMITED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AMP CAPITAL INVESTORS LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB