AUSTRALIA – POLITICS AND GOVERNMENT

Record insolvencies tarnish Chalmers’ spin

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Original article by Geoff Chambers
The Australian – Page: 1 & 4 : 18-Dec-24

Data from the Australian Securities & Investments Commission undermines the federal government’s economic credentials. The figures show that 12,405 businesses were declared insolvent in the first 11 months of 2024. This includes a record 1,442 business failures in November, which is 62 per cent higher year-on-year. Nearly 26,000 businesses have collapsed since Labor won the May 2022 federal election; Deputy Opposition Leader Sussan Ley notes that this is approximately the same as the number of additional public servants Labor has hired since it took office. Separate data shows that the number of welfare recipients has risen by about 83,000 year-on-year.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

Miners claim uranium ban negligent, nonsense policy

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Original article by Rosie Lewis
The Australian – Page: 5 : 17-Dec-24

Minerals Council of Australia CEO Tania Constable will appear before a parliamentary inquiry into nuclear power on Tuesday. Constable will argue that there is no scientific, technical or economic justification for retaining Australia’s long-standing legislative ban on nuclear energy. She will also contend that adding nuclear to the nation’s energy mix will be necessary in order to fully decarbonise the domestic economy by 2050. Electrical Trades Union organiser Simon Brezovnik has told the inquiry that nuclear energy is too expensive and high-risk.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA, ELECTRICAL TRADES UNION

Roy Morgan Poll: Coalition boosts primary support and retains clear two-party preferred lead for Christmas: L-NP 52% cf. ALP 48%

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Original article by Roy Morgan
Market Research Update – Page: Online : 17-Dec-24

A Coalition Government, with a slim majority, would now win a Federal Election with the two-party preferred vote unchanged from last week: L-NP 52% cf. ALP 48%, the latest Roy Morgan survey finds. Primary support for the Coalition increased 3% to 41% – the highest since the last Federal Election and came at the expense of One Nation 5% (down 1.5%), and drops in support for the ALP 27.5% (down 0.5%), Greens 12.5% (down 0.5%), and Other Parties 3.5% (down 0.5%) which all lost support. Support for Independents remained steady at 10.5%. The rise in Coalition primary came after the RBA left interest rates unchanged and the Coalition outlined its energy plan to bring in nuclear power and lower energy costs.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, ONE NATION PARTY, AUSTRALIAN GREENS

Chalmers’ budget update locks in extra $25bn of unavoidable expenditure

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Original article by Jack Quail, Geoff Chambers
The Australian – Page: 1 & 4 : 17-Dec-24

Treasurer Jim Chalmers says that although global economic volatility is weighing on the federal budget, Labor has delivered two surpluses and lower debt since taking office in May 2022. Meanwhile, the Mid-Year Economic and Fiscal Outlook on Wednesday will feature some $25.1bn worth of additional government spending; this will include $16.3bn for increased welfare payments, childcare subsidies and cost of living relief. The government describes this as ‘automatic spending increases’, while Finance Minister Katy Gallagher has flagged $8.8bn of ‘unavoidable spending’. Independent economic Chris Richardson refutes suggestions that some expenditure cannot be avoided.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE

Academic and banker to join RBA policy board

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Original article by Jack Quail
The Australian – Page: 4 : 17-Dec-24

Treasurer Jim Chalmers says the federal government undertook a "very robust and very consultative" process to select the members of the Reserve Bank of Australia’s two new boards. Professor Renee Fry-McKibbin and former Bendigo Bank CEO Marnie Baker will join four of the RBA’s current external board members on the new interest-rate setting board, which will also include governor Michele Bullock, deputy governor Andrew Hauser and Treasury secretary Steven Kennedy. Current board members Carol Schwartz and Elana Rubin will join the RBA’s governance board.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN

ABC to get extra $126m funding after election

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Original article by Ronald Mizen
The Australian Financial Review – Page: 4 : 17-Dec-24

The federal government will boost funding for the ABC in its Mid-Year Economic and Fiscal Outlook statement. Communications Minister Michelle Rowland has advised that the public broadcaster will receive an additional $40.9m in 2026-27, $42.2m in the following financial year and $43m in 2028-29. Rowland has also indicated that the government will legislate five-year funding agreements for the ABC. The former Coalition government had significantly reduced the ABC’s funding.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIA. DEPT OF INFRASTRUCTURE, TRANSPORT, REGIONAL DEVELOPMENT, COMMUNICATIONS AND THE ARTS

Chalmers’ budget update locks in extra $25bn of unavoidable expenditure

roymorgansocial Leave a comment

Original article by Jack Quail, Geoff Chambers
The Australian – Page: 1 & 4 : 17-Dec-24

Treasurer Jim Chalmers says that although global economic volatility is weighing on the federal budget, Labor has delivered two surpluses and lower debt since taking office in May 2022. Meanwhile, the Mid-Year Economic and Fiscal Outlook on Wednesday will feature some $25.1bn worth of additional government spending; this will include $16.3bn for increased welfare payments, childcare subsidies and cost of living relief. The government describes this as ‘automatic spending increases’, while Finance Minister Katy Gallagher has flagged $8.8bn of ‘unavoidable spending’. Independent economic Chris Richardson refutes suggestions that some expenditure cannot be avoided.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE

Miners claim uranium ban negligent, nonsense policy

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Original article by Rosie Lewis
The Australian – Page: 5 : 17-Dec-24

Minerals Council of Australia CEO Tania Constable will appear before a parliamentary inquiry into nuclear power on Tuesday. Constable will argue that there is no scientific, technical or economic justification for retaining Australia’s long-standing legislative ban on nuclear energy. She will also contend that adding nuclear to the nation’s energy mix will be necessary in order to fully decarbonise the domestic economy by 2050. Electrical Trades Union organiser Simon Brezovnik has told the inquiry that nuclear energy is too expensive and high-risk.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA, ELECTRICAL TRADES UNION

Roy Morgan Poll: Coalition boosts primary support and retains clear two-party preferred lead for Christmas: L-NP 52% cf. ALP 48%

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Original article by Roy Morgan
Market Research Update – Page: Online : 17-Dec-24

A Coalition Government, with a slim majority, would now win a Federal Election with the two-party preferred vote unchanged from last week: L-NP 52% cf. ALP 48%, the latest Roy Morgan survey finds. Primary support for the Coalition increased 3% to 41% – the highest since the last Federal Election and came at the expense of One Nation 5% (down 1.5%), and drops in support for the ALP 27.5% (down 0.5%), Greens 12.5% (down 0.5%), and Other Parties 3.5% (down 0.5%) which all lost support. Support for Independents remained steady at 10.5%. The rise in Coalition primary came after the RBA left interest rates unchanged and the Coalition outlined its energy plan to bring in nuclear power and lower energy costs.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, ONE NATION PARTY, AUSTRALIAN GREENS

ABC to get extra $126m funding after election

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Original article by Ronald Mizen
The Australian Financial Review – Page: 4 : 17-Dec-24

The federal government will boost funding for the ABC in its Mid-Year Economic and Fiscal Outlook statement. Communications Minister Michelle Rowland has advised that the public broadcaster will receive an additional $40.9m in 2026-27, $42.2m in the following financial year and $43m in 2028-29. Rowland has also indicated that the government will legislate five-year funding agreements for the ABC. The former Coalition government had significantly reduced the ABC’s funding.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIA. DEPT OF INFRASTRUCTURE, TRANSPORT, REGIONAL DEVELOPMENT, COMMUNICATIONS AND THE ARTS