AUSTRALIA – POLITICS AND GOVERNMENT

Bunnings boss rejects gouging claim

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Original article by James Thomson, Tom McIlroy
The Australian Financial Review – Page: 16 : 17-Sep-24

National Party senator Ross Cadell has reiterated his view that the pricing policies of so-called ‘big-box’ retailers such as Bunnings should be scrutinised by a parliamentary inquiry. However, Bunnings MD Mike Schneider has responded to suggestions that the hardware giant may have engaged in price gouging and abused its market power. He notes the company’s long-running ‘lowest prices are just the beginning’ advertising slogan, arguing that Bunnings puts a lot of work and capital into ensuring that it lives up to this claim.

CORPORATES
BUNNINGS GROUP LIMITED, NATIONAL PARTY OF AUSTRALIA

Federal voting intention virtually unchanged this week with ALP (50.5%) marginally ahead of the Coalition (49.5%); but Greens lost support after violent protests

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

The latest Roy Morgan survey shows that if a Federal Election were held now the result would be ‘too close to call’, with the ALP on 50.5% (down 0.5%) just ahead of the Coalition on 49.5% (up 0.5%) on a two-party preferred basis. There was a slight movement to the Coalition on a two-party preferred result this week; however, either the ALP or Coalition would require the support of minor parties and independents to form a minority government. The result again shows the importance of preference flows to determine the overall two-party preferred result. The primary vote of both major parties was up this week – mainly at the expense of the Greens. The ALP’s primary vote increased 0.5% to 30.5% while Coalition support increased 1% to 37.5%. Support for the Greens dropped 2% to 12.5%, while One Nation was down 0.5% at 5.5%. Support for Other Parties increased 0.5% to 4%, and support for Independents was up 0.5% to 10%.

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

Whistleblower’s fresh claims on CFMEU’s missing $30m

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Original article by Simon Benson
The Australian – Page: 5 : 17-Sep-24

Prime Minister Anthony Albanese is continuing to attract scrutiny over revelations that a CFMEU whistleblower had warned him in 2014 that the union had links to organised crime. Shadow employment minister Michaelia Cash has urged Albanese to disclose what action he had taken in response to the claims made by former CFMEU official Andrew Quirk a decade ago. Cash adds that Albanese should explain why Labor continued to accept donations from the CFMEU despite being aware of its criminal connections. It has also emerged that Quirk and a fellow whistleblower had raised concerns about the whereabouts of $30m from the sale of the CFMEU’s headquarters in NSW.

CORPORATES
CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY

Aged care taps the rich

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 13-Sep-24

The federal government and the Opposition have reached an agreement on an overhaul of the aged care sector that aims to rein in increasing costs and which will see wealthier retirees pay more for the cost of their care, whether in residential care or in their homes. The overhaul puts an increased focus on in-home care, in acknowledgement that people will increasingly use residential care only for the very end of their lives, while there will be no changes to the treatment of the family home under the new means testing regime that will apply under the overhaul. Prime Minister Anthony Albanese thanked Opposition leader Peter Dutton for the bipartisanship the Coalition had shown hroughout the discussions on the aged care overhaul, while Dutton said he wanted to make sure people have dignity as they age.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

CFMEU $3m transfer stinks to high heaven

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Original article by Ewin Hannan
The Australian – Page: 2 : 13-Sep-24

The CFMEU is under renewed scrutiny following revelations that its NSW branch transferred $3.15m of members’ funds to a Sydney law firm that was representing former state secretary Darren Greenfield and his son. Workplace Relations Minister Murray Watt has credited the federal government’s "strong action" in appointing an administrator to the CFMEU for exposing the funds transfer, which occured just two days after Labor revealed plans to force the union’s construction divisions into administration. He says it shows that many of the CFMEU’s former leaders had acted in their own interests, rather than the interests of the union’s members.

CORPORATES
CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS

Strategic error in age-limit plan for social media

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Original article by Paul Smith
The Australian Financial Review – Page: 3 : 11-Sep-24

The federal government has yet to specify an age limit for restricting teenagers’ access to social media. In constrast, the Coalition has committed to introducing an age limit of 16 if it wins the upcoming election; it plans to do so within 100 days of taking office. Meanwhile, technology investor Daniel Petrie contends that rather than spending $6.5m on a trial of age verification technology, the government should be putting the onus for restricting teenagers’ access to social media on the companies that own these platforms. He contends that social media companies would quickly find ways to block access to their platforms if the penalties for failing to do so were severe enough.

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Minority nightmare looms for mining best friends

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Original article by Geoff Chambers, Noah Yim
The Australian – Page: 1 & 4 : 11-Sep-24

Opposition leader Peter Dutton will deliver a keynote address at the Minerals Week conference on Wednesday. He will contend that the federal government’s "ideologically-driven" policies on industrial relations, the environment and energy show that it is hostile to primary industries such as mining. Dutton will state that if Labor achieves majority government at the upcoming federal election it will "double down" on its current policy platform; he will also warn that a minority Labor government would see the Greens or the teals hold the balance of power, which would have major implications for the resources sector. Dutton will add that in contrast, a Coalition government would be the best friend that the sector will ever have.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

PM in push for ban on social media for teens

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Original article by Phillip Coorey, Gus McCubbing
The Australian Financial Review – Page: 6 : 10-Sep-24

Prime Minister Anthony Albanese has committed to introducing legislation that would impose a nationwide ban on teenagers using social media and to do so prior to the next election. In announcing the proposed ban, Albanese has taken his inspiration from South Australian Premier Peter Malinauskas, who is seen as the driving force behind the idea. The proposed nationwide ban will draw on the work done for SA by former High Court judge and the legislative structure already developed by South Australia, while Snapchat would be the app most impacted by the proposed ban.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, HIGH COURT OF AUSTRALIA

Roy Morgan Poll: Federal voting intention virtually unchanged this week with ALP (51%) marginally ahead of the Coalition (49%)

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Original article by Roy Morgan
Market Research Update – Page: Online : 10-Sep-24

If a Federal Election were held now the result would be ‘too close to call’ with the ALP on 51% (up 0.5%) just ahead of the Coalition on 49% (down 0.5%) on a two-party preferred basis, the latest Roy Morgan survey finds. There was a slight movement to the ALP on a two-party preferred result this week; however, the ALP or Coalition would require the support of minor parties and independents to form a minority government. The result again shows the importance of preference flows to determine the overall two-party preferred result. The ALP primary vote decreased 0.5% to 30% while Coalition support increased 0.5% to 36.5%. Support for the Greens increased 1.5% to 14.5% while One Nation was unchanged at 6%. Support for Other Parties dropped 1.5% to 3.5% and support for Independents was unchanged at 9.5%.

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

Inflation is smashing incomes more than interest rates are

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Original article by John Kehoe, Michael Read
The Australian Financial Review – Page: 3 : 10-Sep-24

Challenger’s chief economist Jonathan Kearns refutes claims by Treasurer Jim Chalmers that the Reserve Bank’s interest rate rises are "smashing the economy". The latest national accounts data shows that total household incomes rose by 6.2 per cent in 2023-24. Kearns contends that interest rates eroded just 1.3 percentage points of the income gains, compared with the 4.4 percentage point impact of inflation. He notes that unlike interest rates, inflation affects all households. Kearns is a former economist at the Reserve Bank.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, CHALLENGER LIMITED – ASX CGF