Business Bullets Australia (2024)

30/05/2023

The latest research from CoreLogic shows that rental affordability has dropped to its lowest level in a decade.

The numbers show that rental affordability – the portion of income required to service a new lease – is at its highest level nationally since June 2014, with 30.8 per cent of an average income required to service a new lease.

ANZ senior economist Felicity Emmett said “for someone to be [spending] 50 per cent of their income on their rent means that there’s very little left over for anything else.

“It actually means these people on the 25th income percentile will really struggle to pay their rent and are likely to be forced to either live with more people and share the costs around, or perhaps try and seek out government supported housing, and some might have to turn to homelessness provisions.

“Paired with a decline in social housing, rental demand pressures are being felt in all income brackets.”

30/05/2023

Wesfarmers chairman Michael Chaney says inflation is here to stay.
Chaney says that although inflation has probably peaked, there was a “fair bit of stickiness” in current inflation, exacerbated by supply chain shortages.

“If you look at inflation for example at the moment the general view is that we’ve probably peaked, whether it’s the US, in Europe, in Australia, but that it’s going to be hard to get back down to the 2 per cent level that Federal Reserve and the Reserve Bank want to get to.

“There’s a fair bit of stickiness there. And we all know why inflation has occurred. It’s supply chain shortages exacerbated by the situation in Ukraine. And recently we’ve had the oil producers saying they’re going to put a floor under that.

“So, I think it’s going to be a while until it comes down and people generally think it’ll be 2025 until we are getting into much lower levels.”

30/05/2023

Surprise, surprise…

The Qantas brand has been damaged by high airfares.

For the first time since 2018, Qantas has slipped out of the top five airlines.
Brand Finance Australia managing director Mark Crowe says Qantas scored a total of 78.1, down from 82.4 last year, and a high of 86.6 in 2019.

“When you look at Qantas in terms of brand strength there are mixed results.
“Under that investment pillar, Qantas has seen a drop in ratings for value for money and innovation, and then under brand equity they’ve had falls in recommendation and reputation.

“Finally under performance they’ve also experienced a drop in loyalty which is perhaps not surprising given there’s been a lot of negative publicity around Qantas and customer service.”

A Qantas spokeswoman indicated they were very confident in the strength of their brand, with a huge response to recent marketing campaigns.

She said the past 12 months had been spent “getting operations right”, which was reflected in on time performance data, and a better passenger experience.

“The latest government data showed that we were a full 10 percentage points ahead of Virgin for flights leaving on time in April. Our call wait times are better than they were before Covid and our mishandled bag rate has also improved.

“We’re not taking our foot off the gas, now we are operationally back on track we’re focused on what we can do better and investing in improving our customer experience.”

29/05/2023

Melbourne Council is planning to ban cars from the CBD’s streets.
Many aren’t happy.

Restaurateur Chris Lucas said, “on the surface, this plan seems extreme and very damaging to our city’s future.

“This plan, like many other plans and actions taken by this council, very much concerns me.”

Small Business Australia executive director Bill Lang said the proposed changes sounded “complex” and could lead to confusion for drivers and city visitors,

“Complexity leads to confusion. If car drivers are confused, or people that prefer to drive into the city – for entertainment, for work or for shopping – find it confusing, they’re less likely to come in,” he said.

29/05/2023

Some good news for shoppers!

The climatic phenomenon, La Nina, which brings cold and wet weather to the east coast of Australia has come to an end according to the Bureau of Meteorology.

Fresh produce giant Costa Group says the end of La Nina will bring warmer weather across Australia and boost fruit and vegetable production and reduce price pressures.

Costa interim chief executive Harry Debney said, “the return to warmer temperatures, higher light levels and lower rainfall across our major growing regions is a positive for our farming operations.

“The increased cost pressures of 2021-2022 are slowing easing with pricing of some inputs starting to reduce from recent historical highs.”

29/05/2023

Mark McGowan has announced he is quitting as Premier of Western Australia.

The 55-year-old Labor leader made the shock announcement at a press conference in Perth at 2.45pm AEST on Monday.

26/05/2023

We’ve been warning about this for a while…

Households will face power price hikes of between 19.6 and 25 per cent from the first of July.

Australian Energy Regulator chairwoman Clare Savage said it is “difficult” balancing the interests of retailers which are facing higher costs and consumers who are suffering.

“It is obviously a very difficult decision and no one wants to put up prices as you can imagine,” Savage said.

“The DMO is a protection against unjustifiably high prices, but our job is to make sure retailers can also recover their costs. But I think we have struck that right balance.

“There has only been a moderate change between the draft and the final decision – there has been a slight increase in some regions and a slight decrease in others.”

26/05/2023

A new Finder survey has found that 24 per cent of Aussies - equivalent to 4.8 million people – have been forced to take on additional employment, work longer hours or come out of retirement to make ends meet.

Sarah Megginson, money expert at Finder said, “living frugally is not enough as paying for everyday basics is becoming an impossible task for many of us.

“Households are having to buckle down and find ways to increase income as inflation increases the cost of everything from groceries and petrol to energy and insurance."

The survey also found that 22 per cent of Aussies are considering taking on extra work to keep their head above water.

Megginson said people are looking into “options like pet sitting and rideshare driving, or handyman work via platforms like Airtasker and Gumtree.

“Whatever your skills or experience, there are some options you could explore for increasing your income.”

24/05/2023

What on Earth is going on?

At Christmas last year, the Albanese government announced that it would introduce a price cap of $12 a gigajoule on gas prices. But the gas companies have totally ignored it.

Today, the price of gas in Australia is at almost $20 a gigajoule – a whopping 70 per cent above the cap.

Meanwhile, Australian gas is still available in Asia and Europe for $14.90 a gigajoule.
Of course, power prices are also on the rise.

In New South Wales, the average price of power so far in May is $167.80 per megawatt hour.

Compare this to May 2020 when the price of power was $41.95 per megawatt hour.
That’s an incredible 300 per cent price hike in three years.
This is bad news for inflation.

High power and gas prices may add as much as three per cent to inflation at this rate.

This will put extreme pressure on the Reserve Bank to continue hiking interest rates – which will be a disaster for mortgage holders.

24/05/2023

The pressure is on the Reserve Bank to hike interest rates next Thursday.

Investment bank, UBS, warns that food inflation has reached a new peak of 9.6 per cent in April.

Most of the inflation is coming from the fresh food section. In April, fresh food inflation spiked to 9.9 per cent in April.

UBS analyst Shaun Cousins said the elevated inflation results are a “surprise”.
However, Coles has rejected the bankers’ findings, saying they “are not an accurate reflection” of the real situation.

“This is integral to capturing an accurate reflection of overall supermarket inflation. UBS used the same price tracker for a report ahead of the third quarter 2023 results and reported Coles inflation at 9 per cent.

“Our official inflation figure was reported significantly lower at 6.2 per cent.”

Although UBS analyst Shaun Cousins expects a moderation in dry grocery inflation, he says prices are “likely to remain elevated as pressures on commodities and the domestic supply chain including labour continue in calendar 2023.”

23/05/2023

The Victorian government will abolish stand duty for commercial and industrial properties and replace it with an annual property tax.

The government claims the property tax will generate $50 billion for the state economy.

The tax will be set at a flat one per cent of the property’s unimproved land value.
The change will come into effect from the first of July next year.

Victorian Treasurer Tim Pallas said the changes would remove barriers to larger investments and accelerate business growth.

Business and industry have told us they want this reform and we’ve listened,” Mr Pallas said before the release of the state budget on Tuesday.

“These landmark changes will enable businesses to be more dynamic and agile, and to grow and employ more workers.

“This is exactly the type of progressive tax reform that is required to free up stamp duty charges which will accelerate building upgrades, stimulate investment in commercial property and free up more capital.”

23/05/2023

Indian Prime Minister Narendra Modi says he wants a “next level” relationship with India after landing in Sydney on Monday night.

“I am not a person who gets satisfied easily,” said before his arrival.

“I have seen that Prime Minister Albanese is the same. I am confident that when we are together again in Sydney, we will get the opportunity to explore how we can take our relations to the next level. Identify new areas of complementariness and can expand our co-operation.”

Modi went so far as to call Albanese a “dear friend”.

He said the arrival of so many Indian migrants is serving as a “living bridge” between the two nations.

He noted that Australia and India have already “progressed significantly in the areas of defence, security, investment, education, water, climate change and renewable energy, sports, science, health, culture, among others”.

He also assured Australia that “as two democracies, we have shared interests in a free, open and inclusive Indo-Pacific. There is alignment of our strategic viewpoints.

“The high degree of mutual trust between us has naturally translated into greater co-operation on defence and security matters. Our navies are participating in joint naval exercises.

“I am confident that there is merit in working together to realise the true potential in closer defence and security co-operation.”

22/05/2023

Shadow Treasurer Angus Taylor says the Albanese government should stop blaming inflation on Vladimir Putin.

Taylor says Treasurer Dr Jim Chalmers’ latest Budget will contribute to the inflation situation as well.

“Inflation now is coming from Canberra, not the Kremlin, and it’s Canberra’s problem to solve,” he declared.

However, not everyone agrees.
Market Economics Managing Director Stephen Koukoulas said, “there was an increase of about $20 billion in what we might term cost-of-living pressures. You’ve got to remember that the Australian economy expansion is going to be about $2.7 trillion.

“$20 billion is still a lot of money that’s been put into the economy that year, but it isn’t enough to have a material change on the inflation pressures.”

Meanwhile, Commonwealth Bank chief economist Stephen Halmarrick has also said “we have not changed our inflation forecasts and continue to see a return to inflation within the two to three percent target by mid‑2024.”

22/05/2023

On Tuesday, the new Minns Labor government in New South Wales will try to pass new reforms on stamp duty.

Labor will attempt to convince the crossbench to lift stamp duty exemptions for first home buyers from $650,000 to $800,000.

Stamp duty concessions will also increase from $800,000 to $1 million.
The new government also intends to repeal the land tax alternative to stamp duty that the previous Perrottet Coalition government introduced last year.

Premier Chris Minns says “I understand the stress of trying to purchase your first home. I want more singles, couples and families realising this dream.
“Under Labor any property purchased under $800,000 will have absolutely no stamp duty, and any property purchased up to $1 million will have a reduced rate.”

21/05/2023

National Australia Bank says the Western Australian economy is booming.
A boom in the demand for iron ore, gas, lithium and gold is driving rapid growth in the far-west.

Businesses that serve mines, make equipment, build structure and house and feed workers have gotten a boost as a result.

Interestingly, NAB also found that business conditions “rose strongly” South Australia and Tasmania as well as Western Australia.

Meanwhile, business conditions deteriorated in NSW, Queensland and Victoria.

18/05/2023

Do you think sports and politics should mix?

Well, the leaders of Rugby Union, Rugby League and the AFL think they should.
This week, Rugby Australia became the latest Australian sporting organisation to declare support for the yes vote.

The Rugby Australia Board says it’s time to institute a “level playing field” for First Nations people.

This comes a few days after the AFL said it “proudly supports the recognition of Aboriginal and Torres Strait Islander peoples in the Australian constitution”.

It also comes a week after the NRL came out in support of the Voice.

Rugby codes aren’t the only sports organisations to support the Voice.

Both Football Australia and Tennis Australia have expressed their support for the Uluru statement from the heart, of which the voice is the first component.

Meanwhile, Cricket Australia and Netball Australia are currently conducting education processes about the referendum for players and staff.

18/05/2023

For every $1 of tax you pay:

- 40 per cent goes to welfare including aged care and disability
- 20 cents goes to health
- 8 cents goes to education
- 8 cents goes to defence
- 6.5 cents goes towards state government assistance
- 4 cents goes to the public service
- 3 cents goes to interest payments on the national debt
- About 11 cents goes to transport, communication, housing, fuel and energy, industry, foreign affairs, foreign aid, public order and safety, recreation and immigration

18/05/2023

There are more opportunities than ever for the unemployed.

The latest data shows that over two-thirds of employers intend to recruit more workers over the June 2023 quarter.

69 percent of organisations are planning to hire compared to six per cent of employers who are planning redundancies.

46 per cent of businesses prefer to recruit casual workers to manage short-term fluctuations in demand.

Meanwhile, 47 per cent of employers are experiencing recruitment difficulties.
The most common reasons employers are struggling to find workers include lack of availability of suitable candidates, high salary expectations, and too much competition from rival organisations.

17/05/2023

Australia’s richest woman, Gina Rinehart, has taken aim at the Albanese government.

She says Australia’s transition to renewable energy will fail if the mining industry continues to be over-regulated.

Rinehart noted that “recent government policy interventions” are scaring off the investors we need to get new projects off the ground.

As a result, she said “we’re simply not seeing the massive investments you would expect given high commodity prices, and despite the stated need for rapid expansions in metals and minerals supply to be able to meet the government’s green policies.”

Rinehart is by no means the first to show concern.

Her warning comes just days after Mitsui Australia chief executive Masato Sugahara said many Japanese companies are “nervous about the stability of Australia’s energy supply”.

It also comes a few weeks after former Japanese ambassador to Australia, Shingo Yamagami, warned of concerns about “sovereign risk” when investing in Australia.

17/05/2023

Aussies between the age of 30 and 35 are struggling the most.

The latest data from the Commonwealth Bank shows that under 35s:
- Increased their spending by just 3.4 per cent between the first quarter of 2022 and the first quarter of 2023 – well below the inflation figure of 7 per cent.
- Cut their spending on clothing, shoes and accessories by 8.4 per cent in the first quarter of 2023
- Cut their spending on retail services, such as haircuts and beauty treatments, by 0.6 per cent

Meanwhile, consumers aged over 35:
- Increased their apparel spending by 3.5 per cent
- Increased their retail services spending by 9.7 per cent
Consumers aged over 55 increased their overall yearly spending by 7.7 per cent – beating inflation.

CommBank iQ head of innovation and analytics Wade Tubman said that, while many young Australians between 18 and 24 had the benefit of living at home, housing costs were putting pressure on consumers in their late 20s and early 30s.

“Renters are experiencing significant pressure. Rents are increasing by some of the highest amounts they have in some time,” he said.

16/05/2023

The latest data from CoreLogic shows that Australia’s house price slump has largely come to an end.

Overall, house prices have increased over the last three months from their 12-year low.

In Sydney, house prices are up 4 per cent.

In Melbourne, prices are up 1.1 per cent.

In Brisbane, prices are up 1.5 per cent.

In Adelaide, prices are up 0.7 per cent.

In Perth, prices are up 1.8 per cent.

The average house price rise over the five major cities is 2.3 per cent.

Why the reversal?

First, the return to mass immigration has increased demand.

Second, supply crunches, labour shortages and high interest rates have made it difficult to increase the supply of houses via the construction industry.

Third, land prices have remained elevated due to onerous zoning laws and regulations.

16/05/2023

Australia’s Human Rights Commissioner Lorraine Finlay says the rise of AI platforms like ChatGPT and Google’s Bard could push us towards an Orwellian future.

In an oped for The Australian, Finlay wrote, “in George Orwell’s 1984, the Ministry of Truth exercises absolute control of information according to The Party ethos, ‘Who controls the past, controls the future: who controls the present, controls the past.'

“If the Ministry of Truth existed today, a more accurate slogan would be ‘Who controls the AI controls the past, the present, and the future.’

“It will now be easier than ever to use generative AI cheaply and efficiently to run disinformation campaigns both domestically and abroad.

“There are numerous recent examples that highlight the growing threat posed by deep fakes and disinformation created and spread using generative AI tools.”

Finlay’s comments come a few weeks after a fake AI-generated video emerged of Ukrainian President Volodymyr Zelenskyy emerged calling on his troops to lay down their weapons and surrender to Russia.

16/05/2023

Federal Energy Minister, Chris Bowen, has made a captain’s call.

He says nuclear energy is not an option for Australia because it is too expensive.

“I prefer the cheapest form of energy available over the most expensive. Nuclear is by many multiples the most expensive form of new energy,” Mr Bowen told a CEDA forum on Monday.

“The idea of introducing the most expensive form of energy into our grid when we don’t have a nuclear energy industry … we would need to build the skills and resources from scratch. It makes no sense to me – to be very frank, and very blunt.”

Not everybody agrees.

According to the International Energy Agency, nuclear energy costs about $50 per megawatt hour.

The Agency even noted that “electricity produced from nuclear long-term operation (LTO) by lifetime extension is highly competitive and remains not only the least cost option for low-carbon generation - when compared to building new power plants - but for all power generation across the board..”

Meanwhile, the cost of solar power – depending on whether it is utility-scale, commercial, residential or solar thermal – is about $99 per megawatt hour.

The cost of wind – depending on whether its onshore or offshore wind – is $69 per megawatt hour.

Note the costs for wind and solar quoted above don’t include the transmission and storage infrastructure required, meaning the cost is even higher.

16/05/2023

Do you support negative gearing – when property investors get a tax break if their interest payments on their investment exceed their rental income?

Several young Labor pollies don’t…

According to the Herald, Labor is facing “a fierce internal push to reshape the party’s housing policies and limit negative gearing”.

The leaders of the “internal push” against negative gearing includes:

Higgins MP Michelle Ananda-Rajah who said she “welcomes revisiting negative gearing but it’s not the whole answer. We need to increase supply and reimagine our cities for the future needs of our population”.

Bennelong MP Jerome Laxale who said, “There is always room for improvement in national policy and the federal government should always be part of the discussion…it is entirely appropriate for Labor to have a discussion on housing policy as it is at crisis levels.”

Macnamara MP Josh Burns who said, “the latest statement of tax refunds put out plainly the cost of some of these arrangements” including negative gearing, adding that housing supply was the key driver of affordability.
However, there will be opposition to scrapping negative gearing within Labor.

You may remember the debates of the 2016 and 2019 elections, which Labor lost after Bill Shorten campaigned on a platform of limiting negative gearing to new properties only.

Labor dumped Shorten’s anti-negative gearing policy in 2021.

16/05/2023

This is a bad sign for the global economy…

Renowned long-term investor Warren Buffet has sold billions of dollars’ worth of stocks in the first three months of the year.

Professor of applied economics at John Hopkins University, Steve Hanke, said Buffet’s decision to sell billions in stock suggests he has little confidence in the future of the global economy.

"Warren Buffet's dump of billions of dollars of U.S. stocks indicates that he correctly anticipates that a U.S. recession will make landfall in the near future," Hanke, who served on former President Ronald Reagan's Council of Economic Advisers, said.

"In the past year, the U.S. money supply, measured by M2, has contracted by 4.1 percent. This flip from expansion to contraction is the steepest adjustment in money-supply growth in postwar U.S. history.

"With the usual lag of 6-18 months, economic activity will take a turn for the worse. When a recession is right around the corner, Buffett knows that cash is king, particularly when he can earn a decent rate of interest on it.”

15/05/2023

Should workers be getting a minimum wage hike of seven per cent to match inflation?

The retail and hospitality sector says they shouldn’t.

Australian Retailers Association chief executive Paul Zahra said there is no doubt that a significant wage increase would lead to employers reducing workers’ hours and laying off staff.

“Most of retail is in negative growth. All you’ve got growing currently is food retailing, and that’s because of inflation.

“In a cafe with an owner-operator and a handful of staff on thin margins, at the end of the day, any wage increase is passed on – it goes straight through to the customer,” he said.

Council of Small Business Organisations Australia chairman Matthew Addison agreed.

He said, “small business have no margin at the moment, they are really doing it tough in terms of the cost of business increases across the board.

“They’re already doing it tough trying to hire labour, and labour costs are going up anyway because of the lack of people available to work for them.

“We are concerned at [7 per cent], you are going to feed the wage-price-inflation spiral,” Mr Addison concluded.

15/05/2023

Pfizer is backing Albanese’s Indigenous Voice to Parliament.

Anne Harris, managing director of Pfizer Australia and New Zealand, said The Voice aligned with Pfizer’s commitment to equity and improving health outcomes for all.
“To improve health outcomes for Aboriginal and Torres Strait Islander people we must overcome barriers to medicines access and ensure the delivery of culturally appropriate care.

“We are also educating colleagues about the Voice to ensure all colleagues are well-informed and aware of its relevance to our [Reconciliation Action Plan] commitments.”

Pfizer is by no means the first corporation to join the Voice bandwagon.
Last week, the National Rugby League decided to support the Voice.

This came after many of the top ASX-listed companies voiced the support including the Commonwealth Bank, ANZ Bank, supermarket giants Woolworths and Coles, and mining firms BHP and Rio Tinto.

15/05/2023

It’s time to buy in regional areas.

According to the latest data out of PropTrack, the price of houses in popular tree-change and sea-change destinations will go through the roof over the next five years.

Average house prices in Byron Bay and nearby Casuarina and Suffolk Park will be over $2.7m by 2028.

In Newcastle, buyers will be paying over $2 million for the average house.
On the south coast, the average price of a house in Wollongong, Thirroul, Hamilton South, Caves Beach, Gerringong and Kiama will all be over $2 million.

All this is assuming that house prices grow at the same rate as the past five years.
PropTrack economist Angus Moore said regional real estate values will skyrocket because of high rent and a strong outflow of capital city residents into beachside regional centres.

14/05/2023

Can you believe this?

After raking in $2 billion in taxpayer subsidies during the COVID-19 pandemic and standing down unvaccinated pilots, Qantas is now trying to hire foreign pilots.

A job advertisement for Airbus A220 Qantas pilots has just surfaced out of Florida.

Australians are angry.

Senator Malcolm Roberts noted that “Qantas hollowed out their company with adversarial employment practices”, forcing them to “now advertise abroad apparently with the blessing of the immigration department.

“There is no shortage, just illegally terminated unvaccinated pilots. There are qualified, type-rated and experienced Australian pilots available.”

Qantas responded by saying the advertisement was posted because the Airbus A220 is not in Australia yet and they have to rely on foreign pilots.

Many don’t buy Qantas’ response given the Airbus A220 is so similar to the Airbus A320 – which is one of the most common commercial airplanes in use throughout Australia.

13/05/2023

Chief economist at the Commonwealth Bank, Gareth Aird, says Labor’s 2023/24 Budget won’t “add to inflationary pressures in the economy.”

In a note to clients, Aird wrote:

- “Our assessment is that the 2023 Commonwealth Budget does not add to inflationary pressures in the economy
- “As such, we have not changed our forecast profile for inflation or our call on the RBA
- “Our central scenario puts the current 3.85% as the peak in the cash rate, while the near term risk sits with another rate hike
- “Despite the 2023 Budget’s modest and targeted ‘cost of living relief’, the budgets of many home borrowers and renters will be under considerable strain over the coming year
- “We continue to expect 50bp of rate cuts in Q4 23 and a further 75bp of easing in 2024 that would take the cash rate to 2.6% – a more neutral setting
- “The risk to the timing of the commencement of the easing cycle sits with the first cut arriving in Q1 24 rather than late 2023”

13/05/2023

The top 20 per cent of Australian income earners will be $5378 better off in the coming financial year due to the stage three tax cuts that are supported by the Albanese government.

Meanwhile, the bottom 20 per cent of income earners will only be $509 better off in the 2023-24 financial year.

However, middle income earners – those earning around $100,000 – will have $172 less income to spend compared to 2019 even after a $1243 boost.

12/05/2023

It’s not looking good.

Internal research by the Reserve Bank has found that:

- There is a one in two chance the Reserve Bank can reduce inflation below 3 per cent without triggering a recession
- The probability of a recession by September 2024 could be as high as 65 to 80 per cent
- The cash rate could rise to as high as 4.8 per cent – meaning another 95 basis point rate hike could be on the horizon

12/05/2023

Economic inequality in Australia is at a 70-year high.

A team of actuaries from Taylor Fry have found that Australia’s Gini coefficient for individuals is now 0.46 (where zero refers to low inequality and one is high inequality).

This means Australia’s Gini has increased seven percentage points over the past 40 years.

It also means that the top 20 per cent of households have six times the income of the lowest quintile. The same ratio is 230 times when examining net assets.

Comparing the poorest 20 per cent (quintile) of households to the richest quintile, the report says those living in the lowest income households are:

- Nine times more likely to be an unpaid carer
- Seven times more likely to have experienced homelessness and unemployment
- Five times more likely to have a child at risk of harm
- Four times more likely to have recently been unable to meet rent or mortgage costs
- Three times more likely to be a recent victim of crime
- Twice as likely to suffer psychological distress or die by su***de

12/05/2023

The Albanese government has relented.

After cancelling two coal mines last week, Environment Minister Tanya Plibersek has just approved a new coal mine in Queensland’s Bowen Basin.

The coal mine will produce 500,000 tonnes of coking coal a year for steelmaking.

The mine will be 28 kilometres east of Moranbah, next to five other coalmines.

A spokesman for the Albanese government said, “the Albanese government has to make decisions in accordance with the facts and the national environment law – that’s what happens on every project, and that’s what’s happened here.

“Since the election we’ve doubled renewable energy approvals to a record high. The government will continue to consider each project on a case-by-case basis, under the law.”

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