Latest updates on Key Economic Indicators:

A$: $0.6619 USD (up 0.0059 USDIron (SGX): $116.95 USD (up $1.80 USD)

Oil (WTI): $78.91 USD (down $0.05 USD)

Gold: $2,159.31 USD (up $13.68 USD)

Copper (CME): $3.9250 (up $0.0580 USD)

Bit-coin: $67,655.69 (up 0.96%)

Dow Jones: 38,744.92 (up 83.87 pts)

All changes compared to 7am yesterday.

Treasurer Jim preparing a new 'Growth' script for his third federal budget:

If Jim Chalmers were in television, he'd not just be the presenter and key producer of the show, but the warm-up act as well.

May 14th will be budgetday & is the treasurer's big occasion of 2024.

He's already publicly framing the script and getting out the early promos.

Chalmers gave an international audience a taste of the change in policy direction in his economic address when he was in Brazil at a G20 ministerial meeting last week.

But it was in the wake of Wednesday's December-quarter national accounts that we got a more detailed preview.

Chalmers and his advisers had been holding their breath early this week, fearing the figures might show growth going negative, which could have been the first leg of a technical recession. 

But no ! A growth figure came in at 0.2% for the quarter.

Annually, it was 1.5% in the 12 months to December, that's the lowest for more than two decades, leaving out the COVID period.

In light of minuscule growth and (on the upside) subsiding inflation, Chalmers is publicly throwing the switch to growth.

"Addressing inflation is still our primary concern, but these numbers show that the balance of risks in our economy are shifting from inflation to growth."

Biden to announce US will build port on Gaza shore for large-scale aid delivery

US forces will build a temporary port on the Gaza shoreline in the next few weeks to allow delivery of humanitarian aid on a large scale, Joe Biden will announce in the State of the Union speech, amid warnings of a widespread famine among the territory’s 2.3 million Palestinians.

“We are not waiting on the Israelis. This is a moment for American leadership,” a senior US official said on Thursday, reflecting growing frustration of what is seen in Washington as Israeli obstruction of road deliveries on a substantial scale.

The port will be built by US military engineers operating from ships off the Gaza coast, who will not need to step ashore, US officials said.

The aid deliveries will be shipped from the port of Larnaca in Cyprus, which will become the main relief hub.

“Tonight, the president will announce in his State of the Union address that he has directed the US military to undertake an emergency mission to establish a port in Gaza, working in partnership with like-minded countries and humanitarian partners,” the official said.

“This port, the main feature of which is a temporary pier, will provide the capacity for hundreds of additional truckloads of assistance each day.”

Murderous rampage': Malaysian PM attacks Western leaders over hypocrisy on Israel, Ukraine

The Sydney Morning Herald - Page Online : 8 March 2024 - Original article by Matthew Knott - Portmac.News Summary

Malaysian Prime Minister Anwar Ibrahim has used a speech to the Australian National University to accuse Western nations of selectively applying international law.

He said that they have been happy to condemn Russia over its invasion of Ukraine, but have been equally happy to remain silent over the ongoing bloodletting "Of innocent men, women and children of Gaza".

He also claimed that much of the West has been happy to allow the "Israeli occupation forces" carte blanche in the murderous rampage on the Palestinians" for more than 60 years.

Tax take and spending near record highs

The Australian Financial Review - Page 6 : 8 March 2024 - Original article by Michael Read - Portmac.News Summary

Analysis of the latest national accounts data shows that federal, state and local government spending equated to 27.2% of GDP in 2023, which is nearly a record high.

Tax revenue across all three levels of government was also a near-record high of 30.3% of GDP.

Treasurer Jim Chalmers has indicated that his primary focus will shift from containing inflation to stimulating the economy.

However, he has ruled out a big increase in government spending, while economists contend that reducing debt should be the federal government's priority.

States sign up for new competition agenda to lift wages

The Age - Page Online : 8 March 2024 - Original article by Shane Wright - Portmac.News Summary

NSW Treasurer Daniel Mookhey has hosted a meeting of federal, state and territory governments that has been as acting as a possible starting point for new competition reforms that will in turn lead to higher wages.

Many economists believe that the recent decline in global and Australian productivity is partly due to a lack of competitive pressures, which force companies to look at new ways to lift output or better utilise their staff.

One issue that the meeting looked at was the growing use of non-compete and no-poach clauses in workplace contracts or agreements, with recently released research from the Australian Bureau of Statistics finding that 47% of businesses imposed at least one form of restraint clause on their workers.

Do better on equality or lose $70 billion in government work

Brisbane Times - Page Online : 8 March 2024 - Original article by Rachel Clun - Portmac.News Summary

The federal government has signalled that companies which take positive action to achieve gender equality will be preferred when awarding public contracts.

Finance Minister Katy Gallagher says the government spends $70m a year on buying goods and services, and its procurement policy will be linked to the private sector's progress in addressing the gender pay gap and promoting more women to leadership roles.

Labor to hit up wealth aged-care residents

The Australian - Page 4 : 8 March 2024 - Original article by Stephen Lunn - Portmac.News Summary

The federal government is expected to belatedly release the final report of its aged-care taskforce next week.

The report was finalised several months ago, and amongst other things it is expected to recommend increased means-testing of people in aged-care facilities.

This would result in wealthier residents of these facilities paying more for their accommodation and ancillary services.

Meanwhile, aged-care provider Catholic Health Australia is pushing for direct care providers to receive a pay rise of 10%, following a 15% wage increase in 2023.

It is also lobbying for other employees of aged-care facilities to receive a pay rise of 25%.

Tesla sparks split on fuel standards

The Australian Financial Review - Page 1 & 6 : 8 March 2024 - Original article by Phillip Coorey, Simon Evans - Portmac.News Summary

The federal government's proposed fuel efficiency standards for new vehicles continue to attract scrutiny.

Tesla has advised that it will cease being a member of the Federal Chamber of Automotive Industries at the end of June, accusing the industry lobby group of making false claims about the likely impact of the fuel standards on vehicle prices.

Telstra's Australian head Thom Drew has also stepped down as a director of the FCAI. Meanwhile, Isuzu has warned that the fuel standards regime may force some vehicle brands to withdraw from the Australian market.

Australia's high court to hear two appeals over legality of re-detaining more than 100 non-citizens

The Guardian Australia - Page Online : 8 March 2024 - Original article by Paul Karp - Portmac.News Summary

A federal court decision in late 2022 saw the release of more than 100 non-citizens who had been held in immigration detention.

However, they were re-detained after Labor and the Coalition teamed up to pass legislation that retrospectively authorised the cancellation of their visas.

The High Court has agreed to hear two appeals that have the potential to challenge the legality of their re-detention, with its decision welcomed by Greens senator Nick McKim, who says that 'Anti-refugee legislation' has no place in Australia.

Lending 'Malaise' as home loans retreat

The Australian - Page 19 : 8 March 2024 - Original article by Megan Neil - Portmac.News Summary

Data from the Australian Bureau of Statistics shows that the value of new housing loans fell by 3.9% to $25.12bn in January; this followed a 4.1% decline in December.

The general consensus of economists had been for two per cent growth in home loans during January.

The value of new owner-occupier loans fell by 4.6 per cent to $15.91bn, and lending to property investors was down 2.6% to $9.21bn.

Meanwhile, lending to first-home buyers was down 6.9%, and the value of those loans fell by 6%.

Farmers fear 'retribution' from supermarkets

The Australian Financial Review - Page 3 : 8 March 2024 - Original article by Ronald Mizen, Tom McIlroy - Portmac.News Summary

A Senate inquiry into supermarket pricing held its first hearing on Thursday in Hobart, with the inquiry hearing evidence from Jeremy Griffith from the National Farmers' Federation.

He said one of the major supermarkets had announced recently it would be cutting the price that consumers pay for a certain fruit from $3.50 to $2.50.

That chain had then told all its suppliers of that fruit on the mainland that it would be reducing the price it pays them to $1 per kilogram.

Griffith declined to name the type of fruit or the supermarket chain involved, claiming that farmers who speak about their contracts fear "Commercial retribution".

The tiny killer linked to heart attack, stroke and death

The Age - Page Online : 8 March 2024 - Original article by Angus Dalton - Portmac.News Summary

Research by Italian scientists has found that over half of people undergoing surgery for clogged arteries had blood vessels riddled with microplastics.

Those people were at far greater risk of heart attack, stroke and death when compared to people whose arteries were plastic-free.

The research looked at a relatively small group of people (257), but it forms part of a developing form of research into whether ingesting micro and nanoplastics increases the risk of cardiovascular disease, which accounts for a quarter of all deaths in Australia.

AUSTRAC probes Bet365 after audit into suspected dirty cash

The Australian Financial Review - Page 21 : 8 March 2024 - Original article by Zoe Samios - Portmac.News Summary

British-based gambling company Bet365 could be facing multimillion-dollar fines and major regulatory action if an investigation by AUSTRAC finds that poor compliance systems have resulted in it benefiting from the proceeds of crime.

AUSTRAC's investigation follows a lengthy audit of Bet365 operations by KPMG, while AUSTRAC has imposed over $2 billion in penalties since 2015 for breaches of laws in regard to money laundering and terrorism financing, with the maximum penalty for a single breach of the anti-money laundering and counter-terrorism act being $22.2 million.

Southern Cross rejects ARN Media takeover

The Australian - Page 17 : 8 March 2024 - Original article by Sophie Elsworth - Portmac.News Summary

Southern Cross Media Group has formally rejected a takeover offer from ARN Media and Anchorage Capital Partners, contending that it undervalues the TV and radio stations group.

However, chairman Rob Murray has indicated that Southern Cross would be open to a revised offer.

He adds that the group's radio stations and digital audio platforms are its key focus; it owns 99 radio stations across Australia, while ARN Media owns 58 radio stations.

Australian news media could seek payment from Meta for content used to train AI

The Guardian Australia - Page Online : 8 March 2024 - Original article by Josh Taylor - Portmac.News Summary

Meta announced recently that it would not sign new deals for the use of news content in Australia, claiming that just 3% of Facebook usage in Australia was related to news.

This has prompted calls for Meta to be designated under the news media bargaining code, which would force it to negotiate with news media publishers and pay for news content on its platforms.

Professor Monica Attard and Dr Michael Davis from the University of Technology's Centre for Media Transition have suggested the code could also be used to force Meta and other tech companies to pay for the news content that they use to train their AI models.

Job losses and potentially 'Dire' impact on regional media from Meta's news exit

The Age - Page Online : 8 March 2024 - Original article by Calum Jaspan - Portmac.News Summary

Australian Community Media MD Catalano contends the decision by Meta to refuse to pay for Australian news content could have a "Dire impact" on what is Australia's largest regional newspaper publisher.

Catalano said there would certainly be job losses at ACM if an alternative source of funds cannot be found, while he says he always felt as if Meta was not committed to the media content funding deals.

Public Interest Journalism Initiative CEO Anna Draffin has suggested that tax reform could help make up the revenue gap resulting from Meta's decision, suggesting it could take the form of a research and development-style rebate.

ASX caught in billion-dollar short squeeze

The Australian Financial Review - Page 21 : 8 March 2024 - Original article by Joshua Peach - Portmac.News Summary

An analysis of ASIC data has found that $967 million worth of shorted shares were covered in the final week of February

Hedge funds had shifted their 'bets' from struggling nickel and lithium miners such as IGO to big name stocks such as the Commonwealth Bank, BHP, Rio Tinto and Wesfarmers.

Meanwhile, Bruce Apted from State Street Global Advisor has told his clients that the most shorted securities outperformed the least shorted by 8.8% in February.

ASX soars for second day as banks hit highs

The Australian Financial Review - Page 20 : 8 March 2024 - Original article by Tom Richardson - Portmac.News Summary

The Australian sharemarket posted a modest gain on Thursday, with the S&P/ASX 200 adding 0.4% to close at 7,763.7 points.

Perseus Mining rose 5.9% to $2.07, the Commonwealth Bank was up 0.8% at $119.25 and NextDC advanced 2.5% to $17.37.

However, BHP fell 1.1% to $43.86 after trading ex-dividend.