Latest updates on Key Economic Indicators:

A$: $0.6620 USD (up 0.0020 USD)

Iron (SGX): $105.35 USD (down $3.80 USD)

Oil (WTI): $79.64 USD (up $1.90 USD)

Gold: $2,173.01 USD (up $15.94 USD)

Copper (CME): $4.0530 (up $0.1195 USD)

Bit-coin: $73,255.27 (up 3.41%)

Dow Jones: 39,043.32 (up 37.83 pts)

All changes compared to 7am yesterday.

Treasurer Jim to temper great surplus expectations in pre-budget speech:

Federal Treasurer Jim Chalmers is set to manage the expectations of a larger surplus in a pre-budget address, warning a decline in iron ore prices and a softening labour market will impact the bottom line. 

In an address this afternoon to the Committee for Economic Development of Australia, the treasurer is posed to outline the government's economic strategy with revenue upgrades to be smaller than originally expected.

The government has some big spending commitments ahead of it including an expansion of the NDIS, aged care and university funding.

But the sentiment coming from within the government is that a surplus will still be delivered, just not the one it expected. 

In its Mid-Year Economic and Fiscal Outlook (MYEFO) delivered at the end of last year, the government had an extra $64.4 billion.

The MYEFO flagged $9.8 billion in new spending cuts, mostly from scrapped infrastructure projects and $5.2 billion in new spending it claimed was "Unavoidable", including $1.5 billion to scrap a pandemic-era visa program. 

Tourist train 'The Ghan' is mooned again:

Travellers on one of Australia's most famous train journeys have been given a cheeky, yet traditional, welcome upon their arrival to the Northern Territory's Top End.

Twenty years ago, in 2004, the "Noonamah Moonies" — a group of Territorians from Darwin's outskirts — first dropped their dacks as iconic tourist train The Ghan approached its Darwin destination.

"There were people starkers just about, swinging their shorts," one original mooner recalled of the historic 2004 occasion. 

On board at the time was then prime minister John Howard and then Northern Territory chief minister Clare Martin.

The group "Mooned" the train again in 2014.

"Get your backside trackside"

Preaching the mantra of "Get your backside trackside", the original mooners, along with hundreds of others, were back on Tuesday when the train returned to the tropics.

The group, which included many first-time mooners, bared their bums to greet the Ghan, which departs from Adelaide, travels through the Australian interior, and disembarks near Darwin.

"It's not a bad day to flash your bum," said one of the people who attended.

If the once-a-decade tradition holds, Ghan travellers can expect to see the next "full moon" in 2034.

AUKUS deal still on track, says PM

The Australian - Page 2 : 14 March 2024 - Original article by Joe Kelly - Portmac.News Summary

PM Albanese has emphasised that a decision to scale back production of Virginia-class submarines in 2025 will not affect Australia's deal to acquire at least three nuclear-powered submarines from the US.

Two Virginia-class vessels had been slated to be built in fiscal 2025, but the US Department of Defense will now order just one.

The US Navy indicated in late 2023 that supporting its own requirements while supplying Virginia-class submarines to Australia would require production to be ramped up.

A fleet of British designed submarines will also be built in Adelaide as part of the AUKUS alliance.

Miners make first bid for 'same job, same pay'

The Australian Financial Review - Page 6 : 14 March 2024 - Original article by David Marin- Guzman - Portmac.News Summary

The Mining & Energy Union contends that labour hire workers at a coal mine in Queensland are paid up to $20,000 less than direct employees.

It is seeking an order from the Fair Work Commission to increase the wages of Workpac's labour hire workers at the Callide coal mine, in what would be the first use of the 'Same job same pay' provisions of the federal government's industrial relations reforms.

The mine is owned by Batchfire Resources; its directly-employed workers are paid an annual wage, while Workpac employees receive an hourly rate.

Bosses oppose union work-from-home push

The Australian - Page 7 : 14 March 2024 - Original article by Ewin Hannan - Portmac.News Summary

The Australian Chamber of Commerce & Industry's CEO Andrew McKellar has accused the ACTU of a "Power grab" with its push to extend working-from-home arrangements to more workers.

The ACTU contends that remote working should be available to all award workers in industries where their work can be performed at home, regardless of their length of service or the reason for the request.

The peak union body also argues that employers should only be allowed to refuse a working-from-home request on reasonable grounds, while employees should be able to appeal to the FWC if their request is rejected.

Recognise migrants' overseas qualifications to help close skills gap says CEDA

The Australian - Page Online : 14 March 2024 - Original article by Stephen Lunn - Portmac.News Summary

The Committee for Economic Development of Australia argues in a new report that the nation's pool of skilled migrants is being underutilised.

CEDA contends that providing migrants with more English-language courses and making it easier for their overseas qualifications and experience to be recognised would help to address the skilled labour shortage.

CEDA's senior economist Andrew Barker says recent migrants earn significantly less than Australian-born workers, and many are in jobs that are beneath their skill level.

Labor backs Rinehart on rare earths

The Australian Financial Review - Page 1 & 4 : 14 March 2024 - Original article by Jacob Greber, Peter Ker - Portmac.News Summary

The federal government will provide Arafura Rare Earths with $840m worth of grants and loans for its proposed mine and refinery in the Northern Territory.

PM Albanese will announce the package today; it includes a loan of about $495m from the Critical Minerals Facility and $200 million from the Northern Australia Infrastructure Facility.

The mine will produce rare earths elements such as neodymium and praseodymium (NdPr) in oxide form.

Arafura's shareholders include mining magnate Gina Rinehart, who acquired a 10% stake in the company in 2023.

Trump, Biden clinch election rematch that no one wants

The Australian Financial Review - Page 13 : 14 March 2024 - Original article by Matthew Cranston - Portmac.News Summary

The 2024 US presidential election is set to be a second showdown between Donald Trump and Joe Biden after both men secured their party's nomination in the Georgia primaries.

It will the first election to be contested by two president since 1912, and the age of both men is likely to come under scrutiny, while Trump is also facing prosecution in four criminal cases.

The Republican and Democratic parties will formally select their presidential election candidates at their national conventions.

Debts unite Trump, Biden

The Australian - Page 21 : 14 March 2024 - Original article by Robert Gottliebsen - Portmac.News Summary

The US government's current high level of spending was a major contributor to inflation rising by an annualised rate of 4.8% in February.

However, while the likely presidential election candidates Donald Trump and Joe Biden have ideological differences, they both intend to keep spending money if they win the race to the White House.

Meanwhile, Australia embraced a version of Modern Monetary Theory during the pandemic, as part of the JobKeeper and other COVID-19 minimisation policies.

However, prime ministers and treasurers from both major parties have not done enough to address the growing debt of state governments.

No US rate cuts yet after hot CPI

The Australian Financial Review - Page 27 : 14 March 2024 - Original article by Cecile Lefort - Portmac.News Summary

The latest inflation data in the US has dampened expectations of interest rate cuts in both the US and Australia.

Inflation rose by 0.4% month-on-month in February, and by 3.2% in the year to February.

Futures traders have now priced in a 79% chance of a rate cut at the Federal Reserve's board meeting in June, down from 85% last week.

The Federal Reserve and the Reserve Bank of Australia are both expected to leave the cash rate unchanged at their board meetings next week.

Plant nurseries accuse Bunnings of unfair trading practices

abc.net.au - Page Online : 14 March 2024 - Original article by Matt Brann - Portmac.News Summary

Greenlife Industry Australia has used its submission to the Senate inquiry on supermarket prices to express concern about Bunnings' market power in the plant industry.

GIA noted that Bunnings is the nation's dominant retailer of plants and trees, with a national market share of 70%; in contrast, the combined grocery market share of Coles and Woolworths is 65%.

GIA contends that Bunnings' market power allows it to dictate prices in negotiations with plant growers, and wants it to be subject to the code of conduct for the food and grocery industry.

GIA CEO Joanna Cave notes that Roy Morgan recently named Bunnings as Australia's most trusted brand; however, she questions whether consumers would rate Bunnings so highly if they knew how it treats growers.

DIY improvements remain a popular Easter activity

Market Research Update - Page Online : 14 March 2024 - Original article by Roy Morgan - Portmac.News Summary

Research by the Australian Retailers Association, in conjunction with Roy Morgan, shows that more than a third of Australians are set to undertake DIY projects over the Easter break.

Australians are tipped to spend $6.3 billion on home improvements and renovations, and the average spend on an Easter DIY project in 2024 will be $852 per person (down 0.5% from last year).

The 18-34 age demographic is set to spend more than any other age group ($2.7 billion).

The research also shows that more than 34% of women will undertake a DIY project during Easter, while 4.5 billion of the DIY spending is set to be in capital cities and $1.8 billion will be spent in country areas.

CBA tips iron ore's slump is far from done

The Australian Financial Review - Page 27 : 14 March 2024 - Original article by Tom Richardson - Portmac.News Summary

The iron ore price fell by more than 4% in futures trading in Singapore on Wednesday; the price of the steel input was fetching around $US104 per tonne, compared with nearly $US140 earlier in 2024.

Commonwealth Bank commodities analyst Vivek Dhar is bearish about the near-term outlook for iron ore, saying that it is likely to temporarily fall below $US100 a tonne.

He notes that the profit margins of China's steel mills are coming under similar pressure to mid-2022, when the iron ore price also temporarily fell below this level.

ASX higher as US inflation data fails to spook Wall St

The Australian Financial Review - Page 26 : 14 March 2024 -Original article by Tom Richardson - Portmac.News Summary

The Australian sharemarket posted a small gain on Wednesday, with the S&P/ASX 200 adding 0.2% to close at 7,729.4 points.

Liontown Resources was up 6.1% at $1.395, Treasury Wine Estates rose 1.5% to $12.46 and Macquarie Group firmed 0.9% to end the session at $199.61.

However, Fortescue closed 1% lower at $24.50 and Core Lithium fell 9.1% to $0.20.