Latest updates on Key Economic Indicators :

Aussie $: $0.6680 USD (up $0.0010 USD)

Iron (SGX): $120.20 USD (down $3.15 USD)

Oil (WTI): $69.95 USD (up $0.45 USD)

Gold: $1,967.84 USD (up $27.56 USD)

Copper(CME): $4.0345 (up $0.0305 USD)

Bit-coin: $27,205.96 (down 3.45%)

Dow Jones: 32,030.11 (down 530.49 pts)

All changes compared to 7am yesterday.

Ukraine War:

Prince of Wales visits British and Polish troops near Ukraine border:

The Prince of Wales has travelled to Warsaw as part of a surprise two-day trip to Poland to thank British and Polish troops for their efforts supporting Ukraine, as well as to learn more about how the country has cared for displaced Ukrainian refugees.

Prince William became the first member of the royal family to meet troops in Poland during a visit that was kept secret until after his arrival. He will also meet the Polish president, Andrzej Duda, while in the country.

At an air defence military base in the south-eastern Polish city of Rzeszów, he thanked British troops who are based roughly an hour’s drive from the Ukrainian border for “Defending our freedoms”. 

Swarm Drone Attack:

At least four people have been killed after a drone struck two university dormitories in the town of Rzhyshchiv, near Kyiv

Ukraine's President Volodymyr Zelenskyy tweeted security camera video of a residential apartment block in the southern city of Zaporizhzhia exploding as it was struck with a missile in broad daylight.

"Right now, residential areas where ordinary people and children live are being fired at," Mr Zelenskyy wrote.

"The world needs greater unity and determination to defeat Russian terror faster and protect lives."

Zelenskyy has visited troops near the front line in Bakhmut:

His office released video of him handing out medals to soldiers, which it said was filmed near the frontline city of Bakhmut, in eastern Ukraine.

A Ukrainian counterattack in recent days west of Bakhmut was likely to relieve pressure on the threatened supply route to the city.

There was still a risk the Ukrainian garrison could be surrounded, but there was now "A realistic possibility that the Russian assault on the town is losing the limited momentum it had obtained".

Minns wins final debate

The Guardian Australia - Page Online : 23 March 2023 - Original article by Tamsin Rose - Portmac.News Summary

NSW Dominic Perrottet and Opposition leader Chris Minns faced off in the final debate of the election campaign on Wednesday.

About 48% of the 100 undecided voters deemed Minns to have won the debate, with the two leaders responding to questions on issues such as privatisation and the public sector wages bill.

Minns defended his plan to abolish the public sector wages cap, while Perrottet called on him to reveal the policy's likely impact on the state budget.

Perrottet in turn indicated that he would be open to establishing an Indigenous voice to state parliament if the federal referendum is defeated.

Xi, Putin launch attack on AUKUS

The Australian Financial Review - Page 11 : 23 March 2023 - Original article by Michael Smith - Portmac.News Summary

Russian President Vladimir Putin and Chinese counterpart Xi Jinping have committed to strengthening economic co-operation between the two nations following their summit in Moscow.

However, the meeting is unlikely to result in any progress to resolve the war in Ukraine.

Meanwhile, the two leaders issued a joint statement in which they expressed concern about the AUKUS alliance and urged Australia, the UK and the US to strictly fulfil their obligations regarding nuclear non-proliferation and to maintain regional peace, stability and development.

Trade reform made new subs vital

The Australian Financial Review - Page 5 : 23 March 2023 - Original article by Phillip Coorey - Portmac.News Summary

Defence Minister Richard Marles has defended the federal government's decision to invest in a fleet of nuclear-powered submarines.

Responding to Paul Keating's recent criticism of the AUKUS deal, Marles told parliament that the former prime minister's free-trade reforms in the early 1990s contributed to the need for nuclear submarines. Marles says trade has become more vital to Australia in the last three decades, along with the need to protect the nation's trade routes.

He noted that Australia now imports the bulk of its liquid fuel from Singapore, and the nation would be highly vulnerable if an adversary chose to blockade key shipping lanes.

Exxon warns of dwindling Bass Strait gas

The Australian Financial Review - Page 17 : 23 March 2023 - Original article by Angela Macdonald-Smith - Portmac.News Summary

ExxonMobil's Gippsland Basin joint venture with Woodside Energy currently has 68 producing gas wells, down from 122 in 2010.

ExxonMobil Australia executive David Berman says this will fall to just 36 by winter 2024. He has emphasised the need for investment in new sources of gas supply for the eastern states, amid growing concern about a potential gas shortage.

However, the gas industry contends that the federal government's intervention into the east coast gas market in late 2022 is hindering investment in new supply.

Housing fund bill 'Not fit for purpose'

The Australian - Page 4 : 23 March 2023 - Original article by Sarah Ison - Portmac.News Summary

The federal government may struggle to get its Housing Australia Future Fund through parliament after the Greens and several crossbenchers indicated that they will oppose the bill in its current form.

The government released the final report of the Senate inquiry into the $10bn fund on Thursday; the Greens' dissenting report stated that the HAFF would actually make housing affordability worse, and urged the government to invest directly in social and affordable housing rather than via a future fund.

The Greens also accused the government of being "Morally repugnant" for spending $368bn on the AUKUS submarines while refusing to invest $5bn annually in public housing.

Swedish freedom 'Best way on Covid'

The Australian Financial Review - Page 1 & 5 : 23 March 2023 - Original article by Adam Creighton - Portmac.News Summary

Data from the World Health Organization shows that Australia has recorded 19,477 deaths from or with COVID-19 since the pandemic began.

In contrast, the coronavirus death toll in Sweden is 23,777 to date. However, analysis by the OECD shows that Australia has recorded more excess deaths during the pandemic than Sweden, which did not enforce lockdowns.

There has been an 8.2% increase in excess deaths in Australia over the last three years, compared with an increase of just 3.1% in Sweden.

The world will shortly mark the third anniversary of the start of COVID-19 lockdowns.

US regulator calls for Australian TikTok ban

Brisbane Times - Page Online : 23 March 2023 - Original article by Matthew Knott - Portmac.News Summary

It is estimated that short video site TikTok has about seven million monthly users in Australia.

Brendan Carr from the US Federal Communications Commission has used his submission to the Senate's inquiry into foreign interference through social media to argue that TikTok presents a significant national security risk.

He contends that it is a sophisticated surveillance tool and has urge the federal government to ban the app in its current form.

Carr adds that the proposed ban on the use of TikTok on government-issued devices does no far enough.

Doctors to be forced to report silicosis cases

The Age - Page Online : 23 March 2023 - Original article by Angus Thompson - Portmac.News Summary

Dr Graeme Edwards says the federal government's proposed national occupational dust diseases registry is long overdue.

However, Edwards has expressed concern about "Draconian powers" included in the draft legislation. Doctors could be fined up to $8,250 if they diagnose silicosis but fail to report the patient's name and workplace to the registry.

Edwards contends that this could undermine the registry's integrity, as it might prompt doctors to delay a diagnosis. Edwards was one of the first clinicians to warn of the nation's silicosis crisis in 2018.

The growing number of cases in Australia has prompted calls for a ban on engineered stone, which is widely used to make kitchen benchtops.

Four-day week on full pay gets nod

The Australian - Page 3 : 23 March 2023 - Original article by Helen Trinca - Portmac.News Summary

Oxfam Australia will implement a six-month trial of a four-day working week for its 140 employees.

The non-profit organisation agreed to the trial following negotiations with the Australian Services Union.

Permanent full-time employees who work 35 hours a week can opt to have their weekly hours and entitlements varied to 30 hours a week over four days without any loss of pay; permanent part-time employees can opt for similar changes on a pro-rate basis.

Imogen Sturni from the ASU says the traditional five-day working week no longer serves a modern workplace or its employees.

Small banks want majors to pay higher 'too big to fail' levy

The Australian Financial Review - Page 14 & 20 : 23 March 2023 - Original article by James Eyers - Portmac.News Summary

Customer Owned Banking Association CEO Mike Lawrence says the federal government should review the levy on Australia's four major banks and Macquarie Group.

He contends that there is scope to raise the levy because smaller banks face a bigger increase in funding costs than their larger rivals in the wake of the global banking crisis.

The former Coalition government introduced the bank levy in 2017 to ensure that major banks pay some of the cost of the implicit guarantee that they will be bailed out in the event of a banking crisis.

The levy raised $1.55bn in 2022, and this is forecast to rise to $1.65bn by 2025.

Rivals pick at Credit Suisse carcass 

The Australian - Page 13 & 17 : 23 March 2023 - Original article by Joyce Moullakis - Portmac.News Summary

The investment banking and private wealth operations of Credit Suisse in Australia employ more than 300 people.

Rival investment banks are said to have begun interviewing the group's Australian employees amid uncertainty as to how the deal for USB to acquire Credit Suisse will affect its local operations.

There have also been reports that rivals are seeking to poach Credit Suisse's private banking customers.

UBS currently does not have a presence in Australia's wealth management industry, having exited the sector in 2016.

Super giant sells offices as workers stay home

The Australian Financial Review - Page 6 : 23 March 2023 - Original article by Hannah Wootton - Portmac.News Summary

The Australian Retirement Trust has reweighted its property portfolio in favour of assets such as logistics, medical and storage facilities since the onset of the COVID-19 pandemic.

The ART has reduced its exposure to office buildings and shopping centres by about 20% in response to the pandemic-induced shift to working from home.

Chief investment officer Ian Patrick says there will still be demand for office buildings, but they will need to offer different facilities in order to encourage people to stop working from home in the post-pandemic environment.

First ABC strike in 17 years takes flagship programs off air

The Sydney Morning Herald - Page Online : 23 March 2023 - Original article by Zoe Samios, Angus Thompson - Portmac.News Summary

The Community & Public Sector Union's industrial action affected some of the ABC's flagship TV and radio programs on Wednesday.

They included the ABC News Breakfast program and ABC Radio National's breakfast show, with production and technical staff walking off the job for two hours at 7am and 3pm.

The ABC reached an in-principle agreement for a new pay deal ahead of the planned strike action, although Sinddy Ealy from the CPSU said its members would still walk off the job to vent their anger over the disrespect shown by the ABC's management during negotiations.

The rival Media Entertainment & Arts Alliance cancelled its own strike action.

ASX rallies ahead of key Fed ruling on rates

The Australian Financial Review - Page 24 : 23 March 2023 - Original article by Emma Rapaport - Portmac.News Summary

The Australian sharemarket posted a solid gain on 22 March, ahead of the US Federal Reserve's first board meeting since the banking crisis began; the S&P/ASX 200 added 0.9% to close at 7,016 points.

Woodside Energy rose 5.2% to $32.80, the Commonwealth Bank firmed 0.6% to end the session at $97 and KMD Brands was up 1.1% at $0.95.

However, Evolution Mining shed 3.1% to finish at $2.81 and Latitude Financial was down 7% at $1.12.