Latest updates on Key Economic Indicators:

Aussie $: $0.6650 USD (down $0.0045 USD)

Iron (SGX): $104.85 USD (down $0.35 USD)

Oil (WTI): $70.53 USD (down $0.80 USD)

Gold: $1,988.94 USD (down $27.44 USD)

Copper(CME): $3.6605 (down 0.0830 USD)

Bit-coin: $27,019.02 (down 1.24%)

Dow Jones: 33,012.14 (down 336.46 pts)

All changes compared to 7am yesterday.

Ukraine War:

UK & Netherlands agree ‘international coalition’ to help Ukraine get F-16's:

UK PM Rishi Sunak and Dutch leader Mark Rutte have agreed to build an “International coalition” to help procure F-16 fighter jets for Ukraine, the British government has announced.

A Downing Street spokesperson said Sunak and Rutte “Would work to build an international coalition to provide Ukraine with combat air capabilities, supporting with everything from training to procuring F-16 jets”.

“The prime minister reiterated his belief that Ukraine’s rightful place is in NATO and the leaders agreed on the importance of allies providing long-term security assistance to Ukraine to guarantee they can deter against future attacks.

The statement on Tuesday came a day after Ukraine’s president hinted that Kyiv could soon receive F-16 fighter jets, saying he was hopeful of “very important” decisions on the subject with the help of the UK.

Ukraine neutralises Russian hypersonic weapons:

Ukraine said it had neutralised the Kremlin’s most potent hypersonic weapon, shooting down six out of six Kinzhal missiles launched at Kyiv during a sweeping and “Exceptionally intense” night-time attack.

The attack on Kyiv was one of the biggest since last year’s invasion, and followed Volodymyr Zelenskiy’s three-day trip to Europe. During meetings in London, Berlin, Paris and Rome, Ukraine’s president secured promises of more military assistance, including long-range attack drones from the UK.

The Ukrainian military’s commander-in-chief, Valerii Zaluzhnyi, claimed Kyiv’s defenders shot down 18 out of 18 Russian rockets and drones.

He said the city had came under an intense and sweeping attack from the “North, south and east”, and the missiles were fired from air, sea and land. Among the areas affected by falling debris in Kyiv was the city’s zoo.

African leaders Step In:

Six African leaders plan to travel to Russia and Ukraine “As soon as is possible” to help find a resolution to the war, the South African president, Cyril Ramaphosa, said Tuesday. He said Vladimir Putin and Volodymyr Zelenskiy had “Agreed to receive the mission and the African heads of state in both Moscow and Kyiv”.

Joe postpones trip to Australia

The White House says US President Joe Biden has postponed his planned trip to Australia because of stalled domestic debt ceiling negotiations.

Mr Biden will leave the US tomorrow to travel to Japan for a meeting of the G7, which Australian Prime Minister Anthony Albanese is also attending.

The US president was planning to travel to Papua New Guinea and Australia afterwards, including visits to Sydney and Canberra for security talks and an address to Australia's parliament.

Joe spoke to Mr Albanese on Tuesday, US time, to inform him of the decision, the White House said.

"Revitalising and reinvigorating our alliances and advancing partnerships like the Quad remains a key priority for the President," a subsequently released statement said.

Richard Marles into 'Development of asymmetric technologies':

Deputy prime minister, Richard Marles, will say in a speech today that the full ambition of Aukus will only be realised if the transfer of technology and information between Australia and the US is “Seamless”.

In a keynote address to the American Chamber of Commerce in Adelaide, Marles will say the government is “focused on developing asymmetric technologies that will help deter future conflicts”.

But Marles will say that technology transfer barriers in the US and Australia “Are vast and complex”. That includes export controls in the US known as international trafficking in arms regulations (Itar).

Marles will say Australia has been having “productive” conversations with the US, including the defence secretary, Lloyd Austin, about Itar “And how we can translate that shared understanding and positive intent into action”.

Julia Gillard admits she 'got it wrong' on same-sex marriage:

Former prime minister Julia Gillard has conceded that her desire to have a debate around the merit of marriage in modern society, instead of supporting same-sex marriage, was "wrong".

During her prime ministership, Ms Gillard opposed same-sex marriage and voted against a private member's bill in 2012 that sought to legalise it, saying she believed in the traditional meaning of the union.

Five years later, then-Liberal prime minister Malcolm Turnbull oversaw the national same-sex marriage postal survey, where more than 60 per cent of respondents voted in favour of marriage equality.

Less than a month after the results, just before the end of 2017, federal parliament officially voted the change into law.

Ms Gillard ultimately changed her position and publicly supported same-sex marriage, admitting that her parliamentary vote against it did not align with her personal beliefs.

Kickstart productivity or be kicked says RBA

The Australian - Page 1 & 4 : 17 May 2023 - Original article by Patrick Commins, Giuseppe Tauriello - Portmac.News Summary

The minutes from the Reserve Bank of Australia's latest board meeting show that the decision to increase the cash rate by 25 basis points in May was a "Finely balanced" one.

Amongst other things, the board members noted that the nation's declining productivity since the onset of the COVID-19 pandemic could make it difficult to bring inflation back under control.

The RBA has warned that further interest rate increases are likely unless productivity is 'kickstarted'.

Analysts believe that quarterly wage price index data to be released on Wednesday could determine whether the RBA increases the cash rate in June.

Rinehart's dire mining prediction

The Australian - Page 13 & 18 : 17 May 2023 - Original article by John Stensholt - Portmac.News Summary

Mining magnate Gina Rinehart notes that mining capital expenditure is currently about $40bn a year, compared with more than $100bn annually at the peak of the previous mining boom about a decade ago.

Rinehart describes the $60bn investment gap as a missed opportunity for Australia.

She contends that government policy needs to be more supportive of the resources sector if Australia is to continue to produce future-facing commodities that are needed for the energy transition.

Rinehart adds that the remaining mine life of Hancock Prospecting's Roy Hill project is about 10 years, but this can be extended if the regulatory regime is more amenable.

Thirty-somethings feeling cost-of-living crunch more than older Australians

The Age - Page Online : 17 May 2023 - Original article by Emma Koehn - Portmac.News Summary

A new report from Commbank iQ's shows that Australians under the age of 35 are reducing their discretionary spending in response to cost-of-living pressures.

The report analysed the purchasing data of seven million Commonwealth Bank of Australia customers over the year to 31 March. Amongst other things, the report shows that the under-35 age group's overall spending increased by just 3.4% year-on-year, well below the annual inflation rate of 7%.

In contrast, people aged 55+ increased their spending by an above-inflation 7.7 per cent. CommBank iQ is a joint venture between the CBA and data science company Quantium.

Stage-three tax cuts cost blowout

The Guardian Australia - Page Online : 17 May 2023 - Original article by Paul Karp - Portmac.News Summary

The Parliamentary Budget Office's latest analysis of the legislated stage-three personal income cuts is that the package will cost $313bn over a decade.

This compares with a previous estimated of $254bn, released in October 2022.

The PBO's analysis was undertaken on behalf of the Greens, and concludes that men will receive 65% of the tax cuts over 10 years, or $203.7bn of the total.

People in the highest income brackets are also set to gain the most benefit from the tax package.

Greens leader Adam Bandt describes the stage-three tax cuts as a "Massive black hole", and argues that the money should be spent on services for all Australians rather than benefiting the wealthy.

BCA pushes against same job, same pay law

The Australian Financial Review - Page 6 : 17 May 2023 - Original article by David Marin-Guzman - Portmac.News Summary

The Business Council of Australia contends that the federal government's proposed 'Same job, same pay' laws for labour hire firms are not necessary.

The BCA has used its submission to a consultation paper on the reforms to argue that they could have unintended consequences, such as the increased use of casual labour and fewer enterprise agreements.

The BCA also says the reforms should be restricted to traditional labour hire firms rather than including in-house ones such as BHP's Operations Services division.

The labour hire changes will be a key part of the government's second tranche of industrial relations reforms.

Labor urged to return employment services to public sectors

The Guardian Australia - Page Online : 17 May 2023 - Original article by Luke Henriques-Gomes - Portmac.News Summary

The Community & Public Sector Union has called for the federal government to create a modern equivalent of the long-defunct Commonwealth Employment Service.

The CPSU has used its submission to a parliamentary committee to argue that the system of private sector job agencies is not working; it has also called for the mutual obligation system to be suspended, with assistant national secretary Michael Tull saying there is strong evidence to suggest that it is punitive and doing more harm than good.

Failure to comply with mutual obligation requirements such as applying for a certain number of jobs can result in a JobSeeker recipient's benefits being suspended.

Supermarkets dominate fresh bread, Bakers Delight grabs the cash

Market Research Update - Page Online : 17 May 2023 - Original article by Roy Morgan - Portmac.News Summary

Research by Roy Morgan shows that Woolworths and Coles accounted for 60.4% of the total dollars spent in Australia's $2.5 billion fresh bread market in the year to December 2022.

The combined market share of the two supermarket giants is down from 51.9% in 2018, when the fresh break market was worth $2.9bn.

Woolworths has retained its title as Australia's largest retailer of fresh bread, with a market share of 30.6%, just ahead of Coles on 29.8%.

Some 39.1% of fresh bread buyers now shop at Woolworths in an average week, while 37.6% shop at Coles; this is well ahead of Aldi (10.1%), Baker's Delight (8%) and IGA (6.3%).

ABC presenter Nicole Chvastek off air after lodging bullying claim

The Guardian Australia - Page Online : 17 May 2023 - Original article by Amanda Meade - Portmac.News Summary

The ABC has confirmed that veteran broadcaster Nicole Chvastek is taking leave until her allegation of bullying is heard by the Fair Work Commission.

Chvastek has hosted ABC radio's regional rive program in Victoria since 2012, and she has been absent from the slot for several weeks.

Chvastek is being represented by Mark Comito of Stal Employment Lawyers, who says his client wants the matter to be resolved quickly so she can return to work.

She has previously been a Seven News reporter and TV anchor for ABC International's news service in the Asia-Pacific region.

Push for BHP boss to give evidence in Brazil dam disaster

The Age - Page Online : 17 May 2023 - Original article by Simon Johanson - Portmac.News Summary

The class action against BHP over the Samarco tailings dam collapse in 2015 is slated to be heard by the UK's High Court in October 2024.

The class action is being led by British law firm Pogust Goodhead; global managing partner Tom Goodhead says the firm wants senior BHP executives to give evidence if the case proceeds to trial, potentially including current CEO Mike Henry.

He adds that the firm wants BHP to "Do the right thing" and attempt to reach a settlement in the case, more than seven years after the disaster that claimed 19 lives and caused an environmental catastrophe.

Allkem's path to Livent one for the ASX true believers

The Australian Financial Review - Page 20 & 21 : 17 May 2023 - Original article by Anthony Macdonald - Portmac.News Summary

Allkem CEO Martin Perez de Solay believes that global lithium production is likely to be around three million tonnes in 2030.

In contrast, Rio Tinto's annual iron ore output in the Pilbara is currently around 340 million tonnes.

This is a key rationale for the merger between Allkem and Livent, which will create one of the biggest integrated lithium producers; Allkem's portfolio is focused on the production of brine and hard rock heavy lithium, while Livent's focus is on lithium processing.

The $15.8bn deal with Livent caps a meteoritic rise for Allkem, which was created via a $4bn merger between lithium small-caps Orocobre and Galaxy Resources in 2021.

ASX slips as market weighs RBA rate rise

The Australian Financial Review - Page 32 : 17 May 2023 - Original article by Alex Gluyas - Portmac.News Summary

The Australian sharemarket lost ground on Tuesday, after the minutes of the Reserve Bank's monthly board meeting showed that it may be open to further interest rate rises; the S&P/ASX 200 eased 0.5% to close at 7,234.7 points.

Fortescue Metals Group was down 0.4% at $20.30, Woodside Energy fell 0.1% to $33.88 and TPG Telecom finished 2% lower at $5.49.

However, James Hardie Industries rose 8.3% to $36.80 and Life360 was up 11.7% at $6.47.