Latest updates on Key Economic Indicators:

Aussie $: $0.6616 USD (down $0.0044 USD)

Iron (SGX): $106.45 USD (down $1.65 USD)

Oil (WTI): $72.06 USD (down $0.61 USD)

Gold: $1,957.62 USD (down $24.35)

Copper (CME): $3.6955 (down 0.0525 USD)

Bit-coin: $26,739.17 (down 2.21%)

Dow Jones: 33,535.91 (up 115.14 pts)

All changes compared to 7am yesterday.

Ukraine War:

Ukraine repels Russian attacks in Bakhmut:

The Ukrainian military and Russia's Wagner private army both reported further Russian retreats around the city of Bakhmut on Thursday, as Kyiv pressed on with its biggest advance for six months ahead of a planned counteroffensive.

Ukrainian troops near the front line said Russia was bombarding access roads to slow the Ukrainian assault, which has shifted momentum after months of slow Russian gains in Europe's deadliest ground combat since World War II.

Ukraine said it had repelled a day of Russian attacks in and around the ruined city and made gains of 1 kilometre in some places while buying time for "Certain planned actions".

US risks rift with European allies over F-16s supply to Ukraine:

Washington risks opening a rift with European allies over its reluctance to contemplate supplying F-16 fighters to Ukraine, with the issue likely to crop up at the forthcoming G7 summit in Japan.

This week, after Volodymyr Zelenskiy’s visit to Europe, the UK and the Netherlands said they would create an “International coalition” to procure the US-made F-16s and train Ukrainian pilots and crews.

Emmanuel Macron also said there were “No taboos” on Ukrainian pilots being trained in France in a TV interview on Monday – shifting the focus to the US, which has to consent to the transfer of any F-16s to Ukraine.

But the US response has ranged from negative to unenthusiastic.

A state department official, when asked about F-16 supply on Wednesday, said: “We want to ensure that the assets and systems that we offer our Ukrainian partners are the most impactful, that they can use them now.”

Red Carpet Fashion From The 2023 Cannes Film Festival:

This year marks the 76th edition of the Cannes Film Festival and the line-up is hotly anticipated, including a new Wes Anderson film (Asteroid City) and Martin Scorsese’s Killers of the Flower Moon.

Cannes always attracts some of the biggest stars from across the entertainment industry and this year expect to see Scarlett Johansson, Elle Fanning, Natalie Portman, Cate Blanchett and more promoting their upcoming projects.

The red carpet action commenced with the Grand Opening and premiere of Jeanne du Barry, which Elle Fanning attended in an exquisite bespoke Alexander McQueen gown.

“The time we shared and the artistry I witnessed from [Sarah Burton] in the McQueen London studio are a memory I will cherish forever,” Fanning said to British Vogue, who describes the final outcome as the “Dress of dreams” and “A work of art.”

Beijing courts Albanese

The Australian Financial Review - Page 1 & 6 : 19 May 2023 - Original article by Phillip Coorey - Portmac.News Summary

China's Ambassador to Australia Xiao Qia has announced that his nation has lifted its ban on timber imports from Australia, a decision that has been welcomed by Trade Minister Don Farrell.

However, Farrell has urged China to lift its other sanctions on imports from Australia, which include products such as wine and lobster.

Xiao also revealed that Chinese and Australian diplomats are working on a plan for Prime Minister Anthony Albanese to visit China "As soon as possible". If the visit goes ahead, Albanese will be the first prime minister to do so since Malcolm Turnbull in 2016.

PM Albanese joins G7 for 'Vital' summit

The Australian - Page 2 : 19 May 2023 - Original article by Will Glasgow - Portmac.News Summary

Prime Minister Anthony Albanese says he was very pleased to accept an invitation from Japanese Prime Minister Fumio Kishida to participate as an outreach partner at the G7 Summit.

He will meet with the Quad leaders during the summit after US President Joe Biden cancelled his trip to Sydney in order to deal with debt ceiling negotiations in Washington, while Albanese is due to meet with newly elected President of Brazil Lula da Silva and South Korean President Yoon Suk Yeol on Friday.

Albanese says the G7 summit is a "Vital meeting" at a vital time for the world's economy, while he says that Australia "Stands shoulder to shoulder" with the world's major liberal democracies on issues such as climate and energy and a free and open Pacific.

Jobless lift 'Signals what's ahead'

The Australian - Page 4 : 19 May 2023 - Original article by Patrick Commins - Portmac.News Summary

Data from the Australian Bureau of Statistics shows that the nation's official unemployment rate rose to 3.7% in April, with the economy shedding 4,300 jobs.

Economists had expected the jobless rate to remain steady at 3.5% and for about 25,000 jobs to have been created during the month.

Treasurer Jim Chalmers has downplayed the figures, noting that the unemployment rate is still "Remarkably low".

The underemployment rate eased to 6.1%.

National Australia Bank economist Ivan Colhoun says the latest jobs and wages data may strengthen the cash for an interest rate pause in June. However, he still expects the Reserve Bank to tighten monetary policy again within months.

Priority one call to save good times

The Australian - Page 1 & 4 : 19 May 2023 - Original article by Tom Dusevic - Portmac.News Summary

Treasury secretary Steven Kennedy has used a speech to a gathering of business economists in Melbourne to outline what he sees as Australia's economic "To-do" list.

According to Kennedy, they include boosting the quality of taxing and spending and implementing better competition policy.

He said that while employment and participation are "Moving in the right direction", productivity is not, and that stopping and reversing the decline in productivity growth represents a major long-term challenge.

Kennedy also rejected claims from some economists that the 9 May budget will contribute to inflationary growth and will result in a tougher interest rate response from the Reserve Bank.

Pain for productivity gain

The Australian - Page 21 : 19 May 2023 - Original article by Robert Gottliebsen - Portmac.News Summary

The Reserve Bank has stated that interest rates will remain higher and for longer if Australia's productivity is not improved.

Investing in more modern equipment can help boost productivity, although the recent focus by both government and the private sector has been on addressing skill shortages rather than on improving efficiency.

The actions that the RBA is taking in lifting interest rates is likely to mean that the businesses that do not have the ability to improve their productivity may go out of business, which some might argue is a painful way of achieving it.

AUKUS 'among the worst, most dangerous decisions'

The Australian - Page 2 : 19 May 2023 - Original article by Joanna Panagopoulos - Portmac.News Summary

A group of prominent Australians have jointly signed a letter calling for a parliamentary inquiry into the AUKUS deal to acquire nuclear-powered submarines.

They include former Labor MP Peter Garrett, Greens senators and ex-Western Australian premier Carmen Lawrence.

Amongst other things, they have raised concerns about issues such as the disposal of nuclear waste and the true extent of Australia's sovereignty over the submarines.

Public service outsourcing audit shows Defence takes lion's share

The Australian Financial Review - Page 11 : 19 May 2023 - Original article by Tom Burton - Portmac.News Summary

An outsourcing audit by the Department of Finance has revealed that almost 90% of the federal government's $21 billion expenditure on external labour in 2021 was concentrated in five agencies, including the Australian Taxation Office and Defence.

The latter alone accounted for more than 75% of this expenditure.

As regards to how Defence spent that money, 75% went to third party providers such as cooks and cleaners, as opposed to going to consulting and contractors.

Minns axes VIP Lounge signage for pubs & clubs

The Sydney Morning Herald - Page Online : 19 May 2023 - Original article by Alexandra Smith - Portmac.News Summary

NSW clubs and pubs have been given three months to remove signs such as 'VIP Lounges' or 'Players' room' from outside their premises, as the new Labor government implements one of its election promises.

With Sydney pubs having long used 'VIP Lounge' as a code for poker machines, pubs or clubs who ignore the new rules will face a maximum fine of $11,000 per offence.

The most recent Liquor & Gaming data revealed NSW pubs and clubs made a record $8.1 billion in poker machine profits in 2022, while gamblers in NSW clubs lost $4.6 billion on poker machines.

Students return to remote learning & masks amid COVID outbreaks

The Sydney Morning Herald - Page Online : 19 May 2023 - Original article by Lucy Carroll - Portmac.News Summary

Around a dozen public schools in NSW have had to reinstate remote learning for some of their students because of COVID-19 outbreaks, including Liverpool Girls High School, which also directed staff, students and visitors must wear masks on school grounds for five days as from 16 May.

COVID-19, influenza and other respiratory viral infections have been increasing in school-aged children since the return of term two, but University of NSW associate professor James Wood, who undertakes COVID-19 pandemic modelling for NSW Health, says that so far there has been no widespread transmission of the virus within schools.

ASX ditches blockchain CHESS rescue

The Australian Financial Review - Page 1 & 23 : 19 May 2023 - Original article by James Eyers - Portmac.News Summary

Stock exchange operator ASX Limited may abandon plans to replace its ageing CHESS clearing and settlements system with a blockchain-based platform.

The ASX announced a $250m writedown after cancelling its much-delayed blockchain project in late 2022, and it may now opt for an off-the-shelf solution rather than persisting with blockchain technology.

The ASX is also planning a shift to allowing equities trades to be settled within one day, rather than two days at present.

Staff at Nine's A Current Affair program will receive privacy training

The Australian - Page Online : 19 May 2023 - Original article by Sophie Elsworth - Portmac.News Summary

The Australian Communications & Media Authority has found that the Nine Network has breached the privacy requirements of the commercial TV industry's code of practice.

ACMA investigated a complaint about a story that was broadcast on A Current Affair in March 2022, in which an individual's personal information was disclosed without their consent, including their name and address.

ACMA chair Nerida O'Loughlin says disclosure of this information was deemed to not be in the public interest.

ACA staff involved will be required to receive privacy training.

Rio signs $6m deal with battery pioneer

The Australian Financial Review - Page 10 : 19 May 2023 - Original article by Mark Ludlow - Portmac.News Summary

Rio Tinto has signed a two-year agreement with Brisbane-based battery company Graphene Manufacturing Group to develop and use its 'Next-generation' graphene aluminium-ion batteries for energy storage at its mines and in its mining trucks.

The agreement is the first major deal for GMG, while the agreement does not stop GMG selling technology developed under the agreement to other mining companies; however, Rio Tinto would receive a financial payment for helping to support the technology.

GMG claims that its batteries can be charged much faster than lithium-ion batteries and are more environmentally friendly.

Housing industry warns of grim outlook as lending curbs begin to bite

The Australian Financial Review - Page 34 : 19 May 2023 - Original article by Michael Bleby - Portmac.News Summary

The Housing Industry Association has forecast a further downturn in residential construction.

The HIA expects new housing starts to fall to a 12-year annual low of just 96,310 by 2024. However, multi-unit housing starts are tipped to rise strongly in coming years, after falling to a decade-low of 63,240 in 2022.

HIA chief economist Tim Reardon says the rise in the cash rate over the last year has been the key contributor to the downturn in housing starts.

He added that the full impact of higher interest rates on the housing market will not be felt until late 2024.

Real estate agents push back against privacy laws

The Guardian Australia - Page Online : 19 May 2023 - Original article by Paul Karp - Portmac.News Summary

The Real Estate Institute of Australia is urging the federal government to retain the small business exemption to the Privacy Act, as the government considers changes to the Act.

The REIA estimates that two-thirds of all agencies would come under the Act if the small business exemption was removed, with president Hayden Groves claiming that it could be the "last straw" for some agencies if that happened.

As well as wanting the small business exemption retained, the REIA contends that a new penalty regime should be delayed until 2025.

ASX Xero leads tech sector as market rebounds

The Australian Financial Review - Page 30 : 19 May 2023 - Original article by Tom Richardson - Portmac.News Summary

The Australian sharemarket posted a solid gain on Thursday, with the S&P/ASX 200 adding 0.5% to close at 7,236.8 points.

Rio Tinto was up 1.4% at $109.98, Nufarm advanced 14.2% to $6.05 and Xero finished 8.9% higher at $102.49.

However, Aristocrat Leisure was down 3.1% at $38.04.