Latest updates on Key Economic Indicators:

Aussie $: $0.6644 USD (up $0.0028 USD)

Iron (SGX): $105.35 USD (down $1.10 USD)

Oil (WTI): $71.55 USD (down $0.51 USD)

Gold: $1,977.87 USD (up $20.25)

Copper (CME): $3.7280 (up 0.0325 USD)

Bit-coin: $26,745.80 (down 0.93%)

Dow Jones: 33,426.63 (down 109.28 pts)

All changes compared to 7am Friday, except Bit-coin

Ukraine War:

Zelenskiy's Plan : “An obvious expression of rationality”

In a G7 speech, Volodymyr Zelenskiy said Kyiv’s plan to end Russia’s war in Ukraine was “an obvious expression of rationality”, and sought support for his “Peace formula”.

He thanked western leaders for achieving “A level of cooperation which ensures that democracy, international law, and freedom are respected”, but questioned: “Is this enough?”

“Russia has trampled on everything that is civilised.”

Zelenskiy later laid flowers at a cenotaph in Hiroshima honouring those who died after the US dropped an atomic bomb on the city in August 1945.

At a later press conference, Zelenskiy said he dreams of rebuilding “All our cities that are in ruins” similar to Hiroshima’s regeneration. “Russia has trampled on everything that is civilised.”

Bakhmut was not occupied by Russia

During the press conference, Zelenskiy said Bakhmut was not occupied by Russia ‘As of today’.

Earlier there was confusion when Zelenskiy appeared to confirm the loss of the city to Russia, saying “I think no” when asked if it remained in Kyiv’s control.

His spokesperson later said that response referred to the question of whether Russia had control.

Later, Ukraine’s deputy defence minister claimed Ukrainian forces had partly encircled the besieged eastern city.

A senior general added that Ukraine’s forces controlled an “Insignificant” part of the Bakhmut, but not enough to enter the devastated city.

F-16 fighter jets from the west

Zelenskiy said he is confident Kyiv will receive F-16 fighter jets from the west but that he was unsure how many.

He added that he had secured high-quality weapons from everyone at the G7 summit but dodged questions as to when Ukraine’s counteroffensive would begin.

Joe Biden said he had received a “flat assurance” from Zelenskiy that he would not use western-provided F-16 fighter jets to go into Russian territory.

Biden vow to deliver climate 'Third pillar'

The Australian - Page 1 & 8 : 22 May 2023 - Original article by Will Glasgow, Ben Packham, Rhiannon Down, Jared Lynch - Portmac.News Summary

PM Albanese has announced a new deal with the US on the sidelines of the G7 leaders' summit in Hiroshima.

He says the Australia-US Climate, Critical Minerals and Clean Energy Transformation Compact will allow local companies to benefit from the Biden administration's signature Inflation Reduction Act.

Albanese adds that the deal will alleviate concerns that the IRA will result in capital being directed to such projects in the US rather than Australia.

President Joe Biden says the deal reflects the close bilateral relations between the two nations; he adds that climate and clean energy will become the third pillar of the alliance between Australia and the US.

Albanese's message to Beijing: 'Work with us'

The Australian - Page 8 : 22 May 2023 - Original article by Will Glasgow - Portmac.News Summary

Prime Minister Anthony Albanese says the nations who attended the G7 summit in Japan all seek a peaceful, more secure region, while he suggested China should learn from the detente-era relationship between the US and the Soviet Union.

He said that relationship involved the creation of 'Handrails' that helped to ease international tensions, with Albanese calling on China to work with the US on putting similar 'Handrails' in place to ease current tensions.

The four Quad leaders also met during the summit, declaring afterwards in a joint statement that "Ours must not be an era of war".

Meanwhile, Albanese has advised that he intends to make an official visit to China at some stage, despite the ongoing restrictions on Australian imports.

NSW to lift stamp duty thresholds for first home buyers

The Guardian Australia - Page Online : 22 May 2023 - Original article by Ben Smee - Portmac.News Summary

The NSW government will introduce legislation in the week beginning 22 May to make changes to the first home buyers assistance scheme.

Properties valued up to $800,000 will be exempt from stamp duty, up from $650,000, while concessions will apply to properties valued up to $1 million, up from $800,000.

The government will also introduce legislation to scrap a scheme implemented by the state's former Coalition government which gave first home buyers of properties worth up to $1.5 million the option of choosing to pay an annual land tax instead of paying upfront stamp duty.

PNG poised to sign defence pact

The Australian - Page 8 : 22 May 2023 - Original article by Ben Packham - Portmac.News Summary

US Secretary of State Antony Blinken and Indian Prime Minister Narendra Modi will arrive in Papua New Guinea on Monday for talks with PNG Prime Minister James Marape.

Modi is expected to offer PNG fresh economic support, proposing investments in areas such as pharmaceuticals manufacturing and gold mining.

Marape will then travel to Sydney for a major community event at Olympic Park on Tuesday evening, before holding talks with Anthony Albanese on the following day.

For his part, Blinken is expected to sign a new defence agreement with PNG, despite some local concern that it will see PNG caught up in any future conflict between the US and China

Russia now knows who hacked Medibank

Brisbane Times - Page Online : 22 May 2023 - Original article by Nick McKenzie, Amelia Balinger - Portmac.News Summary

Australian Federal Police commissioner Reece Kershaw says the AFP has provided Russia with detailed information via international policing agency Interpol about the groups and individuals responsible for the hack on Medibank Private.

However, he adds that Russian officials have taken no action on the matter. Kershaw says Russia's failure to do so means that it is providing a haven for cybercriminals, while it calls into question Russia's continued membership of Interpol.

Migrant workers 'unionised by stealth'

The Australian Financial Review - Page 3 : 22 May 2023 - Original article by David Marin-Guzman - Portmac.News Summary

The Opposition has expressed concern about the federal government's first labour agreement for temporary skilled workers in the aged-care sector.

It includes a memorandum of understanding that removes the requirement for aged-care providers to advertise jobs locally before recruiting staff from overseas.

However, the expanded labour market testing requires employers to offer local staff the maximum 76 hours a fortnight before using overseas workers.

In addition, the MoU bans management personnel from attending staff induction sessions unless they are expressly invited by the union.

Australian Industry Group CEO Innes Willox says the MoU raises concerns about issues such unions' right of entry and the potential for workers to be coerced into joining a union.

Former ASIC chairman calls for funds & reforms

The Australian - Page 15 & 18 : 22 May 2023 - Original article by David Ross - Portmac.News Summary

Former Australian Securities & Investments Commission chairman James Shipton says that ASIC is "Still being asked to do too much with too little", even with the additional funding allocated to it in the recent federal budget.

Shipton has called on the federal government to update its statement of expectations for ASIC, noting that the previous one from the former Coalition government is "Almost two years old".

He also says that ASIC, like the Reserve Bank of Australia, is in need of governance reform.

5th wave : 38,226 new COVID-19 cases last week

The Sydney Morning Herald - Page Online : 21 May 2023 - Original article by Mary Ward - Portmac.News Summary

Data from the federal government shows that 1.6 million Australians aged 65+ have received a COVID-19 vaccine in the last six months; however, 2.8 million people in this age cohort have not been vaccinated during this period.

Meanwhile, 46% of people aged 65+ have had a flu shot in 2023.

Professor Robert Booy from the University of Sydney recommends that older Australians should get a Covid booster as soon as possible, and a flu shot at the same time.

A total of 38,226 new cases of COVID-19 were reported across Australia in the week to Friday.

Professor Adrian Esterman from the University of South Australia says case numbers have increased for three consecutive weeks, and the nation appears to be entering a fifth Omicron wave.

Aussie unis to benefit from Chinese 'golden ticket'

The Australian Financial Review - Page 16 : 22 May 2023 - Original article by Julie Hare - Portmac.News Summary

China is set to relax a policy known as 'Hakou', which gives preferential treatment to graduates of the world's top 50 universities when it comes to settling in Shanghai; a comparable but less rigorous policy also applies to residency status in Beijing.

Sunny Yang from the University of Newcastle has described the 'Hakou' policy as a "Golden ticket", particularly for people not born in elite, urban circles in China, and its relaxation is expected to benefit more Australian universities in terms of attracting Chinese students.

McGowan : "life's sweeter in west"

The Australian Financial Review - Page 36 & 37 : 22 May 2023 - Original article by Tom Rabe - Portmac.News Summary

Western Australian Premier Mark McGowan believes that his state remains unappreciated by the rest of Australia, while he defends the parochial nature of WA politics.

Attacked by Liberal leaders on Australia's east coast for his hard border closure stance during the COVID-19 pandemic, McGowan say he has not altered his hard-headed approach to interstate relations, even though Scott Morrison, Gladys Berejiklian and Dominic Perrottet have now been replaced by Labor politicians.

'Buy now, pay later' faces tougher rules

The Australian Financial Review - Page 17 : 22 May 2023 - Original article by James Eyers - Portmac.News Summary

Financial Services Minister Stephen Jones will tell the Responsible Lending and Borrowing Summit in Sydney on 22 May that 'Buy now, pay later' providers will be regulated under credit laws.

His speech represents the culmination of a process that began in November when the federal government released three options to overhaul how the BNPL industry operates, with the government having chosen the middle option.

This will also require BNPL providers to determine that products are suitable for their users under responsible lending obligations.

Australia's big supermarkets increased profit margins

The Guardian Australia - Page Online : 22 May 2023 - Original article by Jonathan Barrett - Portmac.News Summary

Media analysis of the financial accounts of Coles and Woolworths over a five-year period reveals that the two big supermarket chains increased their profit margins, with the period covering both the pandemic and the cost-of-living crisis.

George Boubouras from K2 Asset Management claims that some industry sectors are getting close to "Oligopolistic pricing power", and that prices need to start falling if inflation is to ease.

He says it is particularly important to monitor products impacted by floods, to ensure that they drop accordingly after supplies return rather than remain at elevated prices.

Port charges to rise

The Australian Financial Review - Page 19 : 22 May 2023 - Original article by Jenny Wiggins - Portmac.News Summary

The Freight & Trade Alliance has called on the federal government to implement the recommendations of the Productivity Commission in regard to the fees set by stevedores.

The Commission recommended that they be regulated by Treasury and that the Australian Competition & Consumer Commission be tasked with enforcing the regulations.

The Alliance, which represents importers and exporters, claims that over $1b in annual fees is levied on transport companies that use ports, and that new charges and higher fees scheduled for later in May will add to inflation.

Prompt response to micro-courses for ChatGPT

The Australian Financial Review - Page 13 : 22 May 2023 - Original article by Euan Black - Portmac.News Summary

Advertising executive Damien Healy believes that professionals like him will need to learn how to use artificial intelligence tools or risk being "Left behind".

Healy is one of more than 600 Australians to have enrolled in a Chat-GPT-related course on education platform Udemy.

James Della-Porta from Udemy says that professionals who learn how to use Chat-GPT effectively will become more productive, as they will be able to get it to perform their low-value administrative work at speed.

Growing readership chasm

The Australian - Page 23 : 22 May 2023 - Original article by James Madden - Portmac.News Summary

Roy Morgan's Total News readership data for the March quarter shows that The Australian now boasts a cross-platform audience of 4.153 million per month.

This compares with 3.451 million for rival national masthead the Australian Financial Review.

The figures show that The Australian's weekday print readership increased by 1.5% during the quarter, while The Weekend Australian's readership has increased by 5.7% over the same period.

Meanwhile, News Corp Australia's Herald Sun is the nation's most-read weekday newspaper, with its readership increasing by 6.6% over the last 12 months.

The Sunday Telegraph is in turn the most-read print newspaper in Australia, reaching 850,000 people each week; this is up 3.8% over the last year.

'Tragic demise' of children's local content

The Australian - Page 23 : 22 May 2023 - Original article by Sophie Elsworth - Portmac.News Summary

Data from the Australian Communications & Media Authority shows that the nation's commercial TV networks invested just $2.9m in original children's content in 2021-22, compared with $25.6m in 2017-18.

Screen Producers Australia CEO Matt Deaner says the ABC is the only broadcaster that is now commissioning any children's content "Of substance", and he has urged the federal government to intervene.

Free TV Australia CEO Bridget Fair said commercial TV networks are continuing to invest in Australian content, and she notes that changes to local content quotas in 2020 were in recognition that few children are watching programs that are subject to these rules

Heads roll as Walkleys sink subs

The Australian - Page 24 : 22 May 2023 - Original article by James Madden - Portmac.News Summary

The West Australian's editor-in-chief Anthony De Ceglie has criticised the Walkley Foundation's decision to scrap the annual award for 'Best Headline, Caption and Hook'.

He contends that a headline is integral to drawing the audience to a newspaper article.

The Walkleys Judging Board's chair Michael Brissenden argues that section editors and journalists are increasingly doing most of the work that used to be done by production journalists.

The award for 'Public Service Journalism' has also been scrapped following an 11-month review of the Walkleys, while a new award for 'Best Explainer Journalism' will be introduced.

'Processing lithium 40% cheaper in S Korea'

The Australian Financial Review - Page 1 & 21 : 22 May 2023 - Original article by Peter Ker - Portmac.News Summary

The federal government will release its critical minerals strategy in coming months, which will aim to increase the local processing of minerals that are crucial to the energy transition.

However, the cost of processing critical minerals in Australia looms as a key challenge; South Korea-based POSCO has indicated that building a lithium hydroxide plant in its home country will cost 40% less than in Australia.

The plant in the city of Gwangyang will process spodumene concentrate from Pilbara Minerals' lithium mine in Western Australia.

Pilbara Minerals will have an 18 per cent stake in the plant, which will process 315,000 tonnes of Spodumene concentrate from WA each year for at least two decades.

Chinese buyers returning to Aussie property markets

The Australian Financial Review - Page 34 : 22 May 2023 -Original article by Swati Pandey - Portmac.News Summary

Data from real estate firm Juwai IQI has revealed that buyer inquiries from China for Australian properties rose 127% in the March quarter when compared to the final quarter of 2022; Juwai IQI helps sell foreign property to clients in Asia.

Co-founder Daniel Ho says he expects Chinese investment in Australian real estate in 2023 to be up at least 130% on 2022, while figures from the Foreign Investment Review Board show that China was the single biggest source of offshore investment in Australian residential property in the 2022 fourth quarter, at $600 million.

ASX US debt ceiling fears set to weigh down market

The Australian Financial Review - Page 23 : 22 May 2023 - Original article by Tom Richardson - Portmac.News Summary

Futures pricing suggests that the Australian sharemarket will fall slightly when trading resumes on Monday, following a negative lead from Wall Street.

The benchmark S&P/ASX 200 rose 0.6 per cent to 7,279.5 points on Friday, while the gold price rallied after Congress put negotiations to increase the US debt ceiling on hold until President Joe Biden returns from the G7 summit in Japan.

Meanwhile, investors will be awaiting the release of the minutes from the Federal Reserve's May board meeting on Wednesday, as well as Australian retail sales data on Friday.