Latest updates on Key Economic Indicators:

Aussie $: $0.6535 USD (up $0.0014 USD)

Iron (SGX): $103.25 USD (up $2.15 USD)

Oil (WTI): $73.04 USD (up $0.37 USD)

Gold: $1,943.24 USD (down $3.43 USD)

Copper (CME): $3.6725 (up 0.0010 USD)

Bit-coin: $$27,688.26 (up 0.46% in last 24 hours)

Dow Jones: 33,093.34 (unchanged )

All changes compared to 7am yesterday.

Ukraine War:

License To Krill : Suspected spy whale reappears off Sweden’s coast:

A beluga whale that turned up in Norway wearing a harness in 2019, prompting speculation it was a spy trained by the Russian navy, has reappeared off Sweden’s coast.

The harness had a mount suited for an action camera and the words Equipment St Petersburg printed on the plastic clasps.

First discovered in Norway’s far northern region of Finnmark, the whale spent more than three years slowly moving down the top half of the Norwegian coastline, before suddenly speeding up in recent months to cover the second half and move on to Sweden.

On Sunday, he was observed in Hunnebostrand, off Sweden’s south-western coast.

“We don’t know why he has sped up so fast right now,” said Sebastian Strand, a marine biologist with the OneWhale organisation, adding that it was particularly puzzling because the whale was moving “very quickly away from his natural environment”.

Explosions In Kyiv:

At least one person has been hospitalised after a wave of explosions were heard in Kyiv during Monday morning.

Mayor Vitali Kitschko said that the person had been in the Podilskyi district in the north of the city.

The local authority reported that the roof of a two-story building caught fire in the district as a result of falling debris, but that the fire was contained.

“The enemy used missiles of a ballistic trajectory – preliminarily Iskanders. There is a possibility that S-300 and S-400 missiles were also used,” air force spokesperson Yuri Ihnat told Ukrainian TV.

Massed Russian Missile Attack:

Serhii Popko, the head of Kyiv’s military administration said Russia was trying to exhaust the country’s air defences with the increased attacks, adding “The enemy is trying to keep the civilian population in deep psychological tension”.

Mayor Klitschko added: “Another difficult night for the capital.

But, thanks to the professionalism of our defenders, as a result of the air attack of the barbarians in Kyiv, there was no damage or destruction of infrastructural and other objects. Ukraine reported that Russia launched up to 40 cruise missiles and about 35 drones overnight: air defence claimed to have shot down 37 missiles and 29 “Shahed” drones.

Roger Cook confirms intention to run for WA Premier

The West Australian - Page Online : 30 May 2023 - Original article by Josh Zimmerman, Dylan Caporn - Portmac.News Summary

Western Australia's Premier Mark McGowan will retire from politics, stating that he is "Exhausted" after six years as Premier and having led WA through the pandemic.

McGowan also indicated that his decision to quit politics was made some months ago, and has expressed confidence that Labor can & will win the next state election without him.

Deputy Premier Roger Cook has praised McGowan's leadership, describing his professionalism and work ethic as inspirational; Cook has also confirmed that he will be a contender to succeed McGowan.

Health Minister Amber-Jade Sanderson and Transport Minister Rita Saffioti are regarded as potential rivals in the leadership race.

'One very big mistake': Garnaut gives his verdict on RBA

The Sydney Morning Herald - Page Online : 30 May 2023 - Original article by Madeleine Heffernan - Portmac.News Summary

Economist Ross Garnaut says the Reserve Bank should wait to see what impact lifting interest rates to an 11-year high has on the economy before it considers lifting them again.

He adds that higher unemployment is of greater concern than a possible recession.

Garnaut has also told a University of Melbourne panel that the RBA made "One very big mistake" when between 2013 and 2019 it kept interest rates significantly higher than other developed countries, with Garnaut saying this led to considerable unnecessary unemployment.

Defence funds fall short of rhetoric

The Australian - Page 2 : 30 May 2023 - Original article by Ben Packham - Portmac.News Summary

Analysis by the Australian Strategic Policy Institute has revealed that the May budget cut Defence's core funding by $1.5b through to 2025-26 when compared to the March 2022 budget.

The ASNI has commented that there is quite a big gap between the 2023-24 budget and the rhetoric of the recent defence strategic review, which claimed that the Australian Defence Force was "No longer fit for purpose".

Meanwhile the ASNI claims that the budget placed Defence in a "Short-term holding pattern" while it waits on additional funding.

AUKUS 'Expensive' and not 'Easy to replicate'

The Guardian Australia - Page Online : 30 May 2023 - Original article by Daniel Hurst - Portmac.News Summary

Briefing notes obtained under freedom of information laws reveal that Australian officials are telling foreign diplomats in Canberra that the AUKUS nuclear submarine plan is "Expensive" and not "Easy to replicate".

The notes suggest that the federal government is anxious to allay concerns that AUKUS could encourage other countries to adopt similar plans amid nuclear proliferation fears, while foreign diplomats are being urged to be on the lookout for disinformation regarding the AUKUS plan.

'Drowning in lies' Turnbull warns Taipei of internal threat

Brisbane Times - Page Online : 30 May 2023 - Original article by Latika Bourke - Portmac.News Summary

Former prime minister Malcolm Turnbull has told the Centre for Asia Pacific Resilience and Innovation's annual forum in the Taiwanese capital of Tapei that the lesson of the Ukraine war is that democracies should stand together and be unwavering in determining their destiny.

He warned that the biggest threat to democracies are internal rather than external, with Turnbull singling out the insurrection in the US on 6 January 2021, when supporters of Donald Trump who refused to accept his defeat stormed the Capitol.

Dutton signals support for aged care overhaul

The Australian Financial Review - Page 8 : 30 May 2023 - Original article by Phillip Coorey - Portmac.News Summary

The federal government has announced plans to review the aged care system, with a view to having persons with significant assets pay more towards the cost of their care.

Aged care expert Grant Corderoy notes the $186k means test threshold on the family home, which is used to means test the daily care fee, has been frozen since 2014.

As a result, he says the federal government pays 96% of the care fee and the resident a maximum 4%, and that just lifting the resident contribution to 8% would inject between $1.4b and $1.6b a year into aged care.

Federal Opposition leader Peter Dutton has flagged his support for an overhaul of aged care, provided that the 'Solution' is measured and not a new tax or the imposition of a death tax.

Delivering a tough budget is a thing of the past

The Australian - Page 13 : 30 May 2023 - Original article by Judith Sloan - Portmac.News Summary

Treasurer Jim Chalmers has claimed that the federal government's 9 May budget was tough but responsible.

However, the question arises as to whether an Australian government is capable of delivering a tough budget now.

The Labor government of the late 1980s handed down a series of tough budgets that set Australia on a more sustainable fiscal footing, at least for a while, and Labor delivered three budget surpluses in a row.

The incoming Coalition government in 1996 delivered a particularly tough budget; a similarly tough budget by the new Coalition government in 2014 was not well received, and most of its key measures were shelved. It may well prove to be the nation's last truly tough budget.

Australia complacent over earthquake dangers

The Australian Financial Review - Page 8 : 30 May 2023 - Original article by Tom Burton - Portmac.News Summary

Seismological experts claim it is a misconception that Australia is a low-risk country when it comes to earthquakes, with it being likely it could experience one as bad as the one that hit Christchurch in 2011, killing 185 people and causing over $30b in damage.

Melbourne University associate professor of earthquake science Mark Quigley was living in Christchurch at that time, and he was shocked when he returned to Melbourne about how vulnerable its buildings and structures were.

He noted in a 2021 joint paper that many of Australia's biggest cities were in areas of neotectonic faulting, with Canberra regarded as having the highest earthquake risk.

Uni accused of covert IR plan

The Australian - Page 2 : 30 May 2023 - Original article by Ewin Hannan - Portmac.News Summary

The new intractable bargaining provisions of the Fair Work Act will take effect from 6 June.

However, an industrial dispute must have been previously referred to the Fair Work Commission for it to be able to issue a determination under these provisions.

The University of Newcastle has applied to the FWC for conciliation in its long-running dispute with the National Tertiary Education Union, which has accused the university of attempting to 'game' the system by seeking a way to trigger the new laws.

Disaster-ready home owners 'should get cheaper insurance'

The Australian Financial Review - Page Online : 30 May 2023 - Original article by Hannah Wootton - Portmac.News Summary

Financial Services Minister Stephen Jones says that households who take steps to protect their homes from natural disasters should get cheaper insurance premiums than those who do not.

Speaking to the International Congress of Actuaries, he said the same should also apply to other customers of insurance companies who take steps to offset the impact of climate change.

Jones said that offering premium discounts for such customers was an important step that insurance companies could take to make insurance more affordable.

International growth VCs abandon Australia

The Australian Financial Review - Page 19 & 20 : 30 May 2023 - Original article by Mark Di Stefano - Portmac.News Summary

Jason Georgatos claims that international growth venture capital funds have essentially abandoned Australia, with Georgatos being the Australian MD of Partners for Growth.

As a result, many late-stage start-ups are either having to cut costs or resort to debt, which is providing an opportunity for debt providers such as PFG.

It offers venture debt to start-ups with an interest rate of 10% to 20%, and has previously backed companies such as Koala, Prospa and HotDoc.

The ASX stocks that could ride high on the AI boom like Nvidia

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

US-based chip maker Nvidia revealed in the week ending 26 May that sales for the next quarter would exceed expectations by more than 50%, due to the global interest in artificial intelligence which underpins the popular ChatGPT.

Its announcement sparked a surge in the share price of Australian tech stocks such as Appen,

Next DC and Temple & Webster, with NextDC CEO Craig Scroggie saying that AI will be a "Game changer" for technology.

For its part, online furniture retailer Temple & Webster has told investors that ChatGPT was powering 25% of all of its customer inquiries.

High-performance wheel maker to leave home

The Age - Page Online : 30 May 2023 - Original article by Simon Johanson - Portmac.News Summary

Based in the Victorian city of Geelong, Carbon Revolution is the only high-performance, high-volume carbon wheel maker in the world, making wheels for brands such as Ferrari and the Chevrolet Corvette.

Due to the difficulty of securing funds in Australia, it is pursuing a "Special purpose acquisition company" merger with Twin Ridge Acquisition that will enable it to list on the US Nasdaq exchange.

Should the merger go ahead, Carbon Revolution will be delisted from the ASX, but a clause in its new debt contract states that failure to complete the merger by the end of August is deemed as a default, triggering repayment of the loan principal and interest, along with other fees

Wise last words from host with the most

The Australian - Page 3 : 30 May 2023 - Original article by Nick Tabakoff, Sophie Elsworth - Portmac.News Summary

Television personality David Koch says he will stay at the Seven Network until at least the end of 2024, after announcing his decision to step down as co-host of breakfast show Sunrise after 21 years.

The program has dominated its time-slot over the last two decades, and Seven West Media CEO James Warburton is among those to have praised Koch's contribution.

Meanwhile, Koch has emphasised the need for TV presenters to be authentic in the social media era, stating that you cannot pretend to be something you are not.

Chris Brown, Matt Doran and Matt Shirvington are regarded as potential successors to Koch on Sunrise.

Greens accuse Labor of deal for donors on PRRT

The Australian Financial Review - Page 4 : 30 May 2023 - Original article by Jacob Greber - Portmac.News Summary

The Greens have accused the federal government of "Giving sweetheart deals to its corporate gas donors" through its apparent exclusion of the Woodside Energy-led North West Shelf from an increase in the Petroleum Resource Rent Tax.

Greens leader Adam Bandt claims that Treasurer Jim Chalmers is pleading with the Liberals to pass its PRRT legislation because it has been drafted to benefit gas companies and not the Australian people.

Meanwhile a Woodside spokeswoman noted in early May that it had made $720m in PRRT contributions in 2022.

Gold miner had no time for 'Tyre-kickers'

The Australian Financial Review - Page 13 : 30 May 2023 - Original article by Peter Ker - Portmac.News Summary

Gold producer St Barbara continues to attract scrutiny over a deal to sell its flagship Gwalia mine to Genesis Minerals.

St Barbara recently rejected a rival offer from Silver Lake Resources, and informed shareholders that the latter had been given an opportunity to make an offer in September 2022 but had declined to do so.

However, leaked emails suggest that Silver Lake chairman David Quinlivan had approached former St Barbara counterpart Tim Netscher at the time about discussing a potential deal, but the latter had stated that his company was too busy and could not afford such a distraction.

'Missing middle' homes could benefit Boomers

The Australian Financial Review - Page 6 : 30 May 2023 - Original article by John Kehoe - Portmac.News Summary

Charter Keck Cramer's Richard Temlett believes that many retirees would be happy to downsize to a medium-density home in their existing neighbourhood.

He adds that they often cannot do so due to the lack of suitable medium-density housing in their suburb. Temlett contends that more needs to be done by state and local governments to encourage the development of townhouses and low-rise apartment buildings in so-called middle ring suburbs.

This would increase the number of larger homes that are available to younger people and families.

ASX biggest rise in weeks

The Australian Financial Review - Page 24 : 30 May 2023 - Original article by Joanne Tran - Portmac.News Summary

The Australian sharemarket posted a solid gain on Monday, with the S&P/ASX 200 adding 0.9% to close at 7,217.4 points.

Fortescue Metals Group was up 1.2% at $19.86, Karoon Energy rose 1.5% to $2.04 and the Commonwealth Bank advanced 1.4% to $99.57.

However, IDP Education was down 15.9% at $21.71.