Latest updates on Key Economic Indicators

Australian Dollar: $0.7215 USD (up $0.0053 USD)

Iron Ore Sep Spot Price (SGX): $116.92 USD (up $2.12 USD)

Oil Price (WTI): $42.81 USD (up $0.80 USD)

Gold Price: $1,984.42 (up $40.15 USD)

Dow Jones: 27,844.91 (down 86.11 points)

All changes compared to 7am yesterday.

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Belarus protests: Workers boo Lukashenko as election unrest spreads

Belarusian President Alexander Lukashenko has been heckled by workers on a visit to a factory as anger mounts over his disputed re-election.

Workers chanted "leave" and booed the long-time leader of the ex-Soviet state as he insisted he would not allow a new vote after allegations of ballot fraud.

Strike action spread to state TV, with staff walking out on Monday.

Opposition candidate Svetlana Tikhanovskaya has suggested she could act as an interim leader.

Police violence towards opposition supporters, as well as the alleged poll-rigging in the 9 August vote, fuelled a big protest rally in the capital Minsk on Sunday.

Mr Lukashenko has led Belarus since 1994, maintaining close relations with neighbouring Russia, on which Belarus heavily relies for energy supplies.

How great is the pressure on Lukashenko?

According to local, independent news site Tut.by, Sunday's opposition rally in Minsk was "the largest in the history of independent Belarus".

A wave of anger has been rising since the Central Election Commission said Mr Lukashenko had won 80.1% of the vote and Ms Tikhanovskaya - 10.12%.

Hundreds of protesters have been wounded and two have died in clashes with police over the past week. Some 6,700 people have been arrested, and many have spoken of torture at the hands of security forces.

On a visit to a Minsk tractor plant on Monday, Mr Lukashenko sought to defend his disputed victory, telling workers: "We held the election. Until you kill me, there will be no other election."

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Grim new coronavirus mark in a deadly month for Victoria

The Australian - Page 5 : 18 August 2020 - Original article by Rachel Baxendale - PortMac.News Summary

Victoria reported 282 new coronavirus cases on 17 August, while the state's death toll from the respiratory illness rose by 25 to 334.

All but three of the latest fatalities were residents of aged-care facilities.

COVID-19 has now claimed 221 lives in Victoria since the start of August; in contrast, just 197 people across Australia died from the coronavirus between March and July.

There are now 7,474 active coronavirus cases in Victoria; 657 are receiving treatment in hospital and 44 are in intensive care. The national death toll from the coronavirus has risen to 421.

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Berejiklian: I'm sorry for Ruby Princess blunders but no person in NSW Health will take blame

The Australian - Page 1 & 5 : 18 August 2020 - Original article by Yoni Bashan - PortMac.News Summary

New South Wales Premier Gladys Berejiklian and Health Minister Brad Hazzard have issued a public apology to victims of the 'Ruby Princess' cruise ship scandal.

They have committed to implementing the recommendations of the special commission of inquiry, which found that NSW Health was solely responsible for the events that led to the coronavirus cluster.

However, Berejiklian has ruled out taking disciplinary action against anyone within NSW Health.

The cluster resulted in 20 coronavirus deaths in Australia and more than 1,000 infections.

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Melbourne to get electronic prescriptions as coronavirus battle continues

7news.com.au - Page Online : 18 August 2020 - Original article by Colin Brisden - PortMac.News Summary

The federal health department and the Australian Digital Health Agency (ADHA) are expanding the rollout of electronic prescription technology across Greater Melbourne.

It follows successful testing of the technology since May, and comes as Victoria extends its COVID-19 state of emergency until 13 September.

The ADHA and the health department stated that allowing doctors and pharmacists in Greater Melbourne to access electronic prescription technology more readily would assist with the safe and convenient supply of medicine to patients. 

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Three sources at heart of second wave

The Australian - Page 1 & 5 : 18 August 2020 - Original article by Remy Varga - PortMac.News Summary

The inquiry into the Victorian government's botched hotel quarantine program has heard expert evidence on the likely source of the state's second wave of coronavirus cases.

Professor Ben Howden from the Doherty Institute has told the inquiry that genomic sequencing has linked more than 99 per cent of these cases to the hotel quarantine program.

The inquiry has also been told that the training provided to private security guards had not included information on the need to use personal protective equipment when dealing with returned travellers.

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Wilson Security accused of Victorian hotel quarantine contract 'cover up'

The New Daily - Page Online : 18 August 2020 - Original article by Grace Tobin - PortMac.News Summary

Wilson Security was one of three companies contracted by the Victorian government to provide private security guards for its hotel quarantine program.

Guards working under the program have been accused of not following infection control procedures and have been blamed in some areas for Victoria's second wave of COVID-19 infections.

Companies were allowed to sub-contract under their agreement with the government, but were required to inform sub-contractors of their obligations regarding training and infection control.

It is alleged that Wilson Security failed to inform at least one of its subcontractors of these obligations, and that it tried to cover up this failure by allegedly asking the subcontractor to backdate documents for the government. 

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CSL in vaccine talks with UK giant

The Australian - Page 15 : 18 August 2020 -Original article by Jared Lynch - PortMac.News Summary

CSL says clinical trials of the University of Queensland's COVID-19 vaccine candidate is its top priority, after confirming that it is in talks with AstraZeneca regarding the Oxford University vaccine.

Amongst other things, CSL is looking at the possibility of producing the Oxford vaccine at its advanced manufacturing facility in Melbourne, assuming that the vaccine proves to be effective and is approved for use. CLS has indicated that it would have the capacity to produce 100 million doses of the University of Queensland vaccine by the end of 2021.

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We should kiss these lockdowns goodbye

The Australian - Page 10 : 18 August 2020 - Original article by Adam Creighton - PortMac.News Summary

Recent outbreaks of COVID-19 in New Zealand and Victoria have shown how hard it is to control the spread of a virus that most carrying it show no symptoms of, and which is highly contagious.

It is becoming increasingly apparent that many of the virus restrictions that have been imposed in both Australia and overseas have caused great harm to livelihoods but have had little impact on containment.

Reserve Bank governor Philip Lowe's recent address to a federal parliamentary committee indicates that he believes it is better to try to live with the virus than to trying to eliminate it.

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NZ delays poll date by a month

The Australian Financial Review - Page 12 : 18 August 2020 - Original article by Nick Perry - PortMac.News Summary

The number of coronavirus cases in Auckland has risen to 49.

The new outbreak and the resulting two-week lockdown in Auckland has prompted the New Zealand government to postpone the national election until 17 October.

The poll was originally slated for 19 September, and Prime Minister Jacinda Ardern has ruled out delaying it a second time in the event of more outbreaks.

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Is unemployment the RBA's highest priority or not?

Market Research Update - Page Online : 18 August 2020 - Original article by Michele Levine, Gary Morgan, Julian McCrann - PortMac.News Summary

RBA Governor Dr. Philip Lowe's statement to the Economics Standing Committee on Friday last week said unemployment "should be high on our list (RBA's) of national priorities" but not Priority 1, as pointed out by Alan Kohler in today's The Australian and On-line.

However, Dr Philip Lowe went on to say: " ...the official estimate of unemployment at 10% later in 2020 is an under-estimate and the 'true unemployment rate' is higher than the published measure".

Given Dr Philip Lowe is well aware there are record high levels of unemployment in Australia - 1.8 million (12.5% of the workforce) according to Roy Morgan's July estimate - then finding jobs for unemployed Australians has to be the RBA's highest priority.

This is even more important with the addition of 1.5 million under-employed, meaning nearly 3.3 million Australians (23%) are looking for work or more work.

We agree with Alan Kohler's article in today's The Australian and On-line yesterday where he clearly made the point that the RBA's top priority must be jobs.

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Let's urgently untangle these labyrinthine industrial laws

The Australian - Page 10 : 18 August 2020 - Original article by Judith Sloan - PortMac.News Summary

Trade unions, employers' associations and advisory networks are the main beneficiaries of Australia's complex and prescriptive industrial relations system, rather than employees.

Sweeping changes to the industrial relations regime are urgently needed in the wake of COVID-19, but the federal government's five 'reform committees' are unlikely to lead to any significant changes to the existing IR system.

Any reforms that do arise must acknowledge that employers and workers are best-placed to judge what is in their mutual interests.

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D-day on unpaid super with amnesty ending

The Australian - Page 21 : 18 August 2020 - Original article by Robert Gottliebsen - PortMac.News Summary

Penalties for small businesses that underpay superannuation date back to 1992; they are so onerous that most small business owners who were guilty of underpayment decided to avoid the problem and not pay.

Superannuation Minister Jane Hume has now given small business owners the chance to pay outstanding superannuation amounts without any significant penalty, but the opportunity has come at a time when many are struggling to survive because of COVID-19.

However, they only have until 7 September to take advantage of Hume's amnesty.

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Forthright Schott survives as head of energy reform body

The Australian Financial Review - Page 3 : 18 August 2020 - Original article by Mark Ludlow - PortMac.News Summary

There had been speculation that federal Energy Minister Angus Taylor had been planning to get rid of Energy Security Board chair Kerry Schott.

However, it is understood that state energy ministers will be told at the energy council meeting on 18 August that Schott has been reappointed for another 12 months to help complete the redesign of the National Electricity Market.

Despite this, the future of the ESB remains undecided once the redesign has been completed, as Taylor has always seemed sceptical about its long-term viability.

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Firm advised by Christopher Pyne wins federal government grants worth almost $7m

The Guardian - Page Online : 18 August 2020 - Original article by Christopher Knause - PortMac.News Summary

Australian space operations company Saber Astronautics was named in June as the recipient of two federal government grants totalling just under $7 million.

Saber Astronautics engaged former defence minister Christopher Pyne's lobbying firm GC Advisory in 2019 to provide it with strategic advice, but Saber Astronautics, GC Advisory and federal industry minister Karen Andrews all state that Pyne did not do any lobbying for the grants on behalf of Saber Astronautics.

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University underpayment so rampant tutors 'instructed to do a poor job' to avoid unpaid hours, former staff say

abc.net au - Page Online : 18 August 2020 - Original article by Conor Duffy - PortMac.News Summary

The University of Queensland (UQ), Melbourne University and the University of New South Wales are among a number of Australian universities facing staff underpayment claims.

The National Tertiary Education Union is expected to take RMIT to the Fair Work Commission on 18 August over new pay rates that give tutors just 10 minutes to mark a paper, while Elysse Fenton, who until recently was a UQ course coordinator, contends that universities are "run on exploited labour".

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WA to have its day in Queensland court in $30b Palmer battle

The Australian Financial Review - Page 2 : 18 August 2020 - Original article by Brad Thompson, Michael Pelly - PortMac.News Summary

The Western Australian government is trying to have a court ruling made in favour of businessman Clive Palmer in the Supreme Court of Queensland overturned in that court during hearings on 19 August.

Palmer recently had rulings made in favour of him during previous arbitration with the WA government registered and enforced in the Queensland Supreme Court.

The WA government, which is dispute with Palmer over a $30 billion damages claim regarding the Balmoral South iron ore project, has introduced emergency legislation aimed at terminating his arbitration claim.

Palmer claims the legislation is unconstitutional and will challenge it in the High Court.

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Microplastic particles now discoverable in human organs

The Guardian - Page Online : 18 August 2020 - Original article by Damien Carrington - PortMac.News Summary

Researchers have developed a technique to detect microplastic and nanoplastic particles in human organs.

The researchers hope their work will help others to determine plastic contamination levels in human organs.

Varun Kelkar from Arizona State University, who was part of the research team, says it is concerning that non-degradable plastics can enter and accumulate in the body, but that the possible health impacts of this are unknown.

Previous studies have revealed that people eat and breathe in at least 50,000 particles of microplastic a year.

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Bank sell-off drags bourse lower

The Australian - Page 20 : 18 August 2020 - Original article by Melissa Yeo - PortMac.News Summary

The Australian sharemarket lost ground on 17 August, with the S&P/ASX 200 easing 0.81 per cent to close at 6,076.4 points.

BHP was down 0.4 per cent at $39.86, National Australia Bank shed 2.6 per cent to end the session at $17.75 and GWA Group finished 10.5 per cent lower at $2.47. However, CSL was up 0.6 per cent at $281.02 and Altium rose 1.3 per cent to $33.92.

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Dividend surprise brightens reporting season

The Australian - Page 20 : 18 August 2020 - Original article by David Rogers - PortMac.News Summary

Some 39 per cent of large companies have downgraded their earnings per share guidance so far in the August reporting season, while 13 per cent have upgraded their guidance.

Meanwhile, Pieter Stoltz of UBS notes that 30 per cent of large companies have exceeded expectations regarding dividends, while only 22 per cent have missed.

Jason Steed of JP Morgan in turn says that more than 50 per cent of the companies that have reported to date have upgraded their dividend forecasts, while just 30 per cent have issued downgrades.

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Challenges as banks leave Libor behind

The Australian - Page 17 : 18 August 2020 - Original article by Joyce Moullakis - PortMac.News Summary

It is estimated that Australian financial institutions have a $10 trillion exposure to the London Interbank Offered Rate (Libor).

The nation's banks must transition their financial products to new global reference rates by the end of 2021, although 40 per cent of the sector's Libor exposures mature after the target date.

Drew Bradford of National Australia Bank says it is on track to meet the target date for shifting to alternative reference rates.

The Libor and Australia's bank bill swap rate have both been the subject of rigging scandals in recent years.

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Record funding round primes neobank listing

The Australian Financial Review - Page 20 : 18 August 2020 - Original article by Paul Smith - PortMac.News Summary

Neobank Douugh undertook a pre-listing capital raising via crowdfunding platform Equitise on 14 August.

Equitise co-founder Chris Gilbert says the capital raising was completed within an hour of going live, making it the quickest crowdfunding to close since Equitise was launched in 2014.

Douugh founder Andy Taylor describes the company as a "banking-as-a-service platform".

Douugh will debut on the Australian sharemarket through a backdoor listing via the shell of failed telco Ziptel.

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MyPayNow will make you pay later, as payday lenders flood the pandemic economy

abc.net au - Page Online : 18 August 2020 - Original article by Michael Janda, Nassim Khadem - PortMac.News Summary

Katherine Temple from the Consumer Action Law Centre says it is very important that people are protected from "predatory lending practices" as Australia tries to recover from the COVID-19 pandemic.

Temple says payday lenders are of particular concern to her, with some people having as many 15 payday loans in place.

Financial Counselling Australia CEO Fiona Guthrie suggests restricting the amount that people can borrow on a payday loan to 10 per cent of their net income, while Temple says someone in need of short-term cash would be better off going to a financial counsellor rather than dealing with any payday lenders.

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Secret phone data reveals your every move

The Australian - Page 1 & 6 : 18 August 2020 - Original article by Chris Griffith, Kieran Gair - PortMac.News Summary

The privacy of Google Android phone users is meant to be protected if the phone's location history is turned off and its incognito privacy feature is turned on.

However, tests have revealed that Google is tracking phone movements even when these two features are activated.

Australian Privacy Foundation chairman David Vaile said the test results were concerning, while he says Google has frequently shown it is not willing to accept curbs on its data-collection activities.

Computer systems security researcher Richard Buckland says preventing Google from storing a user's location data is "almost impossible".

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Anglo defends safety record after coal mine explosion

The Australian Financial Review - Page 10 : 18 August 2020 - Original article by Mark Ludlow - PortMac.News Summary

The inquiry into the underground explosion at Anglo American's Grosvenor coal mine in Queensland that injured five workers is due to release an interim report by 31 August.

Anglo American's metallurgical coal boss Tyler Mitchelson has told the inquiry that high methane levels had been an ongoing problem at the mine, while he said that safety is the company's primary focus.

The inquiry will make recommendations to Queensland's Natural Resources and Mines Minister Anthony Lynham by 30 November.

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Lynas slumps to loss as it rattles the tin

The Australian Financial Review - Page 18 : 18 August 2020 - Original article by Brad Thompson - PortMac.News Summary

Rare earths producer Lynas Corporation has posted a 2019-20 net loss of $19.39m, compared with a profit of $83m previously.

The full-year result was impacted by factors such as lower commodity prices, weaker demand for rare earths and the impact of the coronavirus pandemic, which disrupted production at its Malaysian processing plant.

Lynas will raise $425m from investors to help finance its rare earths cracking and leaching plant at Kalgoorlie in Western Australia.