Latest updates on Key Economic Indicators

Australian Dollar: $0.7180 USD (down $0.0060 USD)

Iron Ore Sep Spot Price (SGX): $124.10 USD (up $1.75 USD)

Oil Price (WTI): $42.79 USD (up $0.24 USD)

Gold Price: $1,928.90 (down $73.20 USD)

Dow Jones: 27,692.88 (down 85.19 points)

All changes compared to 7am yesterday.

Coronavirus outbreak at Frankston Hospital in Melbourne expected to grow

A fresh outbreak of coronavirus at a Melbourne hospital is expected to grow, Victoria’s Chief Health Officer has said.

While Professor Brett Sutton says while the number of new cases of COVID-19 in the state are on a downward trend, the outbreak at Frankston Hospital is expected to increase.

Sutton said he was advised this week of the outbreak, in which around 50 and patients and staff had been infected.

“I think that number will grow,” Sutton told reporters on Wednesday.

“There’s been significant opportunity for transmission there so we do need to bear in mind that there’ll be a lot of furloughed staff.”

Sutton added an investigation into the outbreak had begun.

He said the state was going in the “right direction” as 216 new cases of coronavirus were confirmed on Wednesday.

Joel Fitzgibbon warns of ALP split

The Australian - Page 1 & 2 : 20 August 2020 - Original article by Greg Brown, Geoff Chambers - PortMac.News Summary

Labor frontbencher Joel Fitzgibbon has expressed concern that the party could eventually split due to the growing divide between its traditional working-class and socially-progressive supporters.

The shadow resources and agriculture minister has suggested that two separate Labor parties that are focused on cities and regional communities respectively could eventually govern in a coalition arrangement.

Meanwhile, shadow treasurer Jim Chalmers will use a speech on 20 August to urge Labor to re-engage with traditional supporters who shunned the party at the 2019 federal election.

Business groups push to open international borders for economic boost

The Sydney Morning Herald - Page Online : 20 August 2020 - Original article by Jennifer Duke - PortMac.News Summary

Australian Chamber of Commerce & Industry CEO James Pearson is among the business leaders who have urged the federal government to re-open the nation's international borders as soon as possible.

He describes it as a "critically important step" in the Australian economy's recovery from the COVID-19 pandemic, and he argues that domestic markets cannot sustain high employment and living standards.

Australian Industry Group CEO Innes Willox and Business Council of Australia CEO Jennifer Westacott have also called for international travel restrictions to be eased as soon as possible.

Aim is for 95pc to have corona jab: Morrison

The Australian - Page 6 : 20 August 2020 - Original article by Richard Ferguson - PortMac.News Summary

Prime Minister Scott Morrison has emphasised that it will not be compulsory for Australians to receive a COVID-19 vaccine.

He had initially stated that vaccination would be "as mandatory as possible" and people would only be exempted on medical grounds.

However, Morrison says his preference is for 95 per cent of Australians to be vaccinated, and the government will introduce measures aimed at encouraging a high rate of immunisation when and if an effective COVID-19 vaccination becomes available.

Drug firm denies PM's vaccine deal claim

Herald Sun - Page Online : 20 August 2020 - Original article by Sue Dunlevy - PortMac.News Summary

Pharmaceutical company AstraZeneca says the federal government has only signed a letter of intent regarding Oxford University's coronavirus vaccine candidate, rather than a firm deal to buy 25 million doses.

AstraZeneca says there is also as yet no deal for CSL to produce the vaccine in Australia, although discussions are continuing.

Countries such as the US and the UK have already secured deals to purchase the Oxford University vaccine if it proves to be safe and effective, and shadow health minister Chris Bowen says Morrison is "simply not telling the truth" when he claims that Australians will have first access to the vaccine.

Victorian hotel debacle to face health and safety probe

The Australian - Page 4 : 20 August 2020 - Original article by Ewin Hannan - PortMac.News Summary

Victoria reported 216 new coronavirus cases on 19 August, the lowest daily increase for more than five weeks.

The state's death toll from the respiratory illness has risen by 12 to 363, but the number of active cases across Victoria has fallen to 7,155. Meanwhile, the state's hotel quarantine program will be subject to more scrutiny after WorkSafe Victoria advised that it will investigate potential breaches of health and safety laws.

The national death toll from COVID-19 has risen to 450.

Ministers' manslaughter risk in quarantine fiasco

The Australian - Page 24 : 20 August 2020 - Original article by Robert Gottliebsen - PortMac.News Summary

The Victorian government's industrial manslaughter laws are primarily aimed at company directors and executives, who can be now be jailed if an employee dies at work.

However, the legislation does not exclude cabinet ministers or public servants, who could potentially be held liable for deaths arising from the botched coronavirus hotel quarantine program.

It should be noted that a breach of the state's occupational health and safety laws must be proven before a prosecution for industrial manslaughter can proceed.

China devours one-third of all our farm exports

The Australian - Page 5 : 20 August 2020 - Original article by Patrick Commins - PortMac.News Summary

Data from Rabobank shows that China accounted for 32 per cent of Australia's food and agricultural exports in 2019-20.

China also bought 30 per cent of Australia's lamb exports and 25 per cent the nation's beef exports during the financial year, while it accounted for 77 per cent of wool shipments.

Tim Hunt of Rabobank warns that Australia is too reliant on a single export market, particularly given the recent tensions between the two nations.

He notes that while China has been the major driver of the agribusiness sector's growth over the last decade, there is a need to diversify into other export markets.

Frydenberg snubs China dairy bid

The Australian Financial Review - Page 1 & 6 : 20 August 2020 - Original article by John Kehoe - PortMac.News Summary

Business leaders have called for changes to Australia's foreign investment rules, which require all deals to be scrutinised by the Foreign Investment Review Board during the coronavirus pandemic.

Business Council of Australia CEO Jennifer Westacott has stressed the importance of foreign capital in creating jobs and stimulating the economy as the pandemic abates.

Meanwhile, it has been revealed that Treasurer Josh Frydenberg has rejected China Mengniu Dairy's deal to buy Lion Dairy & Drinks.

The FIRB and the Treasury had advised him to approve the deal, which has also been cleared by the Australian Competition & Consumer Commission.

Boss penalised $96,000 for picket

The Australian - Page 9 : 20 August 2020 - Original article by Ewin Hannan - PortMac.News Summary

Tyrone Construction Services has been fined $96,000 after the Federal Court ruled that it had unlawfully picketed a construction site in Perth.

The case was the Australian Building & Construction Commission's first successful use of unlawful picketing provisions of the Fair Work Act against an employer, after bringing two previous cases against the Construction Forestry Maritime Mining and Energy Union.

Tyrone contended that head contractor Welink Constructions owed it some $500,000.

What Joe Biden's foreign policy would mean for the world

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

US foreign policy will largely return to that of the Obama administration if Joe Biden wins the 2020 presidential election. One of Biden's first policy initiatives will be to sign the US up to the Paris climate agreement, after Donald Trump withdrew from it during his first year in the White House.

Amongst other things, Biden has also committed to holding a climate world summit during his first 100 days in office and withdrawing the majority of US troops from Afghanistan. Originally published in 'The Times'.

Democratic convention viewership tumbles 24% on first night

Bloomberg - Page Online : 20 August 2020 - Original article by Gerry Smith, Christopher Palmeri - PortMac.News Summary

Data from Nielsen shows that about 19.7 million people watched the first night of the Democratic National Convention on broadcast and cable television networks.

This compares with a first night viewership of 25.9 million in 2016. However, some 10.3 million people watched a live stream of the convention, compared with just three million in 2016.

Joe Biden's election campaign team estimates that the combined broadcast and streaming audience was nearly 29 million, which is slightly higher than four years ago.

Bourse rallies to six-month high

The Australian - Page 23 : 20 August 2020 - Original article by Melissa Yeo - PortMac.News Summary

The Australian sharemarket posted solid gains on 19 August, with the S&P/ASX 200 adding 0.72 per cent to close at 6,167.6 points.

The ANZ Bank was up 3.4 per cent at $18.68, CSL advanced 6.4 per cent to $312.05 and WiseTech Global rallied 33.9 per cent to end the session at $27.87.

However, Resolute Mining shed 17.5 per cent hit to finish at $1.11 and Treasury Wine Estates was down 8.5 per cent at $9.68.

Results so far are a shot in the arm for investors

The Australian - Page 23 : 20 August 2020 - Original article by David Rogers - PortMac.News Summary

The S&P/ASX 200 has gained two per cent since the start of the August reporting season. Investors have responded positively to earning results, dividend payouts and outlook guidance, as well as a rally in the S&P 500 and the continued strength of commodity prices.

Indeed, dividend announcements were a common factor among many stocks that outperformed on 19 August; likewise, a lack of dividend payments contributed to some stocks being sold down.

ANZ walks the tightrope with 25c dividend

The Australian Financial Review - Page 17 & 22 : 20 August 2020 - Original article by James Frost, James Eyers - PortMac.News Summary

The ANZ Bank has posted a cash profit of $1.5bn for the third quarter of its financial year, and a net profit of $1.3bn.

However, ANZ has increased its provision for bad debts by $500m due to the coronavirus pandemic, after announcing a $1.674bn hit in its results for the first half of the year ending 30 September.

Shareholders will belatedly receive an interim dividend of $0.25 per share, after ANZ had deferred a decision on its half-year payout in April.

AMP to reveal damning report

The Australian - Page 15 & 19 : 20 August 2020 - Original article by Joyce Moullakis - PortMac.News Summary

 Wealth manager AMP has advised that it will release the report of an independent investigation into the sexual harassment allegations against Boe Pahari.

The investigation was undertaken in 2017, and the lawyers representing complainant Julia Szlakowski say that she never received a copy of the full report of the investigation.

Pahari was appointed as CEO of AMP Capital in July.

Australian Council of Superannuation Investors CEO Louise Davidson contends that Pahari's position is untenable.

Booming online sales deliver for Domino's

The Australian - Page 17 : 20 August 2020 - Original article by Eli Greenblat - PortMac.News Summary

Domino's Pizza Enterprises has reported a 2019-20 net profit of $138.4m, which is 19.4 per cent higher than previously.

Group sales rose by 32.7 per cent to $1.9bn, although its Australian and New Zealand arm's earnings were down 5.8 per cent at $129.4m due to the impact of the coronavirus pandemic.

Meanwhile, the company has indicated that its digital platforms now account for 72.1 per cent of group sales.

Domino's has also advised that it provided franchisees with some $14m worth of financial support in 2019-20 due to the pandemic.

Tilt renewable projects halted in grid crisis

The Australian Financial Review - Page 23 : 20 August 2020 - Original article by Angela Macdonald-Smith - PortMac.News Summary

Tilt Renewables' Dundonnell wind farm in western Victoria is still operating at a third of its capacity due to the electricity grid's congestion issues.

Tilt's shareholders have been warned that the company will not commit to further renewable energy projects in Australia until the grid problems are resolved and the Australian Energy Market Operator can provide clarity on how new projects can reach full capacity.

The Dundonnell wind farm's maximum capacity is 330 megawatts.

Casino operator Crown posts revenue collapse to ASX after 'extremely challenging year' with coronavirus pandemic

abc.net.au - Page Online : 20 August 2020 - Original article by Josh Bavas - PortMac.News Summary

 Crown Resorts has posted a 2019-20 net profit of $79.5m, which is 80 per cent lower than previously.

Revenue fell by nearly 26 per cent to $2.2bn after the gaming floors at its Melbourne and Perth casinos were closed in March in response to the coronavirus pandemic.

Crown Perth has since reopened, although the Melbourne casino remains closed due to the second wave of COVID-19 in Victoria.

Crown is still aiming to open its new Sydney casino in December.

Google may walk over media code

The Australian - Page 15 & 24 : 20 August 2020 - Original article by John Durie - PortMac.News Summary

 Google's revenue in Australia totalled $4.3bn in 2020, while its net profit fell from $129.5m to just $33.9m.

Although the digital giant has not publicly threatened to withdraw its search engine from the Australian market in response to the mandatory code of conduct, such a move is clearly being contemplated.

Any move by Google to pull out of the local market could test the resolve of other nations to crack down on digital companies. It would also be very risky from a commercial point of view, as it would give Google's search engine rivals a big boost in a market which it dominates.

Northern Star's path brightens

The Australian Financial Review - Page 25 : 20 August 2020 - Original article by Brad Thompson - PortMac.News Summary

Northern Star Resources has posted a 2019-20 net profit of $258.3m, which is 67 per cent higher than previously.

EBITDA rose from $479.7m previously to a record $745.4m. Shareholders will receive a final dividend of $0.095 per share, while executive chairman Bill Beament attributes the special dividend of $0.10 a share to the mid-tier gold producer's strong financial position and growth outlook.

Meanwhile, Saracen Mineral Holdings has reported net income of $189.7m for the financial year and revenue of $1.07bn.

Mineral Resources boss hails 'extraordinary year'

The Australian Financial Review - Page 25 : 20 August 2020 - Original article by Brad Thompson - PortMac.News Summary

Mineral Resources has posted a 2019-20 net profit after tax of $1.002bn, which is more than 500 per cent higher than previously.

The iron ore and lithium miner's revenue was up 41 per cent to $2.125bn, and EBITDA rose to a record $2.01bn. MD Chris Ellison says the company intends to double its annual iron ore exports to about 40 million tonnes within two years of receiving approval to build two new berths at Port Hedland.

He hopes to start work on the South West Creek berths before the end of 2020.