Latest updates on Key Economic Indicators

Australian Dollar: $0.7162 USD (down $0.0004 USD)

Iron Ore Sep Spot Price (SGX): $119.95 USD (down $1.41 USD)

Oil Price (WTI): $42.38 USD (up $0.04 USD)

Gold Price: $1,929.02 (down $11.87 USD)

Dow Jones: 28,308.46 (up 378.13 points)

All changes compared to 7am yesterday.

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Donald Trump again warns of 'rigged election' as Republican convention gets underway

President Donald Trump adopted a grim tone in remarks to Republicans who formally backed his bid for a second term on Monday, warning without evidence that he could face a “rigged election” in November.

President Donald Trump opened his bid for a second term after securing the Republican nomination on Monday in typically combative, dark fashion with a claim that Democrats are working to "steal" the election that polls currently show him losing.

Minutes after the party completed the formal nomination vote confirming Mr Trump as the candidate on 3 November, he appeared on stage at the convention in Charlotte, North Carolina, to deliver a rambling speech that lasted close to an hour.

From the opening words, he said Republicans should be on alert for what he claimed was a Democratic plan to rig the contest through increased use of mail-in voting, a measure that Democrats are pushing so that people don't have to risk catching COVID-19 in crowded polling stations.

"They are trying to steal the election," he told party delegates. "The only way they can take this election away from us is if this is a rigged election."

Trump is trying to change the narrative in an campaign that polls show him losing badly to Democratic candidate Joe Biden, as Americans turn on his handling of the coronavirus pandemic and subsequent economic chaos.

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JobKeeper changes: Turnover must fall 10pc to retain IR exemptions

The Australian Financial Review - Page 3 : 25 August 2020 - Original article by Phillip Coorey - PortMac.News Summary

The federal government will make some concessions in a bid to gain Labor's support to extend temporary changes to the Fair Work Act which allow bosses to vary the hours an employee works.

Under the proposal, the emergency measures would still apply to businesses that will no longer be eligible for the JobKeeper scheme from late September, provided their turnover for the September quarter is at least 10 per cent lower than the same period in 2019.

However, these businesses will not be allowed to reduce an employee's hours of work to less than 60 per cent of their ordinary hours in March. Labor still opposes plans to reduce the rate of the wage subsidy.

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Andrews' emergency plan set to trigger parliament fight

Herald Sun - Page 7 : 25 August 2020 - Original article by Shannon Deery, Kieran Rooney, Alex White - PortMac.News Summary

Premier Daniel Andrews has been criticised for proposing legislation to extend Victoria's state of emergency until September 2021.

Opposition Leader Michael O'Brien will oppose the bill, while upper house crossbenchers have concerns about the plan. Former premier Jeff Kennett has described the bill as the "act of a megalomaniac" and warns that it will deter investment in the state.

Victoria recorded 116 new coronavirus cases on 24 August, the lowest daily increase in seven weeks. The state's death toll has risen by 15 to 430, and there are now just 3,731 active cases across the state.

The national death toll from COVID-19 is now 517.

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No training for hotel security

Herald Sun - Page 9 : 25 August 2020 - Original article by Ellen Whinnett - PortMac.News Summary

The inquiry into Victoria's hotel quarantine program has heard evidence from a security guard who worked for several subcontractors at three of the hotels.

Identified only as 'Security 16', he told the inquiry that he was hired via a WhatsApp message and was not given any training on infection control.

The security guard also said that after several days working at the Rydges hotel he was issued with just one face mask and one pair of gloves for each shift, due to a shortage of personal protective equipment.

He also said that he had worked as a food delivery driver while awaiting the results of a COVID-19 test, because he was 'bored' with self-isolating at home. The guard subsequently tested positive.

 

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Locked borders 'extreme': former solicitor-general

The Australian Financial Review - Page 9 : 25 August 2020 - Original article by Ronald Mizen - PortMac.News Summary

Western Australia's former solicitor-general Grant Donaldson has described the state government's COVID-19 border restrictions as "ridiculous".

He says it is likely that the courts will rule its border closure as being invalid, while former Commonwealth solicitor-general Gavan Griffith suggests that it is hard to argue for border closures when some states have had no COVID-19 cases for some time.

Professor of epidemiology Marylouise McLaw says states that are epidemiologically similar should be able to safely open their borders with each other.

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Working-from-home policy a drag on public sector productivity

The Australian - Page 1 & 4 : 25 August 2020 - Original article by Tom Dusevic - PortMac.News Summary

It is estimated that about 93,000 federal public servants are currently working from home due to the coronavirus pandemic.

This includes about 55 per cent of Australian Public Service employees who are based in Canberra.

However, there is growing concern about the impact of telecommuting on productivity and service delivery among APS staff, as well as limited opportunities for networking and mentoring.

Senior bureaucrats have also raised concern about the cost of government-leased office space that is currently not being used.

A recent survey of 6,000 APS employees found that nearly two-thirds believed that they were more productive when working remotely.

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'Not good enough' - PM benches minister

The Australian - Page 1 & 4 : 25 August 2020 - Original article by Olivia Caisley - PortMac.News Summary

Federal parliament sat for the first time in 68 days on 24 August, with Prime Minister Scott Morrison using question time to apologise to the families of COVID-19 victims in aged-care.

He said there were four cases of outbreaks in aged-care facilities where the response was "not good enough".

Meanwhile Health Minister Greg Hunt has been given responsibility for deciding if and when an Aged Care Emergency Response Operations Centre is to be mobilised, rather than Aged Care Minister Richard Colbeck.

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Most nursing homes COVID-free: PM

The Australian Financial Review - Page 6 : 25 August 2020 - Original article by Andrew Tillett, Tom McIlroy - PortMac.News Summary

Aged Care Minister Richard Colbeck released an independent report on 24 August into the COVID-19 outbreak that impacted the Newmarch House aged care home in Sydney.

The outbreak resulted in 71 people being infected and 19 residents dying, with the report identifying poor infection control and a breakdown in communication between the home's management and government agencies as major failings.

COVID-19 outbreaks in aged care homes have resulted in thousands of residents being infected and 335 deaths, and the federal government's management of aged care was attacked by Labor in federal parliament.

Prime Minister Scott Morrison responded by saying that outbreaks in aged care homes could have been much worse, and that 92 per cent of homes are COVID-19 free.

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'No cutting corners' on COVID vaccine, officials promise, as Catholics call for boycott

The New Daily - Page Online : 25 August 2020 - Original article by Josh Butler - PortMac.News Summary

Sydney Catholic Archbishop Anthony Fish has urged the church's followers to boycott the COVID-19 vaccine being developed by Oxford University.

Fish contends the vaccine "makes use of a cell line cultured from an electively aborted human foetus".

Fish said it would be preferably that any vaccines that the federal government approves the use of do not lead to an ethical quandary.

Federal deputy chief medical officer Dr Nick Coatsworth promised on 24 August that there would be "no cutting corners" when it comes to getting any COVID-19 vaccine approved, while he noted that vaccines require cell cultures for them to be grown.

He said he was confident that Oxford University had followed the highest ethical standards when developing its vaccine.

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WHO says 172 countries back plan for equitable access to COVID-19 vaccines

The New Daily - Page Online : 25 August 2020 - PortMac.News Summary

The COVAX facility aims to provide equitable access globally to COVID-19 vaccines once they are developed and approved for use.

It is co-led by the World Health Organization, the GAVI vaccines alliance, and the CEPI Coalition for Epidemic Preparedness Innovations, and seeks to deliver two billion doses across countries that sign up to COVAX by the end of 2021.

The WHO indicated on 24 August that 172 countries had engaged with COVAX, with confirmation of intention to join it needed by 18 September.

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This pandemic may yet prove to be the lesser threat

The Australian - Page 10 : 25 August 2020 - Original article by Nick Cater - PortMac.News Summary

Australians have generally shown admirable patience with the restrictions that have been imposed in response to the coronavirus pandemic.

On the other hand, there has also been a worrying indifference to the loss of personal rights and freedoms.

The actions of the Victorian government in particular are disturbing, with revelations that Premier Daniel Andrews wants to extend the 'state of emergency' declaration by up to 12 months.

This is despite the fact that Victoria's per capital infection rate is relatively low by US standards.

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Gas wealth is Victoria's only hope of rapid rally

The Australian - Page 21 : 25 August 2020 - Original article by Robert Gottliebsen - PortMac.News Summary

Victoria has vast onshore gas reserves that can be developed at low cost and without the need for hydraulic fracturing.

Developing this untapped resource would provide a major boost to the state's economy as it recovers from the COVID-19 pandemic.

Indeed, the Gippsland gas fields seem to be Victoria's only hope of a rapid recovery from the downturn, given that its tourism and international industries are unlikely to rebound quickly.

However, successive Coalition and Labor governments in the state have banned onshore gas development, despite a looming of gas and rising prices.

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ASIO alert to universities over China links

The Australian - Page 1 & 2 : 25 August 2020 - Original article by Sharri Markson, Kylar Loussikian - PortMac.News Summary

Labor MP Anthony Byrne has backed Andrew Hastie's call for an parliamentary inquiry into China's Thousand Talents Plan.

Byrne is the deputy chairman of the Parliamentary Joint Committee on Intelligence and Security, while Liberal MP Hastie is its chairman.

Byrne says the inquiry should be conducted through the committee, so that classified briefings can be obtained from Australian and US agencies.

Byrne's call comes as it is revealed that ASIO has given recent briefings to universities about the risk to national security that the Thousand Talents Plan and other Chinese government recruitment programs represent.

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Gunner in charge after CLP concedes in NT election

The Australian - Page 3 : 25 August 2020 - Original article by Amos Aikman - PortMac.News Summary

Northern Territory Chief Minister Michael Gunner has claimed victory for Labor in the NT election held on 22 August.

This follows Country Liberals leader Lia Fin­occhiaro calling him on 24 August to say she had conceded.

Election analysts currently have Labor on 13 seats, the CLP with four, and independents with two, with six seats in doubt.

Gunner says he will work for all Territorians, whether they voted for Labor or not, while Fin­occhiaro says she urged Gunner to move quickly to take "real action on the economy".

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Privatisation urged for in-debt states

The Australian Financial Review - Page 11 : 25 August 2020 - Original article by Matthew Cranston, Mark Ludlow - PortMac.News Summary

Australia's states issued more than $53 billion worth of debt in the first six months of 2020.

However, Reserve Bank of Australia governor Philip Lowe has urged the states to double their borrowings in order to help the federal government with stimulating the economy.

Credit rating agencies and bond buyers have suggested that states should look at privatisation as an alternative to more borrowing; Queensland has been mentioned as one state that should consider the idea.

However, both major political parties in Queensland have ruled out asset sales as a way of reducing state debt, which is likely to be around $100 billion when the state releases its budget update in September.

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Payroll software could protect employers who commit accidental wage theft, ombudsman says

The Guardian Australia - Page Online : 25 August 2020 - Original article by Paul Karp - PortMac.News Summary

Small and family business ombudsman Kate Carnell claimed in her May COVID-19 recovery plan that award complexity makes it hard for small business to be fully compliant when it comes to paying correct wages.

Carnell proposed that small businesses who use payroll software approved by the Fair Work Commission should get 'safe harbour' from prosecution and penalties for wage underpayment.

Carnell confirmed on 24 August that her proposal was being considered by industrial relations roundtables between employer groups and unions.

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Treasurer warned on going too soft on insolvencies

The Australian Financial Review - Page 9 : 25 August 2020 - Original article by Matthew Cranston - PortMac.News Summary

Australian Restructuring Insolvency & Turnaround Association CEO John Winter has cautioned against moving towards a debtor-friendly system.

The federal government is looking at other ways of helping companies to work through their debts when its relaxation of insolvency laws comes to an end, and it has not ruled out adopting US-style Chapter 11 arrangements.

King & Wood Mallesons partner Tim Klineberg notes that Australia has always been a more "creditor friendly jurisdiction" than other nations, and he has urged the federal government to keep it that way.

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Big banks face $1bn bill for poor advice

The Australian - Page 17 : 25 August 2020 - Original article by Richard Gluyas - PortMac.News Summary

New figures show that Australia's four major banks plus Macquarie and AMP have now paid a combined $1.05bn in compensation to customers.

This comprises $882m over the fees-for-no-service scandal and $163.6m for providing non-compliant advice. The amount of compensation they have paid increased by $296m in the first half of calendar 2020.

The Australian Securities & Investments Commission has also launched legal proceedings against a number of financial services providers.

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AMP left reeling as board implodes

The Australian - Page 13 & 17 : 25 August 2020 - Original article by Joyce Moullakis - PortMac.News Summary

Allan Gray Australia portfolio manager Simon Mawhinney has welcomed the boardroom changes at AMP, arguing that they are necessary to create a 'safe workplace and a sound culture'.

David Murray has resigned as AMP chairman and will be succeeded by Debra Hazelton, while John Fraser has resigned as a director of AMP and chairman of AMP Capital.

Boe Pahari, who was at the centre of the scandal over the wealth manager's culture, will return to his previous role after his appointment as AMP Capital CEO sparked controversy.

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Shareholders not satisfied with scalps

The Australian Financial Review - Page 5 : 25 August 2020 - Original article by Aleks Vickovich, James Frost - PortMac.News Summary

There is general agreement among investors that a boardroom upheaval at AMP was needed, but that further action to address underlying issues is necessary.

Debby Blakey, the CEO of industry superannuation fund HESTA, contends that AMP's board should not have promoted Boe Pahari in the first place.

She says the fact that it took the prospect of an extraordinary general meeting for directors to reverse the decision is a concern.

Merlon Capital portfolio manager Hamish Carlisle says there have been 'material' governance failings at AMP since its AGM, where Merlon had pushed for David Murray to be removed as chairman.

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Afterpay shares hit record on new deal

The Australian Financial Review - Page 17 : 25 August 2020 - Original article by Jonathan Shapiro - PortMac.News Summary

Shares in 'buy now, pay later' provider Afterpay rose to a record $82.45 on 24 August after it announced a deal to buy Spanish credit provider Pagantis in a transaction worth at least EUR50 million ($82.4 million).

Based in Barcelona, Pagantis has around 150,000 active customers and 1,400 merchants.

It offers traditional buy now, pay later credit services in Spain, France and Italy, and has approvals in place to operate in Portugal.

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Google strikes out again at ACCC code

The Australian - Page Online : 25 August 2020 - Original article by Chris Griffith - PortMac.News Summary

Google states it is willing to pay more for news content, but that the proposed code between technology platforms and news companies is biased against it.

The code is being developed by the Australian Competition and Consumer Commission, with submissions on the proposed code due by 28 August.

Google has rejected suggestions that it claimed the code would force it to charge Australians for YouTube and search, while it says it would be hard for it to close down Google News as it did in Spain.

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New reality changes game for influencers

The Australian Financial Review - Page 11 : 25 August 2020 - Original article by Natasha Gillezeau - PortMac.News Summary

Taryn Williams says that COVID-19 restrictions on cross-household interaction are prompting some marketers to use real-life couples and actors in their advertising, including Harvey Norman and King Furniture.

Williams is the founder and CEO of theright.fit, a marketplace that enables brands, businesses and media agencies to post jobs for influencers, creatives and photographers.

Williams notes that brands are sending influencers free products and services in exchange for social media posts, as this is a cheap way to keep their marketing going during the current economic climate.

She also notes that the 'Black Lives Matter' protests have prompted advertisers to seek more racial diversity in the people used in their marketing.

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Skills squeeze as FMG boosts growth spend

The Australian Financial Review - Page 14 & 27 : 25 August 2020 - Original article by Peter Ker - PortMac.News Summary

Fortescue Metals Group has posted a 2019-20 net profit of $US4.73bn ($6.6bn), which is 49 per cent higher than previously.

The record full-year result was driven by the surging iron ore price and high export volumes; this has prompted Fortescue to increase its final dividend to $1 per share, with a full-year payout of $1.76.

Fortescue founder Andrew Forrest will receive $1.96bn worth of dividends for the financial year. Fortescue will ramp up its capital investment in 2020-21, but CEO Elizabeth Gaines has warned that skilled labour shortages may be a problem due to Western Australia's border closures.

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Forrest's backers share bounty

The Australian Financial Review - Page 27 : 25 August 2020 - Original article by Julie-anne Sprague - PortMac.News Summary

Fortescue Metals Group's share price has risen by 155 per cent in the last year, delivering huge profits for key executives and early backers of the iron ore miner.

Fortescue founder Andrew Forrest holds $20.7bn worth of shares in the company, while the shareholding of CEO Elizabeth Gaines is now worth $11m.

Kie Chie Wong holds more than 93 million shares in Fortescue, worth around $2.1bn; Wong has been a backer of Forrest since he founded Anaconda Nickel.