Latest updates on Key Economic Indicators - Page Online : 20 October 2020

Australian Dollar: $0.7064 USD (down $0.0011 USD)

Iron Ore Nov Spot Price (SGX): $115.36 USD (up $0.46 USD)

Oil Price (WTI): $40.57 USD (down $0.31 USD)

Gold Price: $1,902.23 (up $3.19 USD)

Dow Jones: 28,195.42 (down 410.89 points)

All changes compared to 7am yesterday.

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Trump trashes Fauci and makes baseless coronavirus claims in campaign call

A frustrated and foul-mouthed President Donald Trump claimed on a campaign call that people are tired of hearing about the deadly pandemic which has killed more than 215,000 Americans and trashed Dr. Anthony Fauci as a "disaster" who has been around for "500 years."

Referring to Fauci and other health officials as "idiots," Trump declared the country ready to move on from the health disaster, even as cases are again spiking and medical experts warn the worst may be yet to come.

Baselessly claiming that if Fauci was in charge more than half a million people would be dead in the United States, Trump portrayed the recommendations offered by his own administration to mitigate spread of the disease as a burdensome annoyance.

"People are tired of Covid. have the biggest rallies I've ever had, and we have Covid," Trump said, phoning into a call with campaign staff from his namesake hotel in Las Vegas, where he spent two nights amid a western campaign swing.

"People are saying whatever. Just leave us alone. They're tired of it. People are tired of hearing Fauci and all these idiots."

"Fauci is a nice guy," Trump went on. "He's been here for 500 years."

A Trump adviser later questioned the wisdom of attacking Fauci just two weeks before the election. The adviser described the President's comments as "not smart" because they keep the focus on the coronavirus pandemic, the one topic campaign officials would like to avoid the most.

auci has been the director of the National Institute of Allergy and Infectious Diseases since 1984 and is a member of the White House Coronavirus Task Force.

At almost the same time Trump was fuming on the phone, Fauci was being awarded the National Academy of Medicine's first-ever Presidential Citation for Exemplary Leadership during a virtual ceremony.

Fauci said that he was "speechless" while receiving the recognition.

"We have a lot of challenges ahead of us and I can't help thinking that we're really going through a time that's disturbingly anti-science in certain segments of our society," Fauci said during the virtual event.

Trump openly criticized Fauci as his campaign is currently airing a television ad featuring the doctor that implies Fauci endorsed Trump's handling of the pandemic.

Fauci has disputed the ad, saying his words were taken out of context, and asked the campaign to take it down. But the ad was widely seen as an acknowledgment by the President's campaign staff that Fauci has credibility with voters who have rejected Trump's response.

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Rage against the regime: end Victoria's lockdown 'torture'

The Australian - Page 1 & 5 : 20 October 2020 - Original article by Joe Kelly, Remy Varga - PortMac.News Summary

Federal Treasurer Josh Frydenberg has urged the Victorian government to further relax its lockdown restrictions and allow businesses to re-open in a 'COVID-safe way'.

He has accused Premier Daniel Andrews of having a "callous indifference" regarding the economic hardship caused by the coronavirus pandemic in the state.

Business leaders have backed Frydenberg, with Australian Industry Group CEO Innes Willox stating that tens of thousands of businesses and the livelihoods of their employees are at stake.

Victoria recorded four new coronavirus cases on 19 October; the state's death toll from COVID-19 rose by one to 817.

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Hundreds may be at risk in quarantine hotel blood-test bungle

Herald Sun - Page 1 & 12 : 20 October 2020 - Original article by Grant McArthur = PortMac.News Summary

Victoria's hotel quarantine crisis has deepened, with revelations that single-used blood glucose monitoring devices had been re-used multiple times.

This has raised concern that returned travellers may have been exposed to diseases that are transmitted via blood, including hepatitis B and C, as well as HIV.

Health records suggest that at least 243 people could potentially have been exposed to such diseases while in hotel quarantine.

Ann Maree Keenan of Safer Care Victoria says the clinical risk of infection is low.

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National cabinet must fix NZ travel bubble blunder, Premier begs

The New Daily - Page Online : 20 October 2020 - Original article by Josh Butler - PortMac.News Summary

Victoria, Tasmania, Western Australia and South Australia did not agree to participate in the quarantine-free travel bubble with New Zealand.

However, New Zealanders have been permitted to travel to those states after arriving in Sydney, including more than 60 who have travelled to Victoria.

Australian Border Force commissioner Michael Outram has said that Victoria's Department of Health & Human Services was informed on 16 October that New Zealanders would be free to travel to the state on arrival in Australia.

Premier Daniel Andrews has disputed this, as have other Labor leaders. Victoria will not force the New Zealanders to quarantine for 14 days.

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NSW gives Vic two weeks for border rethink

The Australian Financial Review - Page 8 : 20 October 2020 - Original article by Aaron Patrick, Hannah Wootton - PortMac.News Summary

New South Wales Premier Gladys Berejiklian says it will take at least a fortnight after Victoria's lockdown restrictions are "substantially" eased before any decision on reopening the state's border can be made.

Meanwhile, the Tasmanian government has advised that NSW residents will be permitted to visit the island state from 2 November, assuming there is no surge in NSW coronavirus numbers.

Tasmania will be re-opened to travellers from South Australia, Queensland and the ACT from 26 October. NSW recorded four new coronavirus cases on 19 October, although they were all returned travellers in quarantine.

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Berejiklian accused of breaching code of conduct after admitting she hoped to marry MP

The Guardian Australia - Page Online : 20 October 2020 - Original article by Michael McGowan = PortMac.News Summary

Legal experts suggest that the failure of New South Wales Premier Gladys Berejiklian to disclose her personal relationship with Daryl Maguire may have breached the state's ministerial code of conduct.

Berejiklian recently told an ICAC hearing that her relationship with the disgraced former Liberal MP had not been of "sufficient status" to disclose, but she subsequently revealed in a newspaper interview that she had hoped to marry him.

Labor leader Jodi McKay maintains that the relationship should have been disclosed. She also says the fact that Berejiklian was discussing a $1.5m Badgerys Creek land deal with Maguire at the same as she was discussing Badgerys Creek with her cabinet colleagues is a clear conflict of interests.

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'Chilling attack on democracy': proposed ASIO powers could be used against journalists

The Guardian Australia - Page Online : 20 October 2020 - Original article by Daniel Hurst - PortMac.News Summary

Proposed legislation that would expand the Australian Security Intelligence Organisation's compulsory questioning powers beyond terrorism-related matters is being scrutinised by parliament's intelligence committee.

ASIO views the compulsory questioning power as another tool in its "toolbox", but legal advice prepared for activist group GetUp contends that the expanded powers could be used against journalists and advocacy groups.

GetUp's general counsel Zaahir Edries says the legislation represents a "chilling" attack on democracy. 

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China journos 'an espionage threat'

The Australian - Page 4 : 20 October 2020 - Original article by Ben Packham - PortMac.News Summary

Liberal senator James Paterson says Chinese state media should not be allowed unrestricted access to federal parliament as 'journalists'.

Paterson contends that there is a risk that they could be involved in espionage activities; he notes that an incident on 26 June where someone from China's Xinhua News Agency was reported for filming other journalists had caused some concern.

Press gallery president David Crowe says the Department of Parliamentary Services had cautioned Xinhua about the incident, while he notes that the DPS has the contact details of foreign media if there are any security issues that it needs to raise with them.

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CFMEU says Coalition's 'reckless' China attacks will cost coal jobs

The Australian Financial Review - Page 10 : 20 October 2020 - Original article by Phillip Coorey - PortMac.News Summary

Construction, Forestry, Mining, Maritime & Energy Union official Tony Maher contends that attacks on China by outspoken Coalition MPs have the potential to cost thousands of jobs in the coal sector.

In a letter to federal Resources Minister Keith Pitt, Maher states that some of the MPs who are most strident in their attacks on China represent coal regions and purport to support coal jobs.

Maher says he is not asking the government to "adopt a supine position" in relation to China, but that public comment should be limited to the Prime Minister, the Trade Minister and the Foreign Minister, due to the sensitivity of the relationship between Australia and China.

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Greens push JobMaker amendments to stop Australia's largest companies claiming hiring credit

The Guardian Australia - Page Online : 20 October 2020 - Original article by Paul Karp - PortMac.News Summary

The Greens are seeking to amendment legislation that will enact the federal government's $4 billion JobMaker hiring credit program.

There are claims that employers might lay off older workers so that they can hire younger staff and claim credits under the program; the Greens want to amend the bill to stop companies sacking existing staff to claim the subsidy.

The Greens will also seek to exclude companies that have recently declared a dividend from accessing the scheme, along with companies that have underpaid their staff.

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Taxpayers 'may have been defrauded' in airport land deal

The Australian Financial Review - Page Online : 20 October 2020Original article by Ronald Mizen - PortMac.News Summary

Auditor-General Grant Hehir has told a Senate hearing that the federal government may have been defrauded in the Western Sydney airport land deal.

The land known as the Leppington Triangle was purchased by the Department of Infrastructure for $29.8 million in 2018, but a report by the Audit Office found that the department had written off 90 per cent of the purchase price within 12 months.

The Australian Federal Police recently announced an investigation into the transaction with a view to determining possible criminal offences in regard to issues raised in the Audit Office's report.

Hehir referred the matter to the AFP in July.

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Mint let tax haven clients store $100m

The Australian Financial Review - Page 9 : 20 October 2020 - Original article by Angus Grigg - PortMac.News Summary

It has been revealed that the Perth Mint allowed clients of a tax haven bank to acquire over $100 million worth of gold without undertaking appropriate identity checks aimed at preventing money laundering.

Instead, the Mint relied on the checking processes of Euro Pacific Bank, a Puerto Rico-based entity.

Recent media reports have claimed that Euro Pacific is viewed as a significant organised crime threat to Australia, and that around 100 Australians are using it to evade tax.

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FIRB proposal may boost the cost of loans

The Australian Financial Review - Page 10 : 20 October 2020 - Original article by John Kehoe - PortMac.News Summary

The federal government's proposed national security test for critical infrastructure will be overseen by the Foreign Investment Review Board.

In a submission to Treasury on the draft legislation, the Asia Pacific Loan Market Association has claimed that the measure will increase transaction costs and extend transaction timelines.

The policy is already causing angst among big business and state governments, while it could be in breach of international trade rules.

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Liberal MPs call for government to deny permit renewal that would allow drilling off NSW coastline

The Guardian Australia - Page Online : 20 October 2020 - Original article by Elias Visontay - PortMac.News Summary

Federal Liberal MP Jason Falinski has tabled a motion in which he calls for Petroleum Exploration Permit (Pep) 11 not to be renewed.

Pep 11 allows for gas and oil exploration off the coastline of New South Wales between Sydney and Newcastle, but Falinski contends the area that Pep 11 covers gives no indication that there is any gas to be found.

Greens leader Adam Bandt says the fact that Falinski needed to put such a motion is a sign that the federal government's environmental protection laws are not good enough to stop drilling. Debate on the motion was deferred. 

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Submarine stuff-up as bad as Victoria's woes

The Australian - Page 21 : 20 October 2020 - Original article by Robert Gottliebsen - PortMac.News Summary

An external inquiry is desperately needed to determine the likely real cost of what Australia's submarine project is going to be.

Conflicting information has been given by members of the federal government about the cost of the French bid to build the submarines, and there has been a breakdown in breakdown in cabinet accountability and responsibility that could potentially have even more serious consequences than the breakdown of cabinet accountability and responsibility in Victoria that has resulted in hundreds of deaths.

The US is not happy with Australia's choice of a French submarine, while the submarines that the Chinese are developing make Australia's new submarines look quite archaic by comparison.

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Religious leaders cry betrayal on euthanasia

The Australian - Page 1 & 2 : 20 October 2020 - Original article by Jamie Walker, Sarah Elks - PortMac.News Summary

Queensland Premier Annastacia Palaszczuk said on 18 October that she would introduce voluntary assisted dying legislation in February if Labor retains power at the 31 October election.

Catholic Archbishop of Brisbane Mark Coleridge has described Palaszczuk's announcement as a "bolt from the blue", while he wants to know why she has reneged on her promise to let the Queensland Law Reform Commission report on draft euthanasia legislation in March before it is put to state parliament.

Anglican Archbishop of Brisbane Phillip Aspinall says it would seem Palaszczuk saw a political advantage to be had by bringing forward the legislative timetable for the VAD legislation.

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Sally Capp argues against 'shrinking our way to greatness' by cutting commercial rates

The Age - Page Online : 20 October 2020 - Original article by Rachel Eddie - PortMac.News Summary

Melbourne Lord Mayor Sally Capp will freeze rates for another year if she is re-elected, but she has ruled out cutting rates.

Capp was one of four candidates for Lord Mayor who took part in a virtual debate on 19 October, with other participants being Arron Wood, Phil Reed and Jennifer Yang.

Wood and Yang have both called for rate cuts, and Wood attacked Capp for claiming that cutting rates amounted to "shrinking our way to greatness".

Wood said that rates are hurting landlords and their tenants, while Yang believes there are areas within council spending that can be pruned back.

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US stimulus hopes propel shares

The Australian - Page 20 : 20 October 2020 - Original article by Samantha Bailey - PortMac.News Summary

The Australian sharemarket posted solid gains on 19 October, with the S&P/ASX 200 rising 0.85 per cent to close at 6,229.4 points.

Fortescue Metals Group was 1.1 per cent higher at $16.82, the Commonwealth Bank added 1.1 per cent to end the session at $70.01 and CSL rose 1.7 per cent to $304.13. However, Crown Resorts was down 8.2 per cent at $8.25 and Goodman Group shed 1.2 per cent to finish at $18.89.

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NAB may be fined for referrals

The Australian - Page 17 : 20 October 2020 - Original article by Lachlan Moffet Gray = PortMac.News Summary

National Australia Bank's Star Sales Incentives scheme generated $24bn worth of home loans between 2013 and 2016.

NAB employees and third-party 'introducers' received commissions for referrals to NAB that resulted in a mortgage loan being taken out.

The Federal Court has found that NAB breached the National Credit Act by accepting loan application information from third-party referees that did not have an Australian Credit Licence.

The court has agreed that the $15m fine proposed by the Australian Securities & Investments Commission is appropriate.

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Banks show business the money

The Australian - Page 4 : 20 October 2020 - Original article by Geoff Chambers - PortMac.News Summary

Australian Banking Association CEO Anna Bligh says the nation's banks have supported small and medium enterprises during the coronavirus pandemic, and the banks remain "open for business" for SME customers.

Data from the ABA shows that more than $200bn worth of loans have been approved for all businesses since the start of February, including more than $41bn for SMEs and sole traders.

Treasurer Josh Frydenberg has stressed the importance of maintaining the free flow of credit to both individuals and businesses as the economy recovers from the pandemic-induced recession.

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'Financial heroin hits': Three CFD firms fined combined $75m

The Australian Financial Review - Page 14 : 20 October 2020 - Original article by Jonathan Shapiro - PortMac.News Summary

The Federal Court has ordered AGM Markets, OT Markets and Ozifin to pay fines totalling $75m for engaging in unconscionable conduct.

The Australian Securities & Investments Commission had pursued legal action against the firms for promoting high-risk derivatives products such as contracts for difference to retail investors.

ASIC's deputy chairman Daniel Crennan says the judgment sends a strong message to firms that take advantage of vulnerable consumers.

Clients of the three firms have lost about $32m from investing in over-the-counter derivatives.

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Insurance companies on notice over pandemic

The Australian - Page Online : 20 October 2020 - Original article by Adeshola Ore - PortMac.News Summary

The Australian Securities & Investments Commission has written to the directors of insurance companies about business interruption insurance policies issued to small businesses.

ASIC says insurers must be mindful of their duty to handle insurance claims with utmost good faith.

This follows a test case in the Supreme Court of New South Wales regarding the liability of insurance companies for business interruption insurance claims from small business customers that have been impacted by the COVID-19 pandemic.

The court is yet to hand down its decision.

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From surf to turf: super seaweed to feed cattle

The Australian Financial Review - Page 18 : 20 October 2020 - Original article by Brad Thompson - PortMac.News Summary

A seaweed additive developed by the CSIRO has been to found to significantly reduce greenhouse gas emissions from cattle, while making them grow faster.

Future Feed, whose co-owners include Andrew Forrest's private agribusiness Harvest Road, has issued seaweed technology developer CH4 Global with the first licence to sell and distribute the Asparagopsis seaweed product.

The global market for the feed additive is tipped to be worth $US10 billion ($14 billion) by 2030.

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Gerry Harvey won't 'cop s--t' as shares rise

The Australian Financial Review - Page 20 : 20 October 2020 - Original article by Sue Mitchell - PortMac.News Summary

Harvey Norman has appointed Luisa Catanzaro as its first female non-executive director, with the retailer asking that her appointment be ratified at its virtual AGM on 25 November.

Executive chairman Gerry Harvey says Catanzaro's appointment is partly intended to placate critics of the company's corporate governance and board structure.

Harvey says he is happy to be criticised by investors if Harvey Norman is performing badly, but he claims that it is doing well at present.

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Ampol profit tanks on heavy refining loss

The Australian Financial Review - Page 19 : 20 October 2020 - Original article by Angela Macdonald-Smith - PortMac.News Summary

Ampol has posted a net profit on a replacement cost basis of $24m for the September quarter, which is 74 per cent lower than the previous corresponding period.

The fuel group's Lytton refinery in Brisbane has booked a loss of $82m for the quarter, which the company had flagged earlier in October. However, Ampol's convenience retailing division has posted EBIT of $87m for the quarter, compared with just $41m for the same period in 2019.

Ampol shares closed 1.3 per cent higher at $25.42 on 19 October.

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South32 shuffles management ranks, resumes share buybacks as cash reserves grow

The Australian - Page 16 : 20 October 2020 - Original article by Nick Evans - PortMac.News Summary

Diversified miner South32 has advised that its metallurgical and thermal coal production rose by 20 per cent in the three months to September, while manganese ore production rose 19 per cent quarter-on-quarter.

CEO Graham Kerr also says South32 has reinstated its on-market buyback program, which was put on hold in March due to the coronavirus pandemic.

Meanwhile, South32 has announced a number of changes to its senior management team.