Latest updates on Key Economic Indicators

Australian Dollar: $0.7383 USD (up $0.0021 USD)

Iron Ore Dec Spot Price (SGX): $127.46 USD (up $0.71 USD)

Oil Price (WTI): $45.53 USD (up $0.54 USD)

Gold Price (27 Nov): $1,788.10 (down $22.23 USD)

Gold Price (30 Nov): $1,787.38 (down $0.72 USD)

Dow Jones: 29,910.37 (up 37.90)

All changes compared to 7am Friday, except gold.

Fauci: US may see ‘Surge upon surge’ of virus in weeks ahead

The USA'ss top infectious disease expert said Sunday that the U.S. may see “surge upon a surge” of the coronavirus in the weeks after Thanksgiving, and he does not expect current recommendations around social distancing to be relaxed before Christmas.

Meanwhile, in a major reversal, New York City Mayor Bill DeBlasio said the nation’s largest school system will reopen to in-person learning and increase the number of days a week many children attend class.

The announcement came just 11 days after the Democratic mayor said schools would shut down because of rising COVID-19 cases.

“We feel confident that we can keep schools safe,” he said.

 Fauci said this week that the level of infection in the U.S. would not “all of a sudden turn around.”

“So clearly in the next few weeks, we’re going to have the same sort of thing. And perhaps even two or three weeks down the line ... we may see a surge upon a surge,” he said.

Fauci addressed the school issue, saying that spread “among children and from children is not really very big at all, not like one would have suspected. So let’s try to get the kids back, but let’s try to mitigate the things that maintain and just push the kind of community spread that we’re trying to avoid,” he said.

Fauci also appeared on NBC’s “Meet the Press,” where he made similar remarks, adding that it’s “not too late” for people traveling home after Thanksgiving to help curb the virus by wearing masks, staying distant from others and avoiding large groups of people.

The number of new COVID-19 cases reported in the United States topped 200,000 for the first time Friday, according to data from Johns Hopkins University.

Since January, when the first infections were reported in the U.S., the nation’s total number of cases has surpassed 13 million. More than 265,000 people have died.

Fauci: Australia leads on Covid

The Australian - Page 1 & 7 : 30 November 2020 - Original article by David Penberthy - PortMac.News Summary

Australia's strategy for combating the coronavirus has been praised by Dr Anthony Fauci, the head of the US National Institute of Allergy & Infectious Diseases.

He says Australia has been the 'model' for combatting COVID-19, adding that it is clear that countries and states which do not fully embrace coronavirus restrictions have been less effective at containing its spread.

Dr Fauci has also expressed concern that the coronavirus outbreak in the US could worsen in coming weeks, after many people ignored health advice about travelling during Thanksgiving.

Covid blasts a $25bn GST hole in state budgets

The Australian - Page 4 : 30 November 2020 - Original article by Patrick Commins - PortMac.News Summary

The federal government's 2020 Budget had forecast that the goods and services tax pool would be reduced by $19.5bn over the four years to 2023-24.

However, the ANZ Bank's analysis of the Budget papers of state and territory governments suggests that the COVID-19 pandemic will reduce GST revenue by $23.3bn over the three years to 2022-23.

This would rise to $25.6bn if the New South Wales government's estimates for GST revenue for 2023-24 are included. ANZ economist Cherelle Murphy says the state's forecasts may prove to be 'too pessimistic'.

SA on high alert after quarantine breach

The Australian Financial Review - Page 4 : 30 November 2020 - Original article by Patrick Durkin, Simon Evans - PortMac.News Summary

South Australia recorded no new coronavirus cases on 29 November, and the number of active cases in the state has fallen to 17.

However, there are concerns that a fresh outbreak of COVID-19 could occur after a man who had tested positive on 17 November failed to comply with the requirement to quarantine at home and went shopping at a number of stores in Adelaide on 22 November.

About 30 people who are regarded as close contacts of the man have been placed in quarantine hotels. The quarantine breach could potentially affect the timing of border re-openings.

Facing up to reality: Masks at desks rule irks business

Herald Sun - Page 9 : 30 November 2020 - Original article by Genevieve Alison, Tamsin Rose, James Campbell - PortMac.News Summary

Business Council of Australia CEO Jennifer Westacott says as many workers in Melbourne's CBD should return to office-based work as soon as possible.

The Victorian government's coronavirus roadmap allows 25 per cent of staff in city offices to return to working on-site from 30 November, although they will be required to wear a face mask at all times.

Victorian Chamber of Commerce & Industry CEO Paul Guerra contends that wearing a mask should not be necessary when workers are at their desks, arguing that social distancing rules already apply.

The state Opposition supports this view. Victoria has recorded 30 consecutive days with no COVID-19 cases.

Movement in Melbourne CBD at only 27% of normal after lockdown ends, well behind Sydney CBD (42%)

Market Research Update - Page Online : 30 November 2020 - Original article by Roy Morgan - PortMac.News Summary

A special analysis of movement data in Australia's Capital City CBDs during 2020 shows that movement levels remain well below those seen earlier in the year in all six State capitals.

Movement in the Melbourne CBD during mid-November was at an average of only 27% of the pre-COVID-19 levels earlier in the year during January and February - although this has almost doubled since being at only 14% during the final week of lockdown in late October.

Movement levels in the Sydney CBD have tended to track lower than smaller cities since the 'second wave' began in early July and have not been above 50% of normal since hitting 51% in mid-August.

At the time there were significant fears in Sydney that the city would soon enter a second lockdown.

The Adelaide CBD and Perth CBD have been the standouts for most of 2020 with movement levels consistently between 70-80% of the pre-COVID-19 levels, including a high of 86% of normal in the Adelaide CBD in early August.

However, Adelaide's good run came to an abrupt end with the three-day shutdown causing the city's weekly movement average to tumble to only 38% of normal in the week to November 23 and drop from first place (at 75%) before the shut-down to now be above only Melbourne.

UK to approve Pfizer vaccine 'In days'

The Australian Financial Review - Page 11 : 30 November 2020 - Original article by Sebastian Payne, Donato Paolo Mancini - PortMac.News Summary

The UK's Medicines & Healthcare Products Regulatory Agency is shortly expected to authorise the use of the coronavirus vaccine candidate that was developed by Pfizer and BioNTech.

The UK government has purchased 40 million doses of the vaccine, and sources have indicated that people could start to receive it in the first week of December.

The US Food & Drug Administration is also expected to grant emergency approval for the vaccine in early December, with the nation's death toll from the virus having now exceeded 277,000.

Australians trust government to handle Covid but not corruption, report finds

The Guardian Australia - Page Online : 30 November 2020 - Original article by Christopher Knaus - PortMac.News Summary

The percentage of Australians who view corruption as either a 'very big' problem or 'quite big' problem has risen from 61 per cent in 2018 to 66 per cent in late October 2020, according to a report by Transparency International Australia and Griffith University.

About 17 per cent of survey respondents stated they trusted the federal government a "great deal" in 2020, compared to just 6.7 per cent in 2017, with the increase attributed to the COVID-19 crisis.

The report states that the current lack of a federal integrity commission as the "biggest institutional gap in our system", with Professor AJ Brown from Griffith University saying a federal anti-corruption body is "desperately needed".

Speedier recovery drops demand for JobKeeper

The Australian Financial Review - Page 1 & 10 : 30 November 2020 - Original article by Phillip Coorey - PortMac.News Summary

The federal government introduced its revised two-tier JobKeeper wage subsidy scheme in late September.

New figures show that just 1.5 million workers are now receiving the wage subsidy, compared with 3.6 million during the first phase of the scheme.

The government's Budget papers had forecast that 2.2 million workers would be eligible for the revised scheme.

Treasurer Josh Frydenberg says the lower-than-expected take-up rate for JobKeeper 2.0 indicates that Australia's economy is recovering from the coronavirus-induced downturn.

Victoria in 'Dire' state, credit rating at risk

The Australian - Page 1 & 4 : 30 November 2020 - Original article by Adam Creighton - PortMac.News Summary

S&P Global Ratings has warned that the Victorian government's rising debt could result in the loss of the state's coveted AAA credit rating.

Victoria's net debt is expected to blow out to $155bn by 2024, compared with just $44bn in 2019-20.

Anthony Walker of S&P says Victoria appears to be on track to post the biggest deficit ever recorded by an AAA-rated government.

Walker has also indicated that New South Wales is likely to retain its AAA rating, noting that asset sales could reduce the size of the state's deficit.

He adds that S&P may downgrade South Australia's credit rating over the next two years, after recently putting it on 'negative outlook'.

Lending laws face limbo as Senate tails off

The Australian Financial Review - Page 10 : 30 November 2020 - Original article by Andrew Tillett - PortMac.News Summary

The federal government's bill to overhaul responsible lending laws will be put before parliament before it rises for the year.

It is one of several bills that are unlikely to be passed during the final two weeks of parliament for 2020, given that the changes are opposed by both Labor and the Greens, while several crossbenchers have expressed reservations about the reforms.

Legislation to transfer environmental approval powers to the states also faces significant resistance in the Senate.

SAS leaders on top brass hit list

The Australian - Page 1 & 2 : 30 November 2020 - Original article by Ben Packham -PortMac.News Summary

Orders of Australia recipients are among dozens of senior officers that Chief of the Defence Force Angus Campbell is assessing in the wake of the release of the Brereton inquiry into alleged war crimes by special force soldiers in Afghanistan.

The senior officers under scrutiny are those who were leading the soldiers at the centre of the allegations, with Prime Minister Scott Morrison saying he expects senior officers to be held to account.

Possible actions against the officers include demotions, sackings and the stripping of honours.

Pyne heads to ASX battlefield

The Australian Financial Review - Page 16 : 30 November 2020 - Original article by Simon Evans - PortMac.News Summary

Former defence minister Christopher Pyne will join the board of XTEK, which makes ballistic shields, helmets, armour and drones.

XTEK generated revenues of $43 million in 2019-20, up 13 per cent on the previous year, and it has a market capitalisation of around $44 million.

Pyne's appointment comes on the day that an 18-month period during which former federal MPs are not allowed to work in sectors related to their ministerial portfolio expires.

ANZ-Roy Morgan New Zealand Consumer Confidence down 1.8pts to 106.9 in November

Market Research Update - Page Online : 30 November 2020 - Original article by Roy Morgan - PortMac.News Summary

ANZ-Roy Morgan New Zealand Consumer Confidence fell 1.8pts to 106.9 in November. Consumer confidence remains under par - its historical average is around 120.

Consumers' perceptions of their current financial situation fell 2 pts to +1, while a net 27% of consumers expect to be better off financially this time next year, down 1 point.

Meanwhile, a net 11% (unchanged) of consumers thinks it is a good time to buy a major household item. Perceptions regarding the next year's economic outlook lifted 3 points to -18%. The five-year outlook fell 7 points to +15%.

Banks strong but buybacks unlikely

The Australian - Page 15 : 30 November 2020 - Original article by Richard Gluyas - PortMac.News Summary

Australia's banking sector has about $20bn in excess capital, although this falls to $15.5bn if the assumed common equity tier 1 capital ratio is 10.75 per cent.

Richard Wiles of Morgan Stanley says a number of preconditions will have to be achieved before Australia's four major banks start to repurchase shares again, and he does not expect them to undertake share buybacks in 2021.

Meanwhile, Morgan Stanley expects an increase in the banking sector's dividend payouts in 2021.

Spotlight on payments as merger considered

The Australian - Page 13 & 16 : 30 November 2020 - Original article by Joyce Moullakis - PortMac.News Summary

Talk of a merger between NPP Australia, Bpay and Eftpos was first proposed in June, with a possible merger of the three bodies certain to have a big impact on Australia's $800 billion retail payments market.

Retail stakeholders are said to be worried that the merger would lead to reduced competition, while the proposed merger is occurring at the same time as both the Reserve Bank and Treasury are conducting reviews of the retail payments market.

It is understood there is "minimal overlap" between the two reviews.

Wine giant to face 30% drop from China hit

The Australian Financial Review - Page 14 & 20 : 30 November 2020 - Original article by Simon Evans - PortMac.News Summary

China has imposed temporary tariffs of between 107.1 per cent and 212.1 per cent on Australian wine, after its Commerce Department ruled on 27 November that Australian wine had been dumped on the Chinese market.

The Department has given Australian winemakers 10 days to challenge the decision. Prime Minister Scott Morrison has promised to assist winemakers that are impacted by the sanctions, which are expected to result in Treasury Wine Estates' annual profit being reduced by more than 30 per cent.

Back to touchy-feely shopping trip

The Australian Financial Review - Page 17 : 30 November 2020 - Original article by James Fernyhough - PortMac.News Summary

The National Retail Association has previously forecast sales of $5.3 billion over the four days between Black Friday and Cyber Monday, including $1.8 billion in online sales.

Anecdotal evidence suggests that its forecast is likely to be met.

The NRA is predicting that consumers will spend $52.3 billion in brick-and-mortar stores in the leadup to Christmas, up five per cent year-on-year, while online spending is tipped to rise by 53 per cent year-on-year to $5.2 billion.

NRA CEO Dominique Lamb notes that consumers were not able to spend money on travel during the pandemic, so they are likely to divert that money into spending on retail.

Investors rebel as losses mount at DJs

The Australian - Page 13 & 14 : 30 November 2020 - Original article by Eli Greenblat - PortMac.News Summary

South Africa's Woolworths Holdings held its AGM in the week ending 27 November, with 82.24 per cent of shareholders voting against its remuneration report.

Shareholders were unhappy about a 77 million rand ($6.8 million) 'golden handshake' to outgoing CEO Ian Moir. Moir was CEO of Woolworths Holdings when it launched a $2.1 billion takeover bid for department store chain David Jones, which has posted cumulative losses of $1.4 billion over the past three years and which is currently valued at just $965 million.

Uber looks to Australia after California employment victory

The Australian - Page 13 & 14 : 30 November 2020 - Original article by David Swan - PortMac.News Summary

California voters recently approved a measure that exempts gig economy companies from classifying their workers as employees.

Uber CEO Dara Khosrowshahi says that couriers, drivers and other independent workers should be allowed to have flexibility as well as insurance protections, healthcare protections and accident protections.

Five deaths in just two months has sparked calls for increased regulation of Uber and other delivery services, while Khosrowshahi says its Australian mobility business has recovered to 70 per cent of pre-COVID-19 levels.

Cruise industry to introduce tough new COVID-19 measures when ban lifts in December

abc.net au - Page Online : 30 November 2020 - PortMac.News Summary

The Cruise Line International Association is developing guidelines with the Federal Government for the resumption of cruising in Australia.

The Association is proposing that cruises will initially be restricted to local residents and confined to Australian waters until international travel restrictions are lifted.

Passenger numbers would be limited, COVID-19 tests would be mandatory for crew and passengers before boarding, and there would be daily health monitoring and temperature checks for everyone on the ship. The Australian cruise industry is worth around $5 billion a year.

Nine paid too much for rugby: Seven boss

The Australian - Page 15 : 30 November 2020 - Original article by Lilly Vitorovich - PortMac.News Summary

Nine Entertainment recently secured a three-year broadcasting rights deal with Rugby Australia, at a cost of $100m in cash and contra.

Seven West Media CEO James Warburton says the rival broadcaster paid too much for the rugby union rights, noting that it is a niche sport.

Warburton also contends that Nine and its Stan streaming service - which will expand into live sports coverage in 2021 - are driving up the cost of sports rights.

Seven has pursued asset sales under Warburton, as the media group seeks to reduce its debt, while he says further redundancies are not on the agenda.

Reality shows ensure ratings crown

The Australian - Page 19 : 30 November 2020 - Original article by Lilly Vitorovich - PortMac.News Summary

The Nine Network has won the 2020 ratings year with a 27.7 per cent share of the metropolitan market, down from 29.5 per cent in 2019.

The second-placed Seven Network's audience share was 27.2 per cent, compared with 29.2 per cent previously.

Nine's chief sales officer Michael Stephenson notes that the network won the demographics that matter to advertisers for a fifth year in a row.

Reality shows were among the big ratings winners for Nine, while Seven's ratings improved in the second half as it launched a new content-led strategy.

Levelling the playing field for a fairer future

The Australian - Page 19 : 30 November 2020 - Original article by Paul Fletcher - PortMac.News Summary

The average prime time audience for Australia's free-to-air TV networks fell by six per cent annually between 2014 and 2019.

Commercial TV networks are under growing pressure as the take-up rate of subscription video on-demand services accelerate, with more than 16 million active subscriptions nationwide by mid-2020.

The current regulations for broadcasters are based on legislation that is almost three decades old, and the federal government's recent Green Paper is aimed at creating a more level playing field between linear broadcasters and SVOD services.

Quality counts as new miner eyes big profits

The Australian Financial Review - Page 17 : 30 November 2020 - Original article by Brad Thompson - PortMac.News Summary

Small-cap iron ore miner Fenix Resources is slated to produce 1.25 million tonnes a year at its Iron Ridge project in Western Australia's Weld Ranges region.

However, MD Rob Brierley notes that Iron Ridge has iron content of 64.2 per cent, making it one of the state's highest-grade deposits.

Meanwhile, the iron ore price has risen by about $65 a tonne in Australian dollar terms since Fenix released its feasibility study in November 2019; that study's forecasts were based on an Australian dollar iron ore price of $111.43.

Fenix has attracted interest from Gina Rinehart's Hancock Prospecting and China-based Sinosteel.