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Latest updates on Key Economic Indicators
Australian Dollar: $0.7349 USD (down $0.0034 USD)
Iron Ore Dec Spot Price (SGX): $129.30 USD (up $1.84 USD)
Iron Ore Jan Spot Price (SGX): $125.90 USD (up $1.35 USD)
Oil Price (WTI): $45.49 USD (down $0.04 USD)
Gold Price: $1,780.60 (down $6.78 USD)
Dow Jones: 29,544.18 at 3.10pm NY time (down 366.19 on Friday's close)
All changes compared to 7am yesterday.
Joe Biden confirms historic nomination of Janet Yellen as US treasury secretary
President-elect Joe Biden named several women to his top economic policy team on Monday, including former Federal Reserve Chair Janet Yellen as treasury secretary nominee, setting the stage for diversity and a focus on recovery from the pandemic.
President-elect Joe Biden on Monday formally picked ex-Federal Reserve chair Janet Yellen to lead the treasury, one of a slate of economic officials who would break racial and gender barriers in the US government.
The announcement of Mr Biden's economic team comes after running mate Kamala Harris made history as the first woman and first person of both African American and South Asian descent to win the vice presidency.
If they win Senate approval, Ms Yellen would be the first female treasury secretary, and be joined in the executive branch by the first African Americans to serve as her deputy and as head of the White House economic council, as well as the first South Asian in a key budget role.
"We face great challenges as a country right now. To recover, we must restore the American dream - a society where each person can rise to their potential and dream even bigger for their children," Ms Yellen tweeted following the announcement.
"As Treasury Secretary, I will work every day towards rebuilding that dream for all."
Job number one for the 74-year-old, who previously made history as the first female Federal Reserve chief from 2014 to 2018, will be helping the US economy recover from the sharp downturn in growth and mass layoffs caused by the COVID-19 pandemic.
Unless lawmakers are able to overcome their differences in the closing weeks of the year, she will likely be tasked with convincing Democrats and Republicans in Congress to pass another spending bill to aid the recovery amid a months-long deadlock on new aid.
Pathetic : China trying con with fake image
The Australian - Page 1 & 2 : 1 December 2020 - Original article by Geoff Chambers, Simon Benson, Dennis Shanahan - PortMac.News Summary
The Chinese government has refused to apologise over a fake image of an Australian soldier holding a bloody knife to the throat of an Afghan child.
The doctored image was posted on Twitter by the Chinese Ministry of Foreign Affairs' deputy director-general Zhao Lijian.
Prime Minister Scott Morrison has demanded an apology from China and the immediate removal of the image, which he has described as "repugnant".
Labor leader Anthony Albanese has supported Morrison's stance on the issue, describing the image as "gratuitous, inflammatory and deeply offensive". The row has further strained the relationship between Australia and a key trading partner.
One pay rate to cover all in IR reforms
The Australian - Page 4 : 1 December 2020 - Original article by Ewin Hannan - PortMac.News Summary
The federal government's industrial relations omnibus bill will be discussed at a cabinet meeting in coming days and put before parliament before it rises for the year.
Amongst other things, the proposed reforms will include changes to the 'better-off-overall test' and a new definition of casual employment.
Sources have indicated that the reforms will also include the option of a single, higher rate of pay for retail, hospitality and restaurant workers, as well as 'life of project' enterprise agreements in the construction sector.
Experts warn of risk of 'long COVID' after Victoria records first death in a month
The Age - Page Online : 1 December 2020 - Original article by Melissa Cunningham - PortMac.News Summary
Victoria has recorded its 31st consecutive day with no new coronavirus cases.
However, the state's death toll from the respiratory illness has risen to 820. The Department of Health & Human services has confirmed that a woman in her 70s has died from coronavirus- induced damage to her lungs.
The woman had contracted COVID-19 in July and was subsequently cleared of the virus in September.
Professor Peter Collignon says people who develop a major infection can remain at risk of death for more than six months after recovering, as they can incur damage to internal organs such as the heart, lungs and kidneys.
Army, police in to avoid quarantine hotel horror repeat
Herald Sun - Page 4 : 1 December 2020 - Original article by Shannon Deery - PortMac.News Summary
The Victorian government will establish a new agency to oversee its revised hotel quarantine program.
COVID-19 Quarantine Victoria will be headed by Corrections Commissioner Emma Cassar, who will report directly to Police and Emergency Services Minister Lisa Neville.
Returned travellers will be housed in 11 city and airport hotels for 14 days at their own expense; security will be provided by police officers, with support from up to 220 Australian Defence Force personnel each day.
People in quarantine will be banned from leaving their room at any time unless they are given an exemption, such as for medical reasons. International flights to Melbourne will resume on 7 December.
'Too big': Government to separate Health and Human Services departments
The Age - Page Online : 1 December 2020 - Original article by Paul Sakkal, Aisha Dow - PortMac.News Summary
The Victorian government agency that has managed the state's response to the COVID-19 pandemic will be broken up.
Premier Daniel Andrews has conceded that the Department of Health & Human Services is too big.
The Department of Families, Fairness & Housing will be created on 1 February; it will assume responsibility for portfolios such as child protection, family violence and housing, and it will be headed by Planning and Housing Minister Richard Wynne.
The Department of Health will continue to be headed by Health Minister Martin Foley. The DHHS was created by Andrews in 2015.
Moderna to ask US and European regulators to allow emergency use of COVID-19 vaccine
abc.net au - Page Online : 1 December 2020 - PortMac.News Summary
Moderna has advised that a late-stage study of its COVID-19 vaccine candidate has shown that it is 94.1 per cent effective with no serious safety concerns.
It will now ask the US Food & Drug Administration and the European Medicines Agency for permission to allow emergency use of the vaccine.
The FDA has previously indicated that it will not approve a vaccine unless it is shown to be at least 50 per cent effective; both Moderna and Pfizer, which has stated that its vaccine is 95 per cent effective, have exceeded the FDA's benchmark by a significant margin.
PM vetoes plan to strip award from 3000 soldiers
The Australian Financial Review - Page Online : 1 December 2020 - Original article by Andrew Tillett - PortMac.News Summary
Chief of the Defence Force Angus Campbell had been planning to ask Governor-General David Hurley to revoke the Meritorious Service Citation issued to the Special Operations Task Group for its work in Afghanistan.
Such a decision would have impacted around 3,000 soldiers, with New South Wales judge Paul Brereton having suggested the action in his report into alleged war crimes committed by special force soldiers in Afghanistan.
However, a public and political backlash has prompted Campbell to change his mind, with Prime Minister Scott Morrison having made it clear that he did not think the entire group should be punished for "the actions of a few".
Labor says 'Too little too late' as government pledges $132m to aged care health
The Guardian Australia - Page Online : 1 December 2020 - Original article by Paul Karp - PortMac.News Summary
Health Minister Greg Hunt and Aged Care Minister Richard Colbeck have announced that infection control, mental health and allied health in aged care will receive a $132 million boost from the federal government.
The funding was in response to the aged care royal commission's special report on COVID-19, with 685 deaths from the virus having occurred in aged care homes.
Labor's shadow aged care minister, Julie Collins, has attacked the government for doing "too little too late".
Rent still too costly for Aussies on Newstart, despite JobSeeker payments
The New Daily - Page Online : 1 December 2020 - Original article by Samantha Dick - PortMac.News Summary
Released every year, the Rental Affordability Index shows the price of rents compared to household incomes, based on new rent agreements.
The latest RAI, which was released on 30 November, reveals people who were on Newstart prior to the COVID-19 pandemic are still finding it hard to pay their monthly rent, even though they have been getting extra JobSeeker payments.
Adrian Pisarski from National Shelter, one of the organisations behind the RAI, says its latest findings indicate the devastating impact that further reducing JobSeeker payments is likely to have on renters who are on Newstart.
Charges laid in NZ volcano case
The Australian - Page 7 : 1 December 2020 - Original article by Kieran Gair, Max Maddison - PortMac.News Summary
Three individuals and 10 organisations are to face charges over the 2019 volcano eruption on New Zealand's White Island.
There were 47 people on the island when it erupted, with most of them Australian tourists, and 17 Australians were killed at the time or from complications afterwards.
The charges follow a year-long investigation by WorkSafe, with the 10 organisations facing fines of $NZ1.5 million ($1.43 million) over their failure to ensure the health and safety of workers and others, while the three individuals face maximum fines of $NZ300,000 ($285,500).
One pay rate to cover all in IR reforms
The Australian - Page 4 : 1 December 2020 - Original article by Ewin Hannan - PortMac.News Summary
The federal government's industrial relations omnibus bill will be discussed at a cabinet meeting in coming days and put before parliament before it rises for the year.
Amongst other things, the proposed reforms will include changes to the 'better-off-overall test' and a new definition of casual employment.
Sources have indicated that the reforms will also include the option of a single, higher rate of pay for retail, hospitality and restaurant workers, as well as 'life of project' enterprise agreements in the construction sector.
Experts warn of risk of 'Long COVID' after Victoria records first death in a month
The Age - Page Online : 1 December 2020 - Original article by Melissa Cunningham - PortMac.News Summary
Victoria has recorded its 31st consecutive day with no new coronavirus cases.
However, the state's death toll from the respiratory illness has risen to 820. The Department of Health & Human services has confirmed that a woman in her 70s has died from coronavirus- induced damage to her lungs.
The woman had contracted COVID-19 in July and was subsequently cleared of the virus in September.
Professor Peter Collignon says people who develop a major infection can remain at risk of death for more than six months after recovering, as they can incur damage to internal organs such as the heart, lungs and kidneys.
Army, police in to avoid quarantine hotel horror repeat
Herald Sun - Page 4 : 1 December 2020 - Original article by Shannon Deery - PortMac.News Summary
The Victorian government will establish a new agency to oversee its revised hotel quarantine program.
COVID-19 Quarantine Victoria will be headed by Corrections Commissioner Emma Cassar, who will report directly to Police and Emergency Services Minister Lisa Neville.
Returned travellers will be housed in 11 city and airport hotels for 14 days at their own expense; security will be provided by police officers, with support from up to 220 Australian Defence Force personnel each day.
People in quarantine will be banned from leaving their room at any time unless they are given an exemption, such as for medical reasons. International flights to Melbourne will resume on 7 December.
Failure to reject guards: Damning final submission to inquiry
Herald Sun - Page 5 : 1 December 2020 - Original article by Ellen Whinnett - PortMac.News Summary
The inquiry into Victoria's botched hotel quarantine program has heard the final submissions.
The counsel assisting the inquiry, Tony Neal, has stated that senior state government officials had been in a position to oppose the use of private security guards but had failed to do so or expressed support for the plan.
They included Police Minister Lisa Neville, Emergency Management Commissioner Andrew Crisp, and former police chief commissioner Graham Ashton.
The person who ultimately decided to use private security guards in the hotel quarantine program may never be determined.
'Too big': Government to separate Health and Human Services departments
The Age - Page Online : 1 December 2020 - Original article by Paul Sakkal, Aisha Dow - PortMac.News Summary
The Victorian government agency that has managed the state's response to the COVID-19 pandemic will be broken up. Premier Daniel Andrews has conceded that the Department of Health & Human Services is too big.
The Department of Families, Fairness & Housing will be created on 1 February; it will assume responsibility for portfolios such as child protection, family violence and housing, and it will be headed by Planning and Housing Minister Richard Wynne.
The Department of Health will continue to be headed by Health Minister Martin Foley. The DHHS was created by Andrews in 2015.
SA Chief Public Health Officer apologises for wrongly suggesting man breached coronavirus quarantine
abc.net au - Page Online : 1 December 2020 - Original article by Bension Siebert - PortMac.News Summary
South Australia's Chief Public Health Officer Nicola Spurrier has apologised to a man who she and SA Health had suggested had breached COVID-19 quarantine.
He had been criticised for going shopping when it had been thought he was meant to be in quarantine.
However, Spurrier has stated that as a casual contact, the man was never directed to quarantine by either SA Police or SA Health and therefore did not do anything wrong.
Burnet Institute epidemiologist Mike Toole says 'blaming and shaming' can make people reluctant to talk to contact tracers or to get tested for COVID-19. [Click to view full article here]
Moderna to ask US and European regulators to allow emergency use of COVID-19 vaccine
abc.net au - Page Online : 1 December 2020 - PortMac.News Summary
Moderna has advised that a late-stage study of its COVID-19 vaccine candidate has shown that it is 94.1 per cent effective with no serious safety concerns.
It will now ask the US Food & Drug Administration and the European Medicines Agency for permission to allow emergency use of the vaccine.
The FDA has previously indicated that it will not approve a vaccine unless it is shown to be at least 50 per cent effective; both Moderna and Pfizer, which has stated that its vaccine is 95 per cent effective, have exceeded the FDA's benchmark by a significant margin.
PM vetoes plan to strip award from 3000 soldiers
The Australian Financial Review - Page Online : 1 December 2020 - Original article by Andrew Tillett - PortMac.News Summary
Chief of the Defence Force Angus Campbell had been planning to ask Governor-General David Hurley to revoke the Meritorious Service Citation issued to the Special Operations Task Group for its work in Afghanistan.
Such a decision would have impacted around 3,000 soldiers, with New South Wales judge Paul Brereton having suggested the action in his report into alleged war crimes committed by special force soldiers in Afghanistan.
However, a public and political backlash has prompted Campbell to change his mind, with Prime Minister Scott Morrison having made it clear that he did not think the entire group should be punished for "the actions of a few".
Labor says 'Too little too late' as government pledges $132m to aged care health
The Guardian Australia - Page Online : 1 December 2020 - Original article by Paul Karp - PortMac.News Summary
Health Minister Greg Hunt and Aged Care Minister Richard Colbeck have announced that infection control, mental health and allied health in aged care will receive a $132 million boost from the federal government.
The funding was in response to the aged care royal commission's special report on COVID-19, with 685 deaths from the virus having occurred in aged care homes.
Labor's shadow aged care minister, Julie Collins, has attacked the government for doing "too little too late".
Taylor 'Terribly happy' with pre-COVID drop in emissions of 1%
The New Daily - Page Online : 1 December 2020 - Original article by Josh Butler - PortMac.News Summary
Australia's carbon dioxide emissions for the year to June are estimated to total 513.4 megatonne,s 3% down on the previous period.
The decrease is the result of lower emissions in areas such as agriculture and transport, with emissions from the latter sector down significantly because of the impact of COVID-19 on travel and people staying home more.
Energy Minister Angus Taylor has conceded that the federal government was on track to only reduce emissions by one per cent prior to COVID lockdowns and travel restrictions.
Rent still too costly for Aussies on Newstart, despite JobSeeker payments
The New Daily - Page Online : 1 December 2020 - Original article by Samantha Dick - PortMac.News Summary
Released every year, the Rental Affordability Index shows the price of rents compared to household incomes, based on new rent agreements.
The latest RAI, which was released on 30 November, reveals people who were on Newstart prior to the COVID-19 pandemic are still finding it hard to pay their monthly rent, even though they have been getting extra JobSeeker payments.
Adrian Pisarski from National Shelter, one of the organisations behind the RAI, says its latest findings indicate the devastating impact that further reducing JobSeeker payments is likely to have on renters who are on Newstart.
Charges laid in NZ volcano case
The Australian - Page 7 : 1 December 2020 -Original article by Kieran Gair, Max Maddison - PortMac.News Summary
Three individuals and 10 organisations are to face charges over the 2019 volcano eruption on New Zealand's White Island.
There were 47 people on the island when it erupted, with most of them Australian tourists, and 17 Australians were killed at the time or from complications afterwards.
The charges follow a year-long investigation by WorkSafe, with the 10 organisations facing fines of $NZ1.5 million ($1.43 million) over their failure to ensure the health and safety of workers and others, while the three individuals face maximum fines of $NZ300,000 ($285,500).
State energy plans splinter national spirit
The Australian Financial Review - Page Online : 1 December 2020 - Original article by Angela Macdonald-Smith - PortMac.News Summary
Energy users and providers are increasingly concerned that state-based energy initiatives are impacting on the effectiveness of the National Electricity Market, although the NEM does not include Western Australia or the Northern Territory.
Energy Users Association of Australia CEO Andrew Richards says it now seems that the NEM exists in name only, while Federal Energy Minister Angus Taylor has urged states to ensure that their programs are consistent with the Energy Security Board's post-2025 reforms.
Beijing's control culture could come with a cost
The Australian - Page 21 : 1 December 2020 - Original article by Robert Gottliebsen - PortMac.News Summary
China's decision to clamp down on Australian exports from sectors such as wine, lobsters and timber could backfire on it by reducing its economic growth.
Chinese entrepreneurship in the wine, lobster and timber sectors will be hurt by the actions of the Chinese government, which is also swinging the entrepreneurship financing "pendulum" back towards a more conventional Communist model.
The curbing of smaller enterprise finance is one of the reasons why China's economy might not grow as quickly as the world is predicting.
Deloitte bid to stop Rio being dragged into retirement case
The Australian Financial Review - Page 2 : 1 December 2020 - Original article by David Marin-Guzman - PortMac.News Summary
Deloitte audit partner Colin Brown has launched a discrimination claim against the firm.
He alleges that its policy requiring partners to retire at 62 is illegal under the Age Discrimination Act and that he was not informed of the policy when he joined the firm at 58.
Brown claims that he had a good relationship with Rio Tinto executives at the time, and that Deloitte "leveraged" this relationship to secure a five-year contract with the resources giant that he would have a major role in delivering, despite knowing that he was close to Deloitte's retirement age.
Lawyers for Deloitte have told the Federal Court that Brown's claim is "absurd" and "farcical"; Deloitte is yet to file a defence against the claim that it has an unlawful age-based retirement policy.
Work from home may be a mixed blessing
The Australian - Page 11 : 1 December 2020 - Original article by Adam Creighton - PortMac.News Summary
Many Australians have enjoyed a better work-life balance while working from home during the pandemic.
However, there is growing concern within government and the business community about the long-term impact of telecommuting on national productivity, as well as the potential legal implications of working from home.
Meanwhile, remote workers may eventually be regarded as less valuable to employers, particularly with regard to salaries, while it is easier for managers to motivate their team and train new staff in an office environment.
Morale and productivity may also be higher over the long-term if colleagues have regular face-to-face contact rather than via Zoom.
The truth about the rush to phase out stamp duty
The Australian - Page 11 : 1 December 2020 - Original article by Judith Sloan - PortMac.News Summary
There has been overwhelming support among economic commentators for New South Wales Treasurer Dominic Perrottet's plan to phase out stamp duty on property and replace it with an ongoing land tax.
Perrottet's plan involves giving people the option of paying stamp duty upfront or paying an ongoing tax.
The property sector has backed his plan, but it will support any plan that increases property turnover, regardless of whether the plan is economical efficient or not.
Perrottet has rejected suggestions that house prices will rise because of pent-up demand in expectation of the tax change, but there is every chance he is wrong.
Rather than changing the current system, he would be better off looking at the existing stamp duty and land tax arrangements that operate in NSW and made changes to those.
Sunshine State debt may hit $120bn
The Australian - Page 6 : 1 December 2020 - Original article by Sarah Elks - PortMac.News Summary
The Queensland government will hand down its 2020-21 Budget on 1 December.
Treasurer Cameron Dick has conceded that the state's debt will be 'significant', but not on the scale of the debt blowouts that were recently announced by the Victorian and New South Wales governments.
Adept Economics director Gene Tunny forecasts that Queensland's total debt could rise to more than $120bn in the Budget. Dick had advised in mid-October that he expects the Budget to be in deficit for 4-5 years.
Head of Queensland LNP Women warns of party's 'culture of anger and mistrust'
The Guardian - Page Online : 1 December 2020 - Original article by Ben Smee - PortMac.News Summary
Jenny Goodwin says there is a lot of disquiet within the Queensland Liberal National Party about its disciplinary process.
Goodwin, who is head of LNP Women, has claimed in an email to its governing state executive that the process contributes to a culture of anger and mistrust, along with the accusation of bullying.
The LNP recently lost the Queensland state election, and its state executive has launched a strategic review as a result of its defeat, including an attempt to define what it stands for.
Goodwin says that LNP members should not be forced to answer for actions taken as private citizens.
Best month draws to worst close
The Australian - Page 20 : 1 December 2020 - Original article by Lachlan Moffet Gray - PortMac.News Summary
The Australian sharemarket retreated on 30 November, with the S&P/ASX 200 shedding 1.26 per cent to close at 6,517.8 points.
Fortescue Metals Group was 1.83 per cent lower at $18.23, Woodside Petroleum fell 1.58 per cent to $22.37 and the Commonwealth Bank was down 2.03 per cent at $79.07. The S&P/ASX 200 gained 9.95 per cent during November, the biggest monthly rise since its inception.
Branson company wins bank licence
The Australian - Page 17 : 1 December 2020 - Original article by Joyce Moullakis - PortMac.News Summary
The Australian Prudential Regulation Authority has granted a purchased payment facility licence to money transfer and foreign exchange group TransferWise.
The licence will allow UK-based TransferWise to provide a limited range of banking services in Australia.
Country manager Tim Cameron says it has taken two years to secure the limited banking licence.
The company's shareholders include British entrepreneur Sir Richard Branson.
Treasury Wine cuts Chinese exports
The Australian - Page 13 & 20 : 1 December 2020 - Original article by Eli Greenblat - PortMac.News Summary
Treasury Wine Estates CEO Tim Ford has conceded that China's decision to impose punitive tariffs on Australian wine will result in job losses in the sector.
He has called for government assistance for the wine industry, and says Treasury Wines hopes to redirect about 25 per cent of its premium wine shipments from China to other countries.
Ford adds that Treasury began preparing for the possibility of wine tariffs when China commenced an anti-dumping investigation in August, and the company halted wine shipments to China about a month ago.
SPC revamp after $100m raising
The Australian - Page 13 & 20 : 1 December 2020 - Original article by Damon Kitney - PortMac.News Summary
Fruit and vegetable processor SPC has launched a new corporate logo as part of a rebranding program under its private equity owners.
CEO Robert Giles has stressed the importance of food security for Australia, noting that the nation has become too reliant on imported food.
He adds that innovative companies such as SPC will drive Australia's recovery from the coronavirus-induced economic downturn.
SPC is seeking to raise up to $100m from local investors via a private share placement.
Retaliation claim as Qatar hits lamb sales
The Australian Financial Review - Page 1 & 9 : 1 December 2020 - Original article by Brad Thompson - PortMac.News Summary
Qatar has been subsidising Australian lamb imports since 2015 under an agreement that was due to expire in 2023.
However, it has been announced that the agreement has been cancelled, effective from 31 December.
Karim Nol, the head of Al-Karim Exports, says Qatar is one of Australia's largest markets for lamb, and the decision to cancel the agreement will have a big impact on farmers and processors.
There are suggestions that the decision is in response to the federal government having raised concerns over the invasive searching of female Australian travellers at Doha Airport in October.
2000 jobs go as Qantas slashes ground crew
The Australian - Page 15 : 1 December 2020 - Original article by Robyn Ironside - PortMac.News Summary
Qantas expects to generate annual cost savings of $103m by outsourcing all of its ground staff roles to external providers.
The decision to outsource the work of ground crew such as baggage handlers and cleaners will result in the loss of an additional 2,000 jobs across the Qantas group; this is in additional to about 6,500 jobs that the group has already cut since the onset of the COVID-19 pandemic.
The Transport Workers Union's national secretary Michael Kaine has described the decision as a "dark day" for Qantas, which rejected the TWU's own bid for the ground-handling contracts.
NBN, Netflix crushing margins: Optus
The Australian Financial Review - Page 17 : 1 December 2020 -Original article by James Fernyhough - PortMac.News Summary
Optus CEO Kelly Bayer Rosmarin says the telco is finding it hard to make a sustainable return on investment as a result of various issues.
These include streaming services such as Netflix encouraging significant growth in data demand while not making any contribution to the upgrade to infrastructure required to meet such demand, along with the almost non-existent margins from the resale of NBN products.
Like Telstra CEO Andy Penn, Rosmarin says NBN Co should scrap its extra bandwidth charge, while she also says it should improve its connection process.
Aacta awards 2020: Cate Blanchett's Stateless and Shannon Murphy's Babyteeth win big
The Guardian - Page Online : 1 December 2020 - Original article by Stephanie Convery - PortMac.News Summary
Australian Academy of Cinema & Television Arts (Aacta) president Russell Crowe has told its 2020 awards he hopes to see more federal support for television and film once the pandemic is over.
The 2020 Aacta awards were dominated by the television drama 'Stateless' and the film 'Babyteeth', which won 22 awards between them. 'Stateless' was co-created and co-executive produced by Cate Blanchett, who also co-starred in it, while 'Babyteeth' was Shannon Murphy's debut film as a director.
China's Indonesia coal pact bodes ill for miners
The Australian Financial Review - Page 18 : 1 December 2020 - Original article by Peter Ker - PortMac.News Summary
The China Coal Transportation & Distribution Association recently signed a non-binding agreement to boost the purchase of Indonesian coal over the next three years.
CITDA is the lobby group for Chinese coal miners, and the agreement was signed with its comparable association in Indonesia.
Wood Mackenzie's Asia Pacific head of coal Rory Simington says the agreement could be seen as a sign that China will continue to maintain its ban on Australian thermal coal, while news of the agreement saw shares in thermal coal exporters Whitehaven and New Hope fall by more than nine and six per cent respectively on 30 November.
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