Latest updates on Key Economic Indicators

Australian Dollar: $0.7704 USD (up $0.0011 USD)

Iron Ore Feb Spot Price (SGX): $156.07 USD (up $0.69 USD)*

Oil Price (WTI): $48.52 USD (up $0.17 USD)

Gold Price: $1,898.60 (up $4.95 USD)

Dow Jones: 30,606.48 (up 196.92)*

*Compared to close of trade on 30 December.

US surgeon general contradicts Trump on Covid-19 death toll

US Surgeon General Dr. Jerome Adams on Sunday said he has "no reason to doubt" the US Centers for Disease Control and Prevention's Covid-19 death toll, contradicting President Donald Trump's claim that the agency has "exaggerated" its numbers.

"From a public health perspective, I have no reason to doubt those numbers," Adams told CNN's Jake Tapper on "State of the Union" when asked about Trump's claim.

"And I think people need to be very aware that it's not just about the deaths, as we talked about earlier," he added. "It's about the hospitalizations, the capacity.

"These cases are having an impact in an array of ways and people need to understand there's a finish line in sight, but we've got to keep running toward it."

Earlier Sunday, Trump claimed on Twitter that the number of cases and deaths of the "China Virus is far exaggerated" because of the CDC's "ridiculous method of determination" compared to other countries, which "report, purposely, very inaccurately and low."

"'When in doubt, call it Covid,' " Trump wrote in a tweet.

Dr. Anthony Fauci, a member of the White House's coronavirus task force, also pushed back against the President's claim on Sunday when asked about it, telling ABC News that "the deaths are real deaths."

"In many areas of the country, the hospital beds are stretched. People are running out of beds, running out of trained personnel who are exhausted right now," Fauci said.

"That's real. that's not fake. That's real."

Trump complained later Sunday about the public's approval of Fauci's job performance, writing in a tweet that Fauci, the director of the National Institute of Allergy and Infectious Diseases, "works for me ... and I am in no way given any credit for my work."

Trump and Fauci have had an at-times rocky relationship during the pandemic, with the top infectious disease expert occasionally criticizing the President's actions related to the crisis and Trump openly trashing Fauci and suggesting in early November that he might fire him after the election.

Trump has before retweeted social media conspiracy theories, saying that only a small percentage of the people reported to have died from coronavirus really did die from the virus.

"In 94% of deaths with COVID-19, other conditions are listed in addition to COVID-19. These causes may include chronic conditions like diabetes or hypertension," Bob Anderson, chief of mortality statistics at the CDC, said in a statement at the time.

"In 6% of the death certificates that list Covid-19, only one cause or condition is listed," the statement added.

"The underlying cause of death is the condition that began the chain of events that ultimately led to the person's death. In 92% of all deaths that mention Covid-19, Covid-19 is listed as the underlying cause of death."

NSW records eight new COVID-19 cases, infections at BWS Berala put authorities on edge

abc.net au - Page Online : 4 January 2021 - Original article by Paige Cockburn - PortMac.News Summary

New South Wales recorded eight new cases of locally acquired COVID-19 on 3 January, with five of the eight cases linked to the BWS Berala cluster in Sydney's west

There is a health alert for anyone who visited the BWS bottle shop on 20 December, and between 22 and 31 December, with over 2,000 people who visited the store having already been contacted by NSW Health.

The Berala cluster has now increased to 13, and NSW Chief Health Officer Kerry Chant says it is very concerning that transmission of the virus has occurred during only very brief visits to the store. [Click to view full article here]

Avalon outbreak 'inflicted $3.2bn hit'

The Australian - Page Online : 4 January 2021 - Original article by Patrick Commins - PortMac.News Summary

The lockdown of Sydney's northern beaches because of a COVID-19 outbreak is expected to have resulted in 34 million fewer hours being worked in December, according to modelling by KPMG.

KPMG estimates this reduction in working hours would have inflicted a $3.2 billion hit to the economy, and would have reduced Treasury's forecast that the Australian economy would grow by 3.% over the three months to December by 0.7%.

The Tourism and Transport Forum has separately predicted that Australians would spend $2.6 billion between Christmas Eve and 11 January, compared to an annual average of $5.5 billion in previous years, with the TTF representing large Australian hotel and travel businesses

Trial phases of COVID-19 vaccines developed by Melbourne researchers given cash boost

Herald Sun - Page Online : 3 January 2021 - Original article by Alanah Frost - PortMac.News Summary

The federal government has announced $10.1 million in funding for six clinical trials relating to COVID-19 vaccines, including two vaccines that are being developed by Melbourne researchers.

Teams at the Peter Doherty Institute for Infection and Immunity are among those involved in the development of the two vaccines, which can be readily modified to combat COVID-19 mutations.

Phase 1 clinical trials of the vaccines are due to begin in mid-2021, while the federal government will maintain its plans to roll out the Pfizer vaccine in March

Crisis leaves unis facing global crash

The Australian - Page 1 & 4 : 4 January 2021 - Original article by Richard Ferguson - PortMac.News Summary

Australian universities earned over $7 billion in student fees from China in 2019, with outgoing Australian Catholic University vice-chancellor Greg Craven describing the sector's reliance on Chinese markets as being like a "drug addiction".

He says the big universities will have to accept that their budgets will never be as big as they were before COVID-19, and that Australian universities will drop out of the global top 100 higher education rankings.

Craven says most vice-chancellors know very little about politics or government.

Aussie held, accused of sedition

The Australian - Page 1 & 4 : 4 January 2021 - Original article by Caroline Overington - PortMac.News Summary

Australian human rights activist Zara Kay is currently out on bail after being arrested in Tanzania and being charged with sedition and other offences.

Kay was raised as a Shia Muslim in Tanzania and has previously stated she was expected to wear a hijab from the age of eight.

However, she stopped wearing one when she moved to Australia and set up the Faithless Hijabi movement for women who have left Islam.

The accusations against her include failing to surrender her Tanzanian passport when she became an Australian citizen and insulting the Tanzanian president John Magufuli, while she is due to return to the police station on 5 January.

Travel operators back $1 billion JobKeeper extension amid new 'World of pain'

The New Daily - Page Online : 4 January 2021 - Original article by Matt Johnson - PortMac.News Summary

Subsidy payments under the federal government's JobKeeper program are due to fall again on 4 January, to $1,000 for eligible full-time workers and $650 for part-time staff.

It has been suggested by the Grattan Institute that the scheme should be extended for the travel industry for a further three months because of the impact of recent COVID-19 lockdown and border closures on the sector, with the proposed extension tipped to cost $1 billion.

The suggestion follows the recent call by the Australian Federation of Travel Agents for the federal government to adopt 'JobKeeper 3.0' to help tens of thousands of travel workers. 

Banks urged to report suspicious customers, not just ban them

The Australian Financial Review - Page Online : 4 January 2021 - Original article by James Frost - PortMac.News Summary

James Cockayne contends "careful and compliant reporting of suspicious transactions" by banks would deliver a great boost to getting rid of crimes such as human trafficking.

Cockayne is the founder of the Liechtenstein Initiative for Finance Against Slavery and Trafficking (FAST), with FAST claiming that human trafficking is the third biggest global crime as measured by revenue.

Cockayne notes that the agriculture and sex industries are among the sectors most often associated with trafficking and slavery, but other sectors are at risk, including convenience stores.

99 Bikes says global snags hit imports

The Australian Financial Review - Page Online : 4 January 2021 - Original article by Liam Walsh - PortMac.News Summary

Matt Turner says that delivery times for importing bicycles from China is now double what it would be normally be.

Turner is the CEO of Pedal Group, the company behind the 99 Bikes retail brand, with the surge in delivery times a combination of increased global demand for bikes and logistical issues.

Turner's comments come as Pedal Group reported a 51 per cent revenue jump to $199.9 million for the 2020 financial year, with post-tax profits up from $3.4 million to $12.4 million.

Double dose of SCG a boost for India

The Australian - Page Online : 4 January 2021 - Original article by Peter Lalor - PortMac.News Summary

The Indian cricket team stated on 3 January that they will not travel to Brisbane if they are forced to comply with strict quarantine requirements that would see them restricted to their hotel rooms while not playing.

The team has made it clear from the beginning that one quarantine period was their limit, while the Queensland government has indicated it is not prepared to relax its quarantine rules for people coming from Sydney for the Indian cricket team.

Unless the government backs down or the Indian team has a change of heart, there will be two Tests in a row at the SCG, a ground that the Indians traditionally do well at.

House prices surge again as stimulus keeps market pumping

The Australian Financial Review - Page Online : 4 January 2021 - Original article by Michael Bleby - PortMac.News Summary

Figures to be released by CoreLogic on 4 January are expected to show that house prices in Australia's five mainland capital cities rose by 0.9% in December.

Brisbane house prices are predicted to have risen 1.2%t in December, Melbourne is tipped to show an one per cent increase, while Sydney house prices are expected to have risen 0.7%.

AMP Capital chief economist Shane Oliver says house prices are being pushed up by a range of factors, including record low mortgage rates, but issues such as high unemployment and subdued rental markets are likely to weigh on inner city areas and units in Sydney and Melbourne.

Tarun Gupta will run 'extremely hard' at Stockland, Steinert says

The Australian Financial Review - Page Online : 4 January 2021 - Original article by Michael Bleby - PortMac.News Summary

Stockland chief executive Mark Steinert has described Tarun Gupta as "the perfect choice" to lead the diversified property developer.

Gupta, who is currently Lendlease's chief financial officer, was announced as Steinert's successor in November, and it is the first time that Steinert has commented on the succession issue since that announcement.

Analysts anticipate that Gupta will review Stockland's involvement in sectors such as retirement living, retail and commercial development sites, with Gupta due to take over from Steinert on 1 June.

Grocon troubles deepen as three more companies go into administration

The Australian - Page 13 & 17 : 4 January 2021 - Original article by David Ross - PortMac.News Summary

Construction company Grocon placed a further three of its companies into administration on 31 December, with a creditor's meeting for the three entities due to be held on 13 January.

One of the three entities is Grocon's troubled $111 million Northumberland Street project in the inner Melbourne suburb of Collingwood, which is said to be 85% complete but which is looking at potential losses of $28 million.

The owner of the Northumberland Street site, Impact Investment Group, is said to be facing losses of $20 million on the project.

Banks prepare for COVID hit to city offices

The Australian Financial Review - Page 13 & 14 : 4 January 2021 - Original article by James Frost, James Eyers - PortMac.News Summary

National Australia Bank executive Andrew Irvine says the outlook for CBD property is "mixed", while Guil Lima from Westpac says it is looking closely at the long-term impact of COVID-19 on CBD property.

Commercial property prices in CBDs in 2021 will be under pressure as new COVID-19 outbreaks impact on Sydney and Melbourne and employees show a continued preference to work from home rather than in city offices.

Irvine says the weak outlook for CBD assets is being offset by a buoyant market for industrial sites.