Latest updates on Key Economic Indicators

Australian Dollar: $0.7789 USD (up $0.0020 USD)

Iron Ore Feb Spot Price (SGX): $165.00 USD (up $1.24 USD)

Oil Price (WTI): $50.17 USD (up $0.32 USD)

Gold Price: $1,918.87 (down 31.01 USD)

Dow Jones: 30,803.70 at 3.05 pm NY time (up 412.10 on yesterday's close)

All changes compared to 7am yesterday.

Democrats take control of the Senate

Democrat Jon Ossoff will win his Senate race in Georgia, CNN projects.

His win means Democrats will have control of the Senate. With Ossoff and Raphael Warnock's wins over Georgia's two incumbent GOP senators, there will be a 50-50 split in the Senate.

Vice President-elect Kamala Harris, also a Democrat, will cast any tie-breaking votes.

Donald Trump supporters clash with police, sending US Capitol into lockdown as Congress counts votes

abc.net.au - Page Online : 7 January 2021 - Original article by Peter Marsh - PortMac.News Summary

The US Capitol has been placed into lockdown after a rally by President Donald Trump prompted his supporters to storm it.

Congress was in the process of counting the Electoral College votes to confirm Joe Biden's presidential victory, while Vice President Mike Pence had earlier defied Trump's push to have the election result overturned.

Trump has tweeted for his supporters to "stay peaceful", while there are reports that guns have been drawn inside the House of Representatives [See main PortMac.News story for LIVE coverage]

Warnock projected to defeat Loeffler in Georgia, moving Democrats closer to control of Senate

cnbc.com - Page Online : 7 January 2021 - Original article by Hannah Mio - PortMac.News Summary

Democrat Raphael Warnock has won the Georgia U.S. Senate runoff according to NBN projections; he would be the first Black Senator elected in Georgia if his victory is confirmed.

Democrat Jon Ossoff was leading Republican Senator David Perduff in the other runoff with 98% of the expected vote counted.

If Ossoff wins, the Senate will be equally split between Republicans and Democrats, giving Vice-President elect Kamala Harris the tie-breaking vote.

An earlier exit poll had indicated the Georgia vote would be tight, with voters evenly divided on preferred control of the Senate.

Race to bolster defence against UK virus strain

The Australian - Page 1 & 5 : 7 January 2021 - Original article by Stephen Rice - PortMac.News Summary

Prime Minister Scott Morrison has called for an urgent meeting of the national cabinet on 8 January to discuss how to prevent Britain's new highly infectious coronavirus strain spreading to Australia.

The strain is said to be between 50 per cent and 74 per cent more infectious, and it has been detected in least 10 travellers from Britain in the past month.

The national cabinet meeting is expected to discuss a proposal that anyone travelling from London be tested before getting on a plane to Australia, while epidemiologist Tony Blakely says testing of airline crews should be mandatory.

UK judge denies bail to Assange

The Australian - Page Online : 7 January 2021 - Original article by Jacquelin Magnay - PortMac.News Summary

District Court judge Vanessa Baraitser has denied Wiki-Leaks founder Julian Assange's application for bail and he has been returned to Belmarsh prison.

Baraitser had ruled on 4 January that Assange's extradition from the UK to the US should not proceed because of his mental health and fears he could take his life. In refusing his application, Baraitser stated that it was only fair that the US should be allowed to challenge her decision, and that if Assange flees during the appeal process, "they will have lost the opportunity to do so".

Spending holds up despite outbreaks

The Australian - Page 4 : 7 January 2021 - Original article by Patrick Commins - PortMac.News Summary

Spending by ANZ cardholders increased by 6% in December over November, with spending by Victorian cardholders up nearly five per cent and spending in New South Wales up two per cent.

Spending by South Australian cardholders rose by 16%, while Queensland spending was up 10 per cent. Spending on entertainment was up almost 25%, while spending on accommodation was up 20%.

Australia demands WHO entry to China 'Without delay'

The Australian Financial Review - Page 3 : 7 January 2021 - Original article by John Kehoe - PortMac.News Summary

A delegation from the World Health Organisation was due to depart in early January on a visit to China to investigate the origins of COVID-19.

However, there have been delays in China in issuing their permits, which has prompted WHO Director-General Tedros Adhanom Ghebreyesu say he was "very disappointed", while Foreign Affairs Minister Marise Payne has called on China to allow the entry of the WHO delegation "without delay".

Australia led the call for an independent investigation into the COVID-19, and it has been suggested this was a major factor in China's ongoing retaliatory trade action against Australia.

Labor threat to put Uber on the spot

The Australian Financial Review - Page 6 : 7 January 2021 - Original article by Ronald Mizen - PortMac.News Summary

Labor senator Tony Sheldon claims that the only winner from Uber's business model is the company itself.

Sheldon is part of a Senate inquiry into insecure work, and he is ready to summon Uber and other similar platforms before the inquiry.

He contends such platforms promote a myth that flexible work can exist with collective bargaining, workplace rights and minimum pay, while he claims the federal government has not been prepared to hold what he claims are "illegal business models" to account.

Uber refers to its driver as 'delivery partners', and claims 87 per cent of them "value the freedom and flexibility the Uber app provides".

ATO has the 'Super fakers' in its sights

The Australian - Page 5 : 7 January 2021 - Original article by Patrick Commins - PortMac.News Summary

Launched in April, almost $36 billion had been withdrawn from superannuation accounts under the federal government's early release super scheme by the end of December.

The Australian Taxation Office estimates between two and four per cent of scheme applicants were ineligible for the scheme, although it suggests the majority of ineligible applications were the result of error or misunderstanding, rather than an attempt to breach the scheme's rules.

However, it is investigating over 1,900 applicants it thinks may have given a false account of their financial situation in order to access the scheme.

Flu jabs a sticking point in vaccine rollout

The Australian - Page Online : 7 January 2021 - Original article by Jamie Walker, Jared Lynch - PortMac.News Summary

Immunisation Coalition chief executive Kim Sampson claims that the rollout of the COVID-19 vaccine may have to be suspended or slowed during April and May.

This is because vaccinations for the 2021 influenza strains are due at the same time, and trying to give people both vaccines at once would present both medical and logistical challenges.

The Immunisation Coalition is calling for the federal government to transform hospital fever clinics and testing stations into coronavirus vaccination centres, and Sampson says he believes Health Minister Greg Hunt is considering this suggestion.

ASX falls 1.1% on US jitters

The Australian - Page Online : 7 January 2021 - Original article by David Rogers - PortMac.News Summary

The Australian sharemarket retreated on 6 January on the back of US futures reflecting concern about the potential outcome of the Senate run-off vote, with the S&P/ASX 200 down 1.1% to 6,607.1 points.

Afterpay declined by 4.5%, James Hardie fell by 4.1%, and CSL was down 2.5%. Oil Search was a strong performer in the Energy sector, up 5.7%, but Rio Tinto declined by 1.7%.

CBA push to get half of staff back in office

The Australian Financial Review - Page Online : 7 January 2021 - Original article by James Frost, James Fernyhough, Tom Burton, Hannah Wootton - PortMac.News Summary

The Commonwealth Bank is hoping to have 50% of its Sydney and Melbourne staff back working in their offices by mid-January.

However, with recent COVID-19 outbreaks in both cities, a company spokeswoman noted it is monitoring the situation and will adhere to guidance from the Victorian and New South Wales governments.

The Victorian government has delayed by a week its proposed timetable for a return by workers to Melbourne's CBD, while it has again made it mandatory to wear masks inside, including for office work.

A Telstra spokesman says it will encourage its staff to continue to work from home if they can, while Melbourne-headquartered Medibank does not intend to open its office until February.

Electric cars a bright spot in dim sales year

The Australian - Page 14 : 7 January 2021 - Original article by David Ross - PortMac.News Summary

The Federal Chamber of Automotive Industries has revealed that total car sales in Australia were down 13.7% to 916,968 vehicles in 2020, making it the worst year for the industry since 2013.

Toyota captured 22.3% of all sales in 2020, while one in two cars sold was an SUV. Hybrid vehicle sales increased by 93.7 per cent, while electric car sales rose officially by 16.2%, the actual figure is likely to be much higher as Tesla does not disclose its sales.

'Let tech be part of vaccine rollout'

The Australian - Page 13 : 7 January 2021 - Original article by David Swan - PortMac.News Summary

The Australian Information Industry Association has urged federal Health Minister Greg Hunt to appoint a representative from the technology industry to the working group tasked with the rollout of the COVID-19 vaccine.

The AIIA believes a digital expert is needed on the group, as it is worried that the separate sourcing of ICT software and systems by state and territory governments risks a "disjointed approach" that could result in a less effective national vaccination program.

Members of the AIIA include Telstra, Salesforce and Apple.

No-questions loan deferrals hit ANZ hard

The Australian Financial Review - Page 3 : 7 January 2021 - Original article by James Frost - PortMac.News Summary

Australian Prudential Regulation Authority data indicates that around 3.1% of the ANZ's loan book was frozen as 30 November.

This compares to Westpac's 3%, the Commonwealth Bank's 2.3% and the National Australia Bank's 1.3%.

The ANZ's greater percentage of frozen loans has been attributed to its decision to extend its offer of mortgage loan deferrals to any customer in good standing that requested one.

The ANZ is performing better when it comes to expiring and exiting deferrals arrangements, although the NAB is the "clear leader" in this area.

Google doubles down on claims news bargaining code will 'Break' search

The Australian Financial Review - Page Online : 7 January 2021 - Original article by Miranda Ward - PortMac.News Summary

Google Australia has repeated previous claims that the federal government's proposed bargaining code between traditional media companies and digital companies will 'break' the way its search function works.

Google does not object to the principle of paying to support journalism, but contends it should be done differently to what the government is proposing.

It argues that its $1.3 billion global licensing program is the best mechanism for it to negotiate with media publishers and pay for their content, while it contends the government's code will favour some media companies over others.

Cold shoulder to Australia creates 'chaos' in China coal market

The Australian Financial Review - Page Online : 7 January 2021 - Original article by Peter Ker - PortMac.News Summary

December was the coldest December in China since 2013, and Rory Simington from Wood Mackenzie estimates Chinese demand for thermal coal in December was up 13% on December 2019.

However, the cold weather does not have made any difference to China's ban on Australian coal, while Simington does not think that Chinese coal producers have the capability to cope with increased demand.

He notes China's National Development & Reform Commission has called for greater imports from countries other than Australia to help resolve the issue.