Latest updates on Key Economic Indicators

Australian Dollar: $0.7760 USD (down $0.0023 USD)

Iron Ore Mar Spot Price (SGX): $164.40 USD (up $3.00 USD)

Oil Price (WTI): $60.14 USD (up $0.02 USD)

Gold Price: $1,796.01 (down $22.73 USD

Bitcoin: $48,403.27 USD (up 0.59% in last 24 hours)

Dow Jones: 31,539.37 (up 80.97 points on Friday's close)

All changes compared to 7am yesterday, except Dow. 

Victoria set to snap out of lockdown

Herald Sun - Page 9 : 17 February 2021 - Original article by Tom Minear, James Campbell - PortMac.News Summary

The number of COVID-19 cases linked to Melbourne's Holiday Inn cluster has risen to 19, after Victoria recorded two new locally-acquired COVID-19 cases in the last 24 hours.

Both are close contacts of a person who attended a family function in Coburg. However, the Victorian government is expected to end the state's five-day snap lockdown as scheduled at 11.59pm on 17 February, unless there is a spike in positive cases.

Some restrictions are likely to remain in place, including a requirement to wear a face mask indoors. Crowds are also set to return to the Australian Open, although a new cap is likely to apply.

VIC Spending slumps 41% as 'Circuit-breaker' lockdown bites

The Australian - Page 6 : 17 February 2021 - Original article by Patrick Commins - PortMac.News Summary

New figures highlight the impact of the Victorian government's snap state-wide lockdown on the retail sector.

The ANZ Bank's card transaction data shows that consumer spending fell by 41% overall during the first two days of the five-day coronavirus lockdown; expenditure at retail stores fell by 76%, while spending on dining and takeaway slumped by 65%.

However, expenditure using ANZ-issued cards rose by 14% year-on-year in the week to 14 February, which was the second day of the lockdown.

Annual jabs possible to keep virus in check

The Australian Financial Review - Page 3 : 17 February 2021 - Original article by Tom McIlroy, Simon Evans - PortMac.News Summary

The Therapeutic Goods Administration has granted conditional approval for AstraZeneca's COVID-19 vaccine to be given to people aged 18+.

Australians will start to receive the vaccine from early March, with the rollout of the rival Pfizer vaccine to begin on 22 February.

John Skerritt from the TGA says booster injections may be needed in coming years if more new variants of COVID-19 emerge.

Ansell CEO Magnus Nicolin agrees that people may need to be vaccinated against COVID-19 annually, adding that demand for the company's personal protective equipment is likely to remain strong for some time.

Wanted: clarity on gig workers

The Australian Financial Review - Page 8 : 17 February 2021 - Original article by David Marin-Guzman - PortMac.News Summary

Professor Andrew Stewart from the University of Adelaide has warned that Labor's proposed reforms aimed at gig economy workers could create a 'Parallel industrial system' for non-employees.

Labor plans to give the Fair Work Commission the power to set minimum standards of pay and leave for 'Employee-like' forms of work, such as the gig economy.

Australian Industry Group chief executive Innes Willox contends that the existing legal tests to determine whether someone is an employee or an independent contractor also apply to gig economy workers.

Stocks surge on upbeat reports

The Australian - Page 22 : 17 February 2021 - Original article by Rebecca Le May - PortMac.News Summary

The Australian sharemarket posted a solid gain on 16 February, with the S&P/ASX 200 adding 0.7% to close at 6,917.3 points.

BHP was up 2.73% at $47, Seven West Media rose 16% to $0.58 and Breville Group firmed 2.75% to end the session at $31.35.

However, Fortescue Metals Group shed 2.99% to finish at $23.70 and Crown Resorts was down 2.11% at $9.76.

CBA in 12,000 rates 'Deceptions'

The Australian - Page 17 : 17 February 2021 - Original article by Cliona O'Dowd - PortMac.News Summary

The Commonwealth Bank faces financial penalties after a court ruled that it had breached the ASIC Act some 12,119 times.

The Federal Court has found that the bank's actions in charging the incorrect interest rate on overdraft accounts constituted misleading and deceptive conduct.

The overcharging error resulted in some customers paying an interest rate of 34% rather than the 16% rate that was stated in the terms and conditions of the bank's credit facilities.

Big Tech to pay annual charge

The Australian - Page 4 : 17 February 2021 - Original article by Lilly Vitorovich - PortMac.News Summary

The federal government has agreed to make a number of 'Technical' changes to its media bargaining code.

Amongst other things, digital platforms such as Google and Facebook will now pay news publishers an annual lump sum, rather than per click or snippet, while the requirements for them to give notice of changes to their algorithms will be simplified.

Meanwhile, JPMorgan estimates that Seven West Media could gain up to $69.2m a year from its newly-struck content deal with Google. Other news publishers are also believed to be in talks with Google.

Domain to keep $8.3m jobs cash

The Australian - Page 17 : 17 February 2021 - Original article by Ben Wilmot - PortMac.News Summary

Property listings group Domain Holdings has posted earnings of $54.5m for the first half of 2020-21, which is 19% higher than previously.

However, revenue was down 5.5% at $137m, although residential revenue rose 10.6% year-on-year.

Domain has disclosed that it has received a total of $8.3m in JobKeeper payments; CEO Jason Pellegrino has praised the scheme, saying it has allowed the company to not only retain jobs but also create jobs.

The company has no plans to return any of its JobKeeper payments to the federal government.

Musicians' plea as live music figures hit new low

The Age - Page Online : 17 February 2021 - Original article by Martin Boulton - PortMac.News Summary

Australia's live music industry has been hard hit by the COVID-19 pandemic, with data from APRA-AMCOS showing that the sector is operating at less than 4% of pre-coronavirus levels.

More than 350 artists and music industry workers have written an open letter urging the federal government to either extend the JobKeeper scheme or introduce an industry-specific wage subsidy.

They note that the arts and entertainment sector employs almost 200,000 Australians and contributes about $15bn to GDP each year.

$834m in blowouts spur Fortescue exits

The Australian - Page 15 & 18 : 17 February 2021 - Original article by Nick Evans - PortMac.News Summary

Fortescue Metals Group has advised that chief operating officer Greg Lilleyman has left the pure-play iron ore miner in the wake of a sharp rise in the cost of its Iron Bridge magnetite project.

Fortescue's director of projects Don Hyma and Iron Bridge project manager Manie McDonald also recently stepped down.

The Iron Bridge project was initially slated to cost $US2.6bn, but this is believed to have blown out by about $US650m.

CEO Elizabeth Gaines and CFO Ian Wells will forgo their annual bonuses for 2020-21 due to the cost blowout.

BHP booms with $6.5bn payout

The Australian - Page 15 & 18 : 17 February 2021 - Original article by Nick Evans - PortMac.News Summary

BHP has reported a net profit of $US3.88bn for the first half of 2020-21, which is 20% lower than previously.

However, underlying net profit rose 15.4% to $US6bn, while the resources group will return some $US5.1bn to shareholders via a record interim dividend of $US1.01 per share.

BHP is bullish about the outlook for the iron ore price, forecasting that a significant pullback would require reduced demand from China and/or increased supply from Brazil.

BHP's iron ore division has posted underlying EBIT of $US9.32bn for the half-year, compared with $US6.34bn for the previous corresponding period.

China targets rare earth export curbs to hobble US defence industry

Financial Times - Page Online : 17 February 2021 - Original article by Sun Yu, Demetri Sevastopulo - PortMac.News Summary

China's Ministry of Industry and Information Technology recently proposed imposing export controls on 17 rare earth minerals, which are crucial to the US defence industry.

Chinese government officials are said to have sought information on whether export controls would affect the US defence program, and how quickly the US would be able to secure alternative sources of rare earths.

China accounts for about 80% of global rare earths supply, as well as the bulk of global refining capacity.

Co-working occupancies coming back to life after brutal year

The Australian Financial Review - Page 31 & 32 : 17 February 2021 - Original article by Martin Kelly - PortMac.News Summary

Hub Australia CEO Brad Krauskopf says the average occupancy rate across his company's eight co-working sites is currently around 70%.

This remains well below the pre-coronavirus average of more than 90%, but Krauskopf notes that there has been a 250% increase in enquiries since the start of 2021.

The Commons' MD Cliff Ho says occupancy at its Sydney Central site is almost back to the pre-pandemic level, although occupancy at its four sites in Melbourne is currently at around 70-75% - Oh really ?.

Consumer Confidence declines 1.5pts to 109.9

Market Research Update - Page Online : 17 February 2021 - Original article by Roy Morgan - PortMac.News Summary

ANZ-Roy Morgan Consumer Confidence fell 1.5pts to 109.9 on February 13/14.

Consumer Confidence is now 0.5 points below the 2021 weekly average of 110.4, yet remains 0.8pts higher than the same week a year ago (109.1).

Now 25% (down 1ppt) of Australians say their families are 'Better off' financially than this time last year, while 27% (down 1ppt) say their families are 'Worse off' financially.

In addition, 37% (down 3ppts) of Australians expect their family to be Better off' financially this time next year, and 14% (up 1ppt) expect to be 'Worse off' financially.

Some 19% (down 1ppt) of Australians expect 'Good times' for the Australian economy over the next 12 months, while 20% (up 1ppt) expect 'Bad times'.

Meanwhile, 42% (down 1ppt) of Australians say now is a 'Good time to buy' major household items, while 25% (down 1ppt) say now is a 'Bad time to buy'.