Latest updates on Key Economic Indicators

Australian Dollar: $0.7899 USD (down $0.0051 USD)

Iron Ore Mar Spot Price (SGX): $171.60 USD (up $1.55 USD)

Oil Price (WTI): $63.43 USD (up $0.29 USD)

Gold Price: $1,772.20 (down $27.31 USD)

Bitcoin: $49,069.43 USD (down 1.00 % in last 24 hours)

Dow Jones: 31,465.34 at 3.10 pm NY time (down 496.52 points on yesterday's close)

All changes compared to 7am yesterday.

'I did it !' President Xi Jinping trumpets his 'Complete victory' over rural poverty

China's government is celebrating President Xi Jinping's "complete victory" in the country's campaign to eradicate rural poverty.

However, some experts say China has set a low bar in its definition of poverty, with sustained investment required to fund continued development in its poorest areas.

The party announced in November, with little fanfare, that China no longer had anyone in extreme poverty.

That was down from an official estimate of almost 99 million living on annual incomes of less than 2,300 yuan ($446) per person a decade ago.

The full-scale propaganda campaign launched this month has filled state-controlled newspapers and airwaves with reports on the anti-poverty milestone and Mr Xi's personal role in it.

They credit Mr Xi with launching an initiative shortly after taking power in 2012 that enabled China to beat by a decade the 2030 target set by the World Bank for eliminating extreme poverty.

A report by the party newspaper People's Daily this week on the "historic leap" refers to Mr Xi by his full name and title as party leader 121 times.

Dreams on track: Sunshine State gears up for 'coming of age' Olympics

The Australian - Page 1 & 8 : 26 February 2021 - Original article by Sarah Elks, Charlie Peel, Wayne Smith - PortMac.News Summary

Having been named by the International Olympic Committee as its preferred host for the 2032 Olympic Games, the IOC could formally award south-east Queensland the games as early as July.

Queensland Premier Annastacia Palaszczuk says the IOC is impressed that it has already up to 90% of the needed venues, but she says the government is considering a new stadium for the opening and closing ceremonies.

Queensland's draft venue masterplan, which the IOC released on 25 February, indicates the government is considering converting an inner-city greyhound and trotting track into a 50,000 seat stadium that would stage athletics and the opening and closing ceremonies.

Morrison asks MPs to tell him of misconduct

The Australian - Page 2 : 26 February 2021 - Original article by Rosie Lewis - PortMac.News Summary

The federal government continues to attract scrutiny over allegations that a staffer was raped in a minister's office.

Several government ministers have also come under scrutiny for failing to inform Prime Minister Scott Morrison of the alleged rape of Brittany Higgins as soon as they became aware of the incident.

Meanwhile, Australian Federal Police Commissioner Reece Kershaw has told Prime Minister Scott Morrison that all MPs and their staff should report any criminal conduct without delay.

ScoMo has in turn ordered all Coalition MPs to promptly inform him of any such conduct.

Chief forced to step aside after vaccine error

The Australian - Page 5 : 26 February 2021 - Original article by Olivia Caisley - PortMac.News Summary

Healthcare Australia CEO Jason Cartwright has stepped aside pending the outcome of an investigation into the Pfizer vaccine dosage error at a Brisbane nursing home.

The incident in which two of the home's residents were given nearly four times the recommended dose will be investigated by both Healthcare Australia and the federal Department of Health.

Meanwhile, Health Minister Greg Hunt says the company had misled the government by falsely claiming that the GP at the centre of the bungle had completed mandatory online training on administering the vaccine.

Home-grown vaccine awaiting nod

The Australian Financial Review - Page 10 : 26 February 2021 - Original article by Jill Margo - PortMac.News Summary

The Therapeutics Goods Administration is yet to approve the AstraZeneca COVID-19 vaccine that is being made in Australia by CSL.

It has only approved the 3.8 million AstraZeneca doses that have been ordered from overseas, although the Department of Health has not disclosed where those doses are coming from, as is the case with the Pfizer vaccines.

CSL is making 50 million AstraZeneca vaccine doses in Australia, with the TGA hoping to approve the CSL-made AstraZeneca vaccine by the end of March.

End of lockdowns push up carbon emissions

The Australian Financial Review - Page Online : 26 February 2021 - Original article by Mark Ludlow, Angela Macdonald-Smith - PortMac.News Summary

New figures show that Australia's carbon emissions fell by 4.4% in the year to September, to a 25-year low of 510.1 tonnes.

However, the nation's emissions started to rise again in the September quarter as COVID-19 restrictions eased and the economy began to recover from the pandemic.

Meanwhile, the Clean Energy Regulator has reported that AGL Energy was the nation's biggest greenhouse emitter in 2019-20, while its Bayswater coal-fired power station was the most carbon-intensive during the financial year.

Labor wavers on pre-election JobSeeker commitment

The Australian Financial Review - Page Online : 26 February 2021 - Original article by Ronald Mizen - PortMac.News Summary

Labor social services spokeswoman Linda Burney said in 2020 that the party's stance on JobSeeker is that it should be increased "Well above" $40 a day.

Burney said at the time that Labor would give an exact figure closer to the next election, but she declined to say on 25 February if her previous commitment still stood.

JobSeeker will increase by $3.75 a day in April after the federal government recently announced an increase to it, and some within Labor believe it may not have much left over for other election commitments if it commits to further increases in JobSeeker.

Gender pay gap improves as more men take on low-paid work

The Australian Financial Review - Page Online : 26 February 2021 - Original article by Natasha Boddy - PortMac.News Summary

The pay gap between men and women has declined slightly in the last six months, according to the latest figures from the Workplace Gender Equality Agency.

However, Australian women working full time are still receiving an average $242.20 a week less than males, a figure described by Rae Cooper, Professor of Gender, Work and Employment Relations at the University of Sydney Business School, as both "disappointing and scandalous".

The small decline in the pay gap was more to do with more men taking on lower-paid work than progress on pay equity.

Vanuatu claims dozens of seasonal workers in QLD faced death threats

abc.net au - Page Online : 26 February 2021 - Original article by Stephen Dziedzic, Evan Wasuka - PortMac.News Summary

Alleged death threats made against seasonal workers from Vanuatu could damage the reputation of the federal government's Seasonal Work Program (SWP), according to Satish Chand from the University of New South Wales.

The workers are located in the regional Queensland city of Bundaberg, with the allegations of death threats being made by Vanuatu High Commissioner Samson Fare.

It is believed that some of the workers in question left the employer they were legally working for under the SWP to work illegally for another employer who promised them higher pay.

It is alleged that their new employment conditions were not as attractive as they hoped, and that tensions came to a head when the second employer dismissed them, stating that there was no longer any work available.

'Don't promote Australian Unis', Beijing warns agents

The Australian Financial Review - Page 13 : 26 February 2021 - Original article by Judith Hare - PortMac.News Summary

The international student sector was worth $37.5 billion to the Australian economy in 2019-20, with students from China accounting for $10.5 billion of that figure.

However, there are reports that education agents in China have been directed not to send students to Australia, with federal education minister Alan Tudge saying he is aware of such reports; he says any such directive will only hurt Chinese students.

Australian universities have been accused of being too reliant on Chinese students, while there have been increased tensions between universities and the federal government over fears of foreign interference in research and other partnerships.

Uni grants 'If research sells well'

The Australian - Page 1 & 4 : 26 February 2021 - Original article by Simon Benson - PortMac.News Summary

International students have accounted for about 25% of Australian universities' revenue in recent years.

Federal Education Minister Alan Tudge will use a speech on 26 February to argue that this business model is unsustainable in the post-pandemic environment, and that COVID-19 has given the nation's universities an opportunity to shift their focus to educating Australians.

Tudge will also emphasise the need for universities to improve their track record with regard to the commercialisation of their research, while he will suggest that future government funding could be linked to success in this area.

China pulls the plug on Australia's live reef fish exporter

abc.net au - Page Online : 26 February 2021 - Original article by Charlie McKillop - PortMac.News Summary

Australian Reef Fish Traders has failed to have its licence to export live fish to China renewed, putting an end to a 20-year trading relationship.

Australian Reef Fish Traders is the country's biggest live-fish exporter, and had shipped a record 42 tonnes of live coral trout to China in December.

CEO Barry Dun says it is still buying fish, but for the fresh fish market in Australia rather than the Chinese live-fish one, and that the prices for fresh fish are much less than what the fishermen it deals with are used to.

China fears drive review of submarine program

The Australian Financial Review - Page 5 : 26 February 2021 - Original article by Andrew Tillett - PortMac.News Summary

Vice-Admiral Jonathan Mead is to lead a Defence Department review of options for Australia's submarine program.

The review has been sparked by concerns within the federal government that the submarines to be built by France's Naval Group under what is a $90 billion project are taking too long to be delivered at a time when China is building up its military strength.

Options that the review is expected to look at will include the navy's requirement for a long-range submarine and whether the contract with Naval Group should be cancelled.

'Justice for Christine Holgate': Hanson secures Senate inquiry

The Age - Page Online : 26 February 2021 - Original article by Lisa Visentin - PortMac.News Summary

The Senate communications committee will investigate the circumstances behind former Australia Post CEO Christine Holgate's resignation in November over the purchase of luxury watches worth $20,000 as staff bonuses.

One Nation leader Pauline Hanson led the push for the inquiry, claiming that Holgate never officially resigned and that she wants her job back.

Labor backed Hanson's call for the inquiry, even though Anthony Albanese backed Holgate's departure at the time, stating that her position was "untenable".

AusPost delivers a bumper result

The Australian - Page 20 : 26 February 2021 - Original article by David Ross - PortMac.News Summary

Australia Post has reported a pre-tax profit of $166.6m for the first half of 2020-21.

Revenue was up 15.5% to $4.3bn, driven by a 34.9% increase in its parcels and packages business, which benefited from strong growth in online sales at the height of the COVID-19 pandemic.

However, Australia Post's letters business has booked a half-year loss of $74.2m, with revenue down 11% at $900m as letter volumes continued to decline.

Charities slam government plan to deregister criminals

The Guardian Australia - Page Online : 26 February 2021 - Original article by Royce Kurmelovs - PortMac.News Summary

The federal government is seeking to give the Australian Charities & Not-for-profits Commission the power to strip a body of its charity status if it "Reasonably believes" that its members may commit a summary offence.

The proposal follows the Commission's decision to cancel the charity status of animal activist group Aussie Farms in 2019; the government claimed that the group was encouraging trespassing and vigilantism.

Assistant Treasurer Michael Sukkar says the government wants to put a stop to activists masquerading as charities, but the government's proposals have been attacked by a number of groups, including the Human Rights Law Centre and the Australian Conservation Foundation.

NBN Co's pandemic bonuses 'Excessive, unreasonable': Senate

The New Daily - Page Online : 26 February 2021 - Original article by Isabelle Lane - PortMac.News Summary

The Senate passed a motion on 25 February attacking NBN Co for paying almost $78 million in pandemic bonuses in the second half of 2020, describing the payments as "Excessive, unreasonable, and lacking in justification".

The motion also called on the federal government to cut down on NBN Co's spending and waste, with the cost of the national broadband having increased from an estimated $49 billion in 2018 to the current prediction of $57 billion.

The motion also noted that the NBN had failed to meet its 2018 target of 8.1 million activations by the 2020 financial year, achieving just 7.3 million.

Asteroid dust confirms dinosaur extinction theory

The Times - Page Online : 26 February 2021 - Original article by Rhys Blakely - PortMac.News Summary

The theory that asteroids caused the extinction of the dinosaurs, rather than volcanic eruptions or some other 'Global calamity', has been the leading theory for their demise since the 1980s.

Researchers led by Steven Goderis from the Vrije Universiteit Brussel believe that this theory has now been confirmed, and that a seven-mile-wide asteroid which hit the Earth 66 million years ago off the coast of Mexico caused the dinosaurs to die off.

The researchers claim that the discovery of 'asteroid dust' buried within the impact site of the asteroid means that it is 'indisputable' that this asteroid led to the extinction event.

Aviation, travel drive rebound

The Australian - Page 23 : 26 February 2021 - Original article by Gerard Cockburn - PortMac.News Summary

The Australian sharemarket posted a solid gain on 25 February, with the S&P/ASX 200 adding 0.8% to close at 6,834 points.

Fortescue Metals Group was up 3.1% at $25.24, Westpac firmed 1.3% to end the session at $24.36 and Telstra rose 1.3% to $3.17. However, Zip Co shed 7.7% to finish at $10.95 and Service Stream was down 20.5% at $1.35.

Cracker of a win for Bega over Fonterra

The Australian - Page 21 : 26 February 2021 - Original article by Jared Lynch - PortMac.News Summary

The Supreme Court of Victoria has ruled that Bega Cheese is entitled to use its trademark on products that are not covered by its licensing agreement with Fonterra.

The New Zealand dairy co-operative had launched legal action against Bega after it moved to add its logo to the peanut butter brand that it acquired from Kraft in 2017.

Fonterra contended that this was in breach of the licensing deal, which gave Fonterra the exclusive right to use the Bega trademark on a range of cheese products.

'No Refund'! Southern Cross pockets $32m in JobKeeper aid

The Australian - Page 18 : 26 February 2021 - Original article by Lilly Vitorovich - PortMac.News Summary

Southern Cross Media has posted a 2020-21 interim after-tax profit of $32.5m, which is 59% higher than previously.

The broadcast media group has advised that it received $31.9m in federal government payments via the JobKeeper scheme during the half-year, as well as $3.4m via the Public Interest News Gathering program.

CEO Grant Blackley says Southern Cross has chosen not to return its JobKeeper payments, arguing that the wage subsidy had helped to preserve jobs across its radio and TV operations during the pandemic.