Latest updates on Key Economic Indicators

Australian Dollar: $0.7730 USD (up $0.0010 USD)

Iron Ore Apr Spot Price (SGX): $158.55 USD (up $1.05 USD

Oil Price (WTI): $64.62 USD (up $0.57 USD)

Gold Price: $1,725.14 (up $7.14 USD)

Bitcoin: $56,586.67 USD (up 4.66% in last 24 hours)

Dow Jones: 32,314.66 at 3.12pm NY time (up 324.27 points on yesterday's close)

All changes compared to 7am yesterday.

Congress passes Biden's Covid-19 stimulus bill

Biden said Covid-19 relief bill a "historic victory for the American people".

President Biden is delivering remarks after his $1.9 trillion Covid relief plan was passed by the House of Representatives. The President is hosting vaccine makers now at the White House.

Biden is set to sign the bill into law on Friday afternoon.

"A vaccinated American is the only way to beat the pandemic, get the economy back on track, and for us to get back our lives and our loved ones. That's why the American Rescue Plan was so critical," Biden said.

Biden thanked House Speaker Nancy Pelosi and other lawmakers for passing the bill.

"This bill represents a historic, historic victory for the American people. I look forward to signing it later this week," he said. "Everything in the American Rescue Plan addresses a real need – including investments to fund our entire vaccination effort. More vaccines, more vaccinators and more vaccination sites."

(See full story on PortMac.News today for details)

No Half-price airfares to save Port Macquarie tourism

The Australian Financial Review - Page 1 & 4 : 11 March 2021 - Original article by Phillip Coorey - PortMac.News Summary

Port Macquarie is not one of the 13 travel destinations supported by the Governments $1.2bn stimulus package for the aviation and tourism sector.

The federal government will reveal details of a $1.2bn stimulus package for the aviation and tourism sectors today (11-03-21).

Amongst other things, the government will subsidise airfares for domestic travellers who visit regions that have been hard hit by the loss of international tourists, while Qantas and Virgin Australia will receive 'retention payments' to ensure that they keep staff on for six months after the JobKeeper wage subsidy scheme ends.

The government will also extend its low-interest loan scheme for small and medium enterprises; the revised scheme will include an increase in the loan limits and the turnover threshold.

October target unrealistic for all Australians to get Covid vaccine

The Guardian Australia - Page Online : 11 March 2021 - Original article by Elias Visontay - PortMac.News Summary

The federal government's initial target of vaccinating four million Australians against COVID-19 is well behind schedule; about 106,000 doses of Pfizer's COVID-19 vaccine have been administered nationally since the rollout began in late February.

Australian Medical Association president Omar Khorshid says the government's target of vaccinating all Australians who want to receive a COVID-19 jab by the end of October is "Very ambitious", and the end of the year is more feasible.

He says limited supplies of coronavirus vaccines is the major factor that will slow the rollout.

The unnerving 'long-term complication' emerging in COVID-19 patients

The New Daily - Page Online : 11 March 2021 - Original article by Samantha Dick - PortMac.News Summary

New research in Sweden has added to the growing body of evidence to suggest that COVID-19 may have long-term health effects.

The researchers from Lund University found that three patients in Sweden were experiencing a medical condition known as postural orthostatic tachycardia syndrome (POTS) more than three months after recovering from coronavirus-like symptoms.

Some of the patients had not been tested for COVID-19.

The symptoms of POTS include feeling dizzy and light-headed when a person stands up. Meanwhile, scientists in Britain say the mortality rate of the UK variant of COVID-19 is much higher than other strains.

PM steps into Hunt's shoes, defends Porter

The Australian Financial Review - Page 5 : 11 March 2021 - Original article by Andrew Tillett - PortMac.News Summary

Health Minister Greg Hunt is expected to return to work when parliament resumes in the week beginning 15 February.

ScoMo has downplayed suggestions that Hunt's bacterial skin infection may be linked to his recent vaccination against COVID-19.

Morrison will take on the health portfolio in Hunt's absence.

He has also has rejected calls for an independent inquiry into whether Christian Porter should retain the Attorney-General portfolio amid allegations that he raped a woman in 1988.

ScoMo has emphasised that Porter is innocent until proven guilty under Australian law.

Andrews has long road to recovery

The Australian - Page 3 : 11 March 2021 - Original article by John Ferguson, Tessa Akerman - PortMac.News Summary

Victoria's Premier Daniel Andrews remains in intensive care at The Alfred Hospital in Melbourne.

Professor Steve McGloughlin, the head of the intensive care unit, says Andrews has sustained serious injuries and his condition is being monitored closely.

Andrews has fractured the T7 vertebrae in his thoracic spine, while he also has multiple broken ribs.

Professor McGloughlin says there are no immediate plans to perform surgery on Andrews' spine.

However, the injury sustained during a fall on wet stairs could sideline Andrews for months. James Merlino is acting premier in his absence.

Jobs rate of 1970s needed before pay picks up

The Australian - Page 5 : 11 March 2021 - Original article by Patrick Commins - PortMac.News Summary

Despite the inflationary effects of global government recovery spending & rising bond rates, the Reserve Bank of Australia's governor Philip Lowe has told a business forum in Sydney that 'The central bank still expects the cash rate to remain on hold for some time'.

Lowe said that 'The cash rate will remain at 0.1% until inflation is within the RBA's target range', previously he had said the rate would remain the same until 2024, a subtle but noteworthy change in wording.

He added that this will require wages growth of at least 3%, and that this in turn would require the unemployment rate to fall to around 4%.

The jobless rate has not fallen below this level since 1974.

Lowe also said that a further increase in business investment will be needed for the domestic economy to fully recover from the coronavirus-induced recession.

QUAD Summit to focus on China threat

The Australian - Page 2 : 11 March 2021 - Original article by Ben Packham - PortMac.News Summary

China is expected to dominate the Quadrilateral Security Dialogue's upcoming virtual summit; the leaders of Australia, the US, India and Japan are also expected to discuss issues such as climate change, COVID-19 and maritime security.

It will be the first virtual meeting of Quad leaders since the alliance was established in 2007, and they are likely to meet in person later in 2021.

Meanwhile, Chinese President Xi Jinping has told the nation's military to be "prepared to respond" to looming threats and to focus on "combat readiness" ahead of the Quad summit.

Australian Republican Movement to propose model for republic

The Guardian Australia - Page Online : 11 March 2021 - Original article by Justine Landis-Hanley - PortMac.News Summary

Support for Australia to become a republic could increase in the wake of Oprah Winfrey's controversial interview with Prince Harry and Meghan Markle.

The Australian Republican Movement's national director Sandy Biar says the group is confident that its proposed model for a republic will gain bipartisan support in federal parliament and would be endorsed in a referendum.

The ARM will release details of its model later in 2021.

Liberal MP Jason Falinski, who supports Australia becoming a republic, says a bill to hold a referendum on the issue is likely to be passed by parliament within a year of Queen Elizabeth's death or abdication.

Minister described $30m western Sydney airport land purchase as 'Perfectly sensible'

The Guardian Australia - Page Online : 11 March 2021 - Original article by Katharine Murphy - PortMac.News Summary

A Senate committee is scrutinising the federal government's decision in 2018 to pay $29.8m for a parcel of land that was subsequently valued at just $3.1m.

The deal to buy the land adjacent to the proposed western Sydney airport at Badgerys Creek was criticised by the Australian National Audit Office in September, which referred the matter to federal police.

ANAO staff have told the committee that infrastructure minister Paul Fletcher had been briefed on the proposed transaction by officials from his department; he is said to have told them that the deal seemed "Perfectly sensible" to him.

End nears for Victoria's Belt and Road deal

The Age - Page Online : 11 March 2021 - Original article by Anthony Galloway, Michael Fowler - PortMac.News Summary

The federal government set a deadline of 10 March for states, territories and local governments to submit details of all agreements with foreign powers.

Victorian government sources have confirmed that its memorandum of understanding with regard to China's Belt & Road Initiative is among the documents that it submitted.

The federal government's foreign veto laws allow it to cancel any agreements that are not deemed to be in the nation's interests.

The BRI deal would have been automatically cancelled if it had not been declared by the deadline. It is likely to be vetoed within months.

Victoria goes it alone with electric vehicles tax this year

The New Daily - Page Online : 11 March 2021 - Original article by Euan Black - PortMac.News Summary

The Victorian government expects its proposed road levy for electric vehicle owners to generate revenue of about $30m over four years.

Owners of zero- and low-emission vehicles would pay 2.5 cents for every kilometre they travel on the state's roads if the levy is introduced.

Victoria is the only jurisdiction in Australia which plans to impose a road-user levy on electric vehicles in 2021; South Australia recently advised that its levy will be deferred until mid-2022.

Several states have indicated that a levy is not on their agenda at present, while New South Wales has signalled that it is open to such a move. 

New ASIC rules to target BNPL sector

The Australian - Page 15 : 11 March 2021 - Original article by John Durie - PortMac.News Summary

The Australian Securities & Investments Commission has advised that 'buy now, pay later' providers will be the initial target of its new regulatory framework.

The Design and Distribution Obligations will take effect in October, and will require suppliers of financial products to ensure that consumers understand the risks they are taking on.

ASIC's deputy chair Karen Chester has described DDO as the "frontier of outcomes-based regulation".

PayPal won't hurt us, says Afterpay's Eisen

The Australian - Page 15 : 11 March 2021 - Original article by Cliona O'Dowd - PortMac.News Summary

Shares in 'Buy now, pay later' giant Afterpay rose 8% to $117 on 10 March, in response to strong gains by US technology stocks.

The stock had fallen below $100 in the previous trading session.

Co-founder and CEO Anthony Eisen is not unduly concerned by PayPal's move to enter the BNPL market in Australia.

He notes that the US is Afterpay's biggest market, where PayPal has already launched its 'Pay in 4' product.

Endeavour mulls Oakridge Wines

The Australian Financial Review - Page 16 : 11 March 2021 - Original article by Sue Mitchell - PortMac.News Summary

Liquor retailer Endeavour Group has declined to comment on reports that it is poised to further expand into wine production with the acquisition of Victoria-based Oakridge Wines.

However, industry sources have indicated that a deal is imminent.

Endeavour's other winery assets include Chapel Hill Wines in South Australia.

Endeavour's parent company Woolworths is still considering whether to divest the business via a demerger or trade sale.

Facebook news ban fears grow as tech giant fails to sign deals

The Guardian Australia - Page Online : 11 March 2021 - Original article by Amanda Meade - PortMac.News Summary

Facebook has yet to reach agreement with News Corp Australia, Nine Entertainment and the ABC regarding the federal government's news media bargaining code.

Sources close to the negotiations claim that Facebook is either freezing out the media companies or is refusing to make concessions on key clauses, prompting fears that the social media giant could ban Australian news content from its platform for a second time.

Facebook has previously signed letters of intent with Seven West Media and several smaller news publishers, while News Corp and Nine have signed letters of intent with Google.

Traditional owners to rank miners like Rio Tinto and Fortescue

The Australian Financial Review - Page Online : 11 March 2021 - Original article by Peter Ker - PortMac.News Summary

Rio Tinto has indicated that it will co-operate with the Eastern Guruma people in the development of an annual 'Scorecard' for miners with operations in the Pilbara.

The traditional owners will rank mining companies on their performance with regard to environment, sustainability and governance issues.

The annual rankings come in the wake of Rio Tinto's destruction of ancient indigenous rock shelters at Juukan Gorge in 2020 and Fortescue Metals Group's failure to ensure that Eastern Guruma elders were present when it disturbed a site of cultural significance earlier in 2021.

Both companies have extensive iron ore operations in the Pilbara.

Iron ore miners weigh on ASX

The Australian - Page 20 : 11 March 2021 - Original article by Rebecca Le May - PortMac.News Summary

The Australian sharemarket retreated on 10 March, with the S&P/ASX 200 shedding 0.84% to close at 6,714.1 points.

The sell-off was led by iron ore producers, after the price of the commodity fell sharply in response to China's move to impose new anti-pollution measures in its main steel-making province.

Fortescue Metals Group was down 8.34% at $20.33 and Rio Tinto fell 5.54% to end the session at $114.49.

Bank stocks also lost ground, but technology stocks rebounded after a rally in the US.