Latest updates on Key Economic Indicators

Australian Dollar: $0.7360 USD (up $0.0030 USD)

Iron Ore Aug Spot Price (SGX): $205.75 USD (down $6.60 USD)

Oil Price (WTI): $70.22 USD (up $2.90 USD)

Gold Price: $1,803.48 USD (down $6.70 USD)

Bit-coin: $31,723.81 USD (up 6.56% in last 24 hours)

Dow Jones: 34,798.00 (up 286.01 points on yesterday's close)

All changes compared to 7am yesterday.

'You little beauty' Brisbane scores the 2032 Olympics!

There are still 4,019 days to go, but south-east Queenslanders are waking up to an Olympic buzz this morning, after Brisbane was announced as the host for the 2032 Games.

After six years of planning by Queensland authorities, the International Olympic Committee delegates backed the river city to host the Games, with 72 votes to five.

Natalie Cook, famously known for her gold medal-winning performance in beach volleyball at the Sydney 2000 Olympic Games, was emotional upon hearing the announcement.

"You little beauty!" said Cook, who is now president of Queensland's Olympic Council.

"Whether you laugh, cry … joy … it really feels like winning an Olympic Gold medal — where there's an emotional cocktail going on, there's a bit of relief, there was the excitement, there was nervousness.

Last night, the former Lord Mayor joined celebrations at South Bank as International Olympic President Thomas Bach read out "the Games of the 35th Olympiad are awarded to Brisbane, Australia."

"I was going to jump into the river, if it was not a yes for Brisbane," Ms Atkinson said.

Thankfully, she didn't have to.

(See full story on PortMac.News today)

NSW lockdown fails to produce 'Bend in the road'

The Australian Financial Review - Page 5 : 22 July 2021 - Original article by David Marin-Guzman - PortMac.News Summary

New South Wales has recorded 110 new locally-acquired COVID-19 cases in the last 24 hours, including 43 people who were active in the community for the entire period in which they were infectious.

The source of 56 infections has yet to be determined, and Professor Mike Toole from the Burnet Institute notes that there have been 174 new unlinked cases in the last week.

He adds that the institute's modelling had suggested that case numbers should have begun to plateau by now due to lockdown restrictions, but the five-day case average has risen from 72 to 100 in the last week.

Toole says the initial 'stay-at-home' order may not have been effective, given that many stores were allowed to remain open when the lockdown began.

Victorian infections rise as maskless removalists outed

Herald Sun - Page 8 & 9 : 22 July 2021 - Original article by Mitch Clarke, Sarah Perillo, Mitch Ryan - PortMac.News Summary

Victoria has recorded 22 new locally-acquired COVID-19 cases in the last 24 hours, although just six were active in the community while they were infectious and all new cases are linked to existing clusters.

Chief health officer Brett Sutton is optimistic that the number of infectious cases in the community has peaked, although he cautions that the Delta variant can spread very quickly.

Meanwhile, CCTV footage shows that three furniture removalists from New South Wales were not wearing face masks while loading trucks at a Maribyrnong apartment building that is the epicentre of Victoria's current outbreak.

Some 96 of the 107 cases in the outbreak have been traced to the removalists.

SA commits $100m to help cover loss of turnover as cases mount

The Australian Financial Review - Page 6 : 22 July 2021 - Original article by Simon Evans - PortMac.News Summary

The South Australian government has announced a financial support package for businesses that have been hit by the state's snap seven-day COVID-19 lockdown.

Small and medium enterprises will be eligible for a payment of $3,000 if their turnover falls by at least 30 per cent due to the lockdown, while sole traders will be eligible to receive $1,000.

The state has recorded six new locally-acquired COVID-19 cases in the last 24 hours, and there are now 12 cases in the current outbreak.

Premier Steven Marshall says the new cases have highlighted how quickly the Delta variant can spread.

PM takes rap over vaccine rollout

The Daily Telegraph - Page 6 & 7 : 22 July 2021 - Original article by Claire Armstrong, Georgia Clark - PortMac.News Summary

Prime Minister Scott Morrison says that both himself and the federal government are accountable for the slow pace of the nation's COVID-19 vaccine rollout.

However, despite accepting responsibility, Morrison has declined to apologise for the delays, and notes that they have been caused by a range of factors.

He has also conceded that the current lockdowns in three states will adversely affect GDP growth and employment in the September quarter; however, Morrison is optimistic that the economy will rebound in the December quarter.

Firms 'Have duty' to stop sex pests

The Australian Financial Review - Page 22 : 22 July 2021 - Original article by Sally Patten - PortMac.News Summary

Imposing a positive duty on employers to take reasonable steps to eliminate sexual harassment was a key recommendation of the Respect@Work report in 2020.

This is among the recommendations of Sex Discrimination Commissioner Kate Jenkins that the government intends to review, but she maintains that the positive duty is necessary and must be introduced.

Jenkins adds that companies' boards should be more active in ensuring that management is addressing the issue of workplace harassment.

Labor takes aim at Coalition's $800m manufacturing grants program

The Guardian Australia - Page Online : 22 July 2021 -Original article by Paul Karp -PortMac.News Summary

The Department of Industry's guidelines show that Prime Minister Scott Morrison will ultimately decide how $800m worth of grants for the manufacturing sector are allocated.

Grants ranging from $20m to $200m will be available via the collaboration arm of the federal government's modern manufacturing initiative, which will be allocated at Morrison's discretion.

Labor's government accountability spokeswoman Kristina Keneally says it is another example of 'Pork-barrelling' by the Coalition in the wake of controversies such as the sports rorts and commuter car park scandals.

NDIS founders lash 'Mishandling' of scheme

The Australian - Page 3 : 22 July 2021 - Original article by Stephen Lunn - PortMac.News Summary

Former National Disability Insurance Agency board member John Walsh says governments at both state and federal level have "Botched" the National Disability Insurance Scheme.

However, he says the federal government in particular must accept responsibility for problems with the NDIS, which he describes as a "Lost opportunity".

The NDIA's inaugural chairman Bruce Bonyhady has in turn accused the agency of having an "Excessive fixation" on managing costs

Japan's ambassador backs Australia's handling of China

abc.net.au - Page Online : 22 July 2021 - Original article by Stephen Dziedzic - PortMac.News Summary

Shingo Yamagami, Japan's Ambassador to Australia, addressed the National Press Club on 21 July.

He praised the way Australia has handled its strained relations with China, and contended that "Like-minded countries" such as Australia, the US and Japan must work together to address the challenges caused by the rise of this emerging power.

Yamagami also flagged the need for greater co-operation with regard to the East China Sea, including the potential for more joint military exercises or intelligence gathering operations.

Australia's focus has largely been on the South China Sea to date.

(See full story on PortMac.News today)

Advanced missile fired in Australia for first time as China watches

9News - Page Online : 22 July 2021 - Original article by Richard Wood - PortMac.News Summary

The US military has fired two MIM-105 Patriot missiles in Central Queensland during Exercise Talisman Sabre, a joint military exercise that includes Australia, the US and their allies.

The Patriot is one of the most advanced missiles in America's arsenal; although it has been used in used in combat in the Middle East, the missile had not been fired in Australia prior to Talisman Sabre.

Two Chinese surveillance ships are believed to have been monitoring the military exercise.

Defence blunder alert over US bomber decision

The Australian - Page 20 : 22 July 2021 - Original article by Robert Gottliebsen - PortMac.News Summary

The federal government should be wary about buying the B-21 stealth bomber, given the Coalition's track record with regard to defence policy.

Air Power Australia is concerned that buying the B-21 will be another defence blunder in the wake of disastrous decisions regarding the F-35 Joint Strike Fighter, French-designed submarines and a fleet of frigates.

Although the B-21 has its supporters, Air Power Australia contends that it will not be an effective weapon unless Australia has air superiority in the Asia-Pacific region.

This will not be the case, as modelling shows that the F-35 is no match for its Chinese and Russian counterparts.

CBA turns telco, invests in NBN providers

The Australian Financial Review - Page 23 : 22 July 2021 - Original article by James Eyers - PortMac.News Summary

The Commonwealth Bank of Australia will expand its product offerings beyond traditional banking following a deal to buy a 25% stake in internet service providers More Telecom and Tangerine.

CBA will use the investment to offer discounted national broadband network plans to the seven million customers who use its app.

CBA executive Angus Sullivan says it is "Re-imagining" banking for its customers and helping them to save money.

Australia has huge potential to develop offshore windfarms

The Guardian Australia - Page Online : 22 July 2021 - Original article by Adam Morton - PortMac.News Summary

Australia currently has 10 offshore wind projects under development, with a combined capacity of 25 gigawatts, A report from the Blue Economy Cooperative Research Centre highlights the untapped potential of this renewable energy resource.

It estimates that more than 2,000GW of offshore wind turbines could be installed in areas within 100km of an electricity substation.

The report notes that the Hunter and Latrobe valleys are especially suitable, as they are close to transmission grids and have strong offshore winds at times when solar and onshore wind output is limited.

Qantas on track to collect $2bn of support

The Guardian Australia - Page Online : 22 July 2021 - Original article by Ben Butler - PortMac.News Summary

Qantas received some $1.2bn in pandemic-related financial support from the federal government in 2020, including JobKeeper payments and programs that were specifically for the aviation sector.

The Transport Workers' Union estimates that the amount of federal assistance received by Qantas will top $2bn by the end of 2021.

National secretary Michael Kaine says such a figure means taxpayers should be guaranteed a return on their investment.

He notes that many governments around the world have taken equity stakes in airlines they have bailed out.

Netflix slows as viewers exit sofa

The Australian Financial Review - Page 16 : 22 July 2021 - Original article by Ryan Faughnder - PortMac.News Summary

Streaming video giant Netflix currently boasts about 209 million paid subscribers worldwide.

However, new figures show that Netflix gained just 1.5 million additional paid customers in the June 2021 quarter; this compares with 10.1 million for the same period in 2020, when consumers embraced streaming services during COVID-19 lockdowns.

Analysts expect the shift away from streaming services to continue as economies and entertainment businesses reopen.

Netflix is also facing growing competition in the streaming market.

Seismic shift in oil and gas sector

The Australian - Page 13 & 16 : 22 July 2021 - Original article by Nick Evans, Perry Williams - PortMac.News Summary

Sources have indicated that BHP is again looking at a potential sale of its petroleum division, and it is said to have held talks with Woodside Petroleum regarding a deal.

Bernstein estimates that BHP's petroleum arm is valued at about $US13bn ($17.8bn), so any such deal would make Woodside the largest listed oil and gas producer in Australia.

The potential BHP deal follows the recent revelation that Santos had made a takeover approach to Oil Search in late June.

Meanwhile, several overseas-based energy companies are believed to looking to divest their stakes in Australia oil and gas projects.

Construction warns firms will fold if Sydney lockdown is extended

abc.net.au - Page Online : 22 July 2021 - Original article by Ursula Malone, Josh Bavas, Tim Swanston - PortMac.News Summary

The construction industry is estimated to employ about 200,000 workers in Greater Sydney.

Australian Constructors Association CEO Jon Davies says a number of building firms are likely to collapse if the NSW government extends the two-week shutdown of building sites that was imposed in response to the latest COVID-19 outbreak.

He notes that the construction industry already accounts for about 25% of all business insolvencies in Australia.

Davies adds that the shutdown will also have an impact on the mental health of building workers in Greater Sydney.

ASX Stocks on the rise after Wall Street rebound

The Australian - Page 19 : 22 July 2021 - Original article by Rebecca Le May = PortMac.News Summary

The Australian sharemarket posted a solid gain on 21 July, with the S&P/ASX 200 adding 0.78% to close at 7,308.7 points after a positive lead from Wall Street.

BHP was up 1.32% at $49.89, Oil Search advanced 3.59% to $4.04 and the ANZ Bank rose 1.2% to $27.65.

However, Beach Energy shed 3.2% to end the session at $1.21.