Latest updates on Key Economic Indicators:

Australian Dollar: $0.7288 USD (up $0.0032 USD)

Iron Ore Nov Spot Price (SGX): $116.75 USD (up $0.70 USD)

Oil Price (WTI): $77.58 USD (up $1.70 USD)

Gold Price: $1,768.43 USD (up $10.03 USD)

Copper Price (CME): $4.2345 USD (up 0.026 USD)

Bit-coin: $49,245.39 (up 0.86% in last 24 hours)

Dow Jones: 34,002.92 (down 323.54 on Friday's close)

All changes compared to 7am yesterday.

Republican stonewalling on debt ceiling risks U.S. default

President Joe said on Monday the federal government could breach its $28.4 trillion debt limit in a historic default unless Republicans join Democrats in voting to raise it in the two next weeks.

Senate Republicans, led by Minority Leader Mitch McConnell, have twice in recent weeks blocked action to raise the debt ceiling - saying they do want action but will not help.

Republicans say Democrats can use a parliamentary maneuver known as 'Budget reconciliation' to act alone.

Top Democrats have rejected that approach.

"Raising the debt limit comes down to paying what we already owe ... not anything new," Biden said at a White House news conference.

Asked if he could guarantee the United States won't breach the debt limit, the president answered: "No I can't. That's up to Mitch McConnell." He said he intended to speak with McConnell about the matter.

Biden on Monday pleaded not to use the 'Budget reconciliation' filibuster to block action.

"Just get out of the way," Biden told Republicans. "If you don't want to help save the country, get out of the way so you don't destroy it."

Ashes series officially in doubt as ECB hints that it may cancel

The Australian - Page 24 : 5 October 2021 - Original article by Peter Lalor - PortMac.News Summary

As noted on PortMac.News yesterday, the England & Wales Cricket Board has indicated that it might cancel the upcoming Ashes tour to Australia if enough senior players decide not to make the trip.

England captain Joe Root has previously warned that players are reluctant to tour Australia because of quarantine rules, with Jos Buttler and Ben Stokes said to be among the doubtful players.

England has played 20 Tests over the past two years, enduring biosecurity 'Bubbles' and family separations, while Australia has played just four in that time - all at home.

The Ashes tour is worth an estimated $200 million to Australian cricket.

Barilaro says ICAC had to announce Berejiklian investigation

The Sydney Morning Herald - Page Online : 5 October 2021 - Original article by Alexandra Smith - PortMac.News Summary

The timing of the Independent Commission Against Corruption's announcement of an investigation into former New South Wales Premier Gladys Berejiklian has attracted scrutiny.

However, Deputy Premier John Barilaro argues that ICAC's independence would have been undermined if it had delayed the announcement due to the COVID-19 pandemic.

He contends that ICAC would also have been criticised if it had not moved against Berejiklian at this time.

Barilaro has ruled out a future career in politics at any level after advising that he will resign from state parliament.

Federal body 'Not like ICAC monster'

The Australian - Page 4 : 5 October 2021 - Original article by Richard Ferguson - PortMac.News Summary

The final draft of the federal government's legislation to establish the Commonwealth Integrity Commission is expected to be released by the end of 2021.

The Assistant Attorney-General, Amanda Stoker, has stressed that it will not be like the Independent Anti-Corruption Commission in New South Wales.

She says ICAC's powers of "Inquisition and compulsion" have destroyed peoples' lives over trivial matters.

Shadow attorney-general Mark Dreyfus says the CIC should have the best features of state-based anti-corruption agencies while avoiding their deficiencies.

NSW Libs in chaos as more MPs expected to go

The Sydney Morning Herald - Page Online : 5 October 2021 - Original article by James O'Doherty - PortMac.News Summary

Liberal Party of New South Wales insiders are concerned that more government MPs could quit parliament in the wake of the leadership change that has been prompted by the resignation of former premier Gladys Berejiklian.

The minority government will face three by-elections following the departure of Berejiklian, John Barilaro and Andrew Constance.

There has been speculation within the Liberals' ranks that Planning Minister Rob Stokes could retire from parliament before the state election in 2023 if his leadership bid fails.

A factional deal seems to have ensured that Treasurer Dominic Perrottet will succeed Berejiklian.

Gladys approached to run for federal seat of Warringah

The Guardian Australia - Page Online : 5 October 2021 - Original article by Paul Karp, Sarah Martin - PortMac.News Summary

Outgoing NSW Premier Gladys Berejiklian is said to have been approached by senior Liberals to run for the federal seat of Warringah.

Warringah is currently held by independent Zali Steggall, who won the seat in 2019.

Prior to that, it had been held for 26 years by former Liberal prime minister Tony Abbott.

Berejiklian is said to be interested in the idea, but wants to wait until the Independent Commission against Corruption investigation is complete; her supporters are confident it will clear her of any wrongdoing.

NSW cases at seven-week low as 67% fully vax'd

The Australian Financial Review - Page 5 : 5 October 2021 - Original article by Michael Read - PortMac.News Summary

New South Wales reported 608 new locally-acquired COVID-19 cases on Monday, while the seven-day average of daily cases fell to 805.

However, the state's toll from the current outbreak has risen to 378 following six additional deaths yesterday.

Epidemiologist Catherine Bennett says the decline in daily case numbers since peaking at 1,430 is primarily due to the high rate of people who have received at least one vaccine dose. She notes that one dose reduces the chances of getting the virus by one-third.

Some 88.4% of NSW residents aged 16+ have had one vaccine dose, and 67.1% are fully vaccinated.

Meanwhile, the state government has imposed snap lockdowns in several regional areas after a spike in cases.

Lift hospital funding to prepare for surge

The Sydney Morning Herald - Page Online : 5 October 2021 - Original article by David Crowe, Stuart Layt - PortMac.News Summary

Federal Health Minister Greg Hunt believes that Australia's public hospital system would be able to cope with a sharp rise in COVID-19 cases.

However, he contends that the states and territories should increase their funding for hospitals if they are of the view that the system is not prepared for a spike in cases.

He notes that the federal government has increased its spending on public hospitals by 71% since taking office in 2013, compared with a 44% increase in the states and territories' funding for hospitals over the same period.

Strikes, virus threaten to overwhelm ports

The Australian Financial Review - Page 2 : 5 October 2021 - Original article by David Marin-Guzman - PortMac.News Summary

Stevedore Patrick Terminals states it has been forced to isolate 20% of its Melbourne workforce after one of its workers tested positive to COVID-19.

The incident has coincided with strike action by the Maritime Union of Australia, which has commenced a month-long period of 12 hour-stoppages, with the stoppages occurring three days each week.

Other stevedores have indicated that they have little or no capacity to handle ships impacted by the strike action and the isolation of some of Patrick's staff.

Taiwan backs AUKUS, warns of threat of war with China

Brisbane Times - Page Online : 5 October 2021 - Original article by Eryk Bagshaw - PortMac.News Summary

Taiwan's Foreign Minister Joseph Wu says Taiwan supports the new AUKUS strategic partnership between Australia, the US and the UK.

The AUKUS partnership will see Australia get eight nuclear-powered submarines, with the submarines likely to have enough range to patrol the South and East China Sea, and Wu says AUKUS will help balance China's military ambitions in the region.

His comments came as China sent almost 80 warplanes towards Taiwan over the weekend of 3-4 October, with Wu saying that he is sure that China is going to launch an attack against it.

Will all submarines be obsolete and 'visible' by 2040?

The Guardian Australia - Page Online : 5 October 2021 - Original article by Troy Shepherd - PortMac.News Summary

Military experts have warned that submarines could soon be rendered obsolete by new technology including new weapon systems and submersible drones.

Their warning was made before the federal government decided to ditch its $90 billion submarine deal with the French in favour of nuclear submarines, which may not be ready until 2040.

There are also claims of other new technology that could make the ocean 'transparent', making even the most stealthy submarines detectable.

US set to raise stakes in trade war with China

The Australian - Page 8 : 5 October 2021 - Original article by Adam Creighton - PortMac.News Summary

US Trade Repre­sentative Katherine Tai is set to accuse China of breaching promises to trade fairly and transparently in a speech that is viewed as a prelude to a new US trade policy towards China under Joe Biden.

Former US President Donald Trump imposed tariffs on almost $370 billion worth of Chinese imports beginning in 2018, which the Biden administration is yet to touch.

Tai's comments are likely to further inflame relations between the US and China, which have worsened in recent years.

CBA warns on staff shortages as economy reopens

The Sydney Morning Herald - Page Online : 5 October 2021 - Original article by Clancy Yeates - PortMac.News Summary

Commonwealth Bank group executive for business banking Mike Vacy-Lyle believes there will be much pent-up demand for retail and hospitality as NSW and Victoria open up in the weeks and months ahead.

However, he expects that the hospitality sector may struggle for staff, with many having left it because of 'stop-start' lockdowns in search of more secure work, along with immigration into Australia being slowed.

Vacy-Lyle does not think there will be a surge in business closures as government support measures are wound back, in part because many companies have adjusted to shutdowns.

Left powerless and in world of renewables pain

The Australian - Page 11 : 5 October 2021 - Original article by Judith Sloan - PortMac.News Summary

British Prime Minister Boris Johnson may be regretting his recent comment to the UN General Assembly that it is "Easier being green".

A lack of wind across the UK and Europe in the northern summer just ended saw renewables generation in the UK fall by 15%, while fossil fuel generation increased by the same amount.

Electricity prices are soaring in a number of countries, and countries that have been at the forefront of the push to renewables are finding out that it is not as reliable as they might have hoped.

Meal kit maker makes staff jabs compulsory

The Australian - Page 17 : 5 October 2021 - Original article by Glen Norris - PortMac.News Summary

Brisbane-based meal delivery firm Lite n' Easy has directed that all employees and contractors must get vaccinated against COVID-19.

CEO Dennis Stark says the company has a duty of care to provide a safe workplace and to guarantee delivery to Australians who rely on its meal service each day, including the aged and National Disability Insurance Scheme participants.

He adds that the company is following the lead of health and medical experts regarding mandatory vaccination.

Facebook puts 'Profit over safety'

The Australian Financial Review - Page 25 : 5 October 2021 - Original article by Hannah Murphy, Dave Lee - PortMac.News Summary

Former Facebook employee Frances Haugen has revealed herself as being the whistleblower who leaked a large number of internal company documents to the 'Wall Street Journal', which it published recently.

Appearing on '60 Minutes' in the US, Faugen claimed that the social media company 'Put profit over safety', while it has emerged that her lawyers have filed a number of complaints with the Securities and Exchange Commission, accusing Facebook of misleading investors.

BHP inks EV nickel deal with Toyota

The Australian - Page 16 : 5 October 2021 - Original article by Nick Evans - PortMac.News Summary

'Oh what a feeling!' - BHP has secured a nickel supply deal with the Prime Planet Energy and Solutions joint venture between automotive giant Toyota and battery maker Panasonic. The memorandum of understanding will see BHP supply nickel sulfate from its plant at Kwinana in Western Australia to the PPES venture. BHP also recently secured a deal to supply nickel to electric car maker Tesla.

Bank rebound helps lift stocks

The Australian - Page 20 : 5 October 2021 - Original article by Rebecca Le May - PortMac.News Summary

The Australian sharemarket rallied on 4 October, with the S&P/ASX 200 rising 1.29% to close at 7,278.5 points.

BHP was up 0.24% at $36.94, Origin Energy added 3.36% to end the session at $4.92 and the ANZ Bank gained 2.15% to finish at $28.03.

However, Fortescue Metals Group was down 1.17% at $14.40