Latest updates on Key Economic Indicators:

Australian Dollar: $0.7280 USD (down $0.0010 USD)

Iron Ore Nov Spot Price (SGX): $118.00 USD (up $1.05 USD)

Oil Price (WTI): $77.05 USD (down $2.12 USD)

Gold Price: $1,763.99 USD (up $3.76 USD)

Copper Price (CME): $4.1750 USD (down 0.0175 USD)

Bit-coin: $55,195.66 (up 7.29% in last 24 hours)

Dow Jones: 34,416.99 (up 102.32 on yesterday's close)

All changes compared to 7am yesterday.

Joe Biden says Xi has agreed to abide by 'Taiwan agreement'

US President Joe Biden says he has spoken to Chinese President Xi Jinping about Taiwan, with them agreeing to abide by the "Taiwan agreement", as tensions ratchet up between Taipei and Beijing.

"I've spoken with Xi about Taiwan. We agree … we'll abide by the Taiwan agreement," Mr Biden said.

"We made it clear that I don't think he should be doing anything other than abiding by the agreement."

Mr Biden appeared to be referring to Washington's long-standing "One-China policy" under which it officially recognises Beijing rather than Taipei, and the Taiwan Relations Act, which makes clear that the US decision to establish diplomatic ties with Beijing instead of Taiwan rests upon the expectation that the future of Taiwan will be determined by peaceful means.

The comments to reporters at the White House, made after Mr Biden's return from a trip to Michigan touting a spending package, come amid escalations in the Taiwan-China relationship.

Taiwan had reported 148 Chinese air force planes in the southern and south-western part of its air-defence zone over a four-day period beginning on Friday, the same day China marked a key patriotic holiday, National Day.

"The United States is very concerned by the People's Republic of China's provocative military activity near Taiwan, which is destabilising, risks miscalculations, and undermines regional peace and stability," State Department spokesperson Ned Price said in a statement on Sunday.

China buying Australian coal again

China is releasing Australian coal from bonded storage, despite a nearly year-long unofficial import ban on the fuel.

It comes as the nation scrambles to ease a power crunch stemming from a coal shortage, according to traders familiar with the matter.

The power crisis in the world's top consumer of coal is due to strong demand from manufacturers, industry and households, which has pushed prices to record highs and triggered widespread curbs. 

An estimated 1 million tonnes of Australian coal had stayed in bonded warehouses along China's coast, uncleared by customs, since Beijing's unofficial ban was imposed last October, a trading executive said.

"Some of the Australian coal stuck at Chinese ports started to be released at the end of last month … though many of those cargo loads had already been diverted to markets like India," the trader, based in eastern China, said.

(See full story on PortMac.News today)

Perrottet : NSW 'Major changes' to roadmap from Monday

NSW Premier Dominic Perrottet has announced a set of "major changes" to the NSW roadmap out of COVID-19 lockdown, including doubling the cap on household visitors from Monday.

Fully vaccinated adults are due to get a swathe of new freedoms from Monday — including do things like eat at restaurants and go to the gym, which have been off limits in some areas for more than 100 days.

While the settings around hospitality and retail remain unchanged, Mr Perrottet announced several major departures from the previous blueprint, including: 

* Increasing the number of adults allowed to gather in homes from five to 10

* Increasing the number of adults allowed to gather in public spaces from 20 to 30

* Increasing the cap of people at weddings and funerals from 50 to 100

* Reopening indoor pools

Restrictions for fully inoculated people will be eased again the Monday after NSW reaches 80% double-dose coverage.

Border Closures 'Un-Australian'

The Australian - Page 4 : 7 October 2021 - Original article by Ewin Hannan - PortMac.News Summary

Australian Chamber of Commerce & Industry CEO Andrew McKellar has welcomed a move to reopen the nation's borders when 80% of the adult population has been vaccinated against COVID-19.

However, he says the federal government's decision to leave Australians stranded overseas at the onset of the pandemic was one of the nation's "Greatest public policy failures".

McKellar has also criticised ACTU secretary Sally McManus after she flagged plans for unions to ramp up industrial action as the economy recovers from the pandemic.

'Long Covid' grim diagnosis for international education

The Australian - Page Online : 7 October 2021 - Original article by Tim Dodd - PortMac.News Summary

Jon Chew of private education services provider Navitas has warned that Australia's international student sector will continue to struggle for some time.

He says international students will chose to study in other countries unless the nation reopens its borders soon, noting that there is growing interest in both the UK and Canada among international students.

Chew notes that counsellors and career advisers in many countries are now directing students to universities in the northern hemisphere.

Melbourne port strike halted by Covid outbreak

The Australian Financial Review - Page 8 : 7 October 2021 - Original article by David Marin-Guzman - PortMac.News Summary

The Maritime Union of Australia has ended its campaign of rolling strike action at the Port of Melbourne after two workers at stevedoring firm Patrick tested positive for COVID-19.

Another 109 employees - about one third of the workforce at Patrick's terminal in Melbourne - were deemed to be close contacts and required to self-isolate for 14 days.

The MUA's national assistant secretary Jamie Newlyn says the union agreed to end the industrial action "In an act of good faith", but says the ongoing dispute cannot be resolved unless Patrick is prepared to negotiate over a new enterprise agreement.

CBA settles Federal Court case

The Australian Financial Review - Page 5 : 7 October 2021 - Original article by David Marin-Guzman - PortMac.News Summary

The Commonwealth Bank of Australia has advised that an adverse action case launched by former executive Kara Nicholls has been resolved by "mutually agreed terms".

Nicholls was the bank's company secretary and executive general manager of group governance, and had alleged that it had tried to sack her after she repeatedly raised concerns about the governance team's under-staffing and excessive workloads.

Nicholls recently filed a Federal Court action seeking punitive damages after CBA moved to sack her.

She formally resigned from the bank on 5 October following the settlement of her dispute.

Proposed federal ICAC 'Appallingly weak sham'

The Australian Financial Review - Page 2 : 7 October 2021 - Original article by Hannah Wootton, Phillip Coorey - PortMac.News Summary

The final draft of the federal government's bill to establish a Commonwealth integrity commission will be tabled in parliament before the end of 2021.

However, Opposition Leader Anthony Albanese contends that only Labor can deliver an anti-corruption commission that is truly independent.

Meanwhile, former judges Stephen Charles and Anthony Whealy claim that the proposed structure of the commission is designed 'To protect politicians from public scrutiny'.

THe proposed commission would comprise two separate divisions, with investigations into allegations of corruption against politicians to be exempt from open hearings - Now there's a surprise!

Climate change disasters will cost Australia billions

The Guardian Australia - Page Online : 7 October 2021 - Original article by Royce Kurmelovs - PortMac.News Summary

Research undertaken by Deloitte Access Economics has attempted to quantify the economic cost if Australia fails to take action to combat climate change.

The report forecasts that even if such action is taken immediately, climate change-related disasters will cost the economy about $73bn annually by 2060.

This would rise to $94bn if no action is taken. Deloitte concludes that the national economy faces a cumulative cost of $1.2trn in present value terms due to natural disasters over the next four decades.

The report was produced on behalf of the Australian Business Roundtable for Disaster Resilience & Safer Communities.

Another ATO court loss

The Australian - Page 21 : 7 October 2021 - Original article by Robert Gottliebsen - PortMac.News Summary

The Australian Taxation Office has lost a case before the Administrative Appeals Tribunal regarding the payment of the GST on goods that are exported.

Like several previous cases, the transaction involved gold. If the ATO had been successful in the latest, it would have damaged confidence in the GST system of tax collection.

Action is needed to rein in the entrenched fiefdoms within the ATO whose agendas that are not in the national interest.

ABC staff threaten revolt

Brisbane Times - Page Online : 7 October 2021 - Original article by Zoe Samios, Nick Bonyhady, Lisa Visentin - PortMac.News Summary

ABC employees are concerned that a proposal to abolish wage 'Buyouts' will reduce their take-home pay.

The buyout system provides employees whose jobs require long or unpredictable hours with a higher base salary in lieu of allowances, overtime and penalty rates.

The proposed change will affect about 70 employees, and follows the ABC's wage underpayments scandal.

Sinddy Ealy from the Community & Public Sector Union contends that the real problem is the culture of underpayments at the ABC over the last decade, rather than the buyout scheme.

NRL scales back digital arm following broadcaster pressure

Brisbane Times - Page Online : 7 October 2021 - Original article by Zoe Samios - PortMac.News Summary

The National Rugby League is expected to retrench about 10 employees after revealing plans to shift the focus of its official website to entertainment rather than breaking news.

The NRL.com site will now mainly publish match highlights and short-form videos.

The NRL's digital content arm has been a source of contention for the league's media partners Nine Entertainment Company and Foxtel, which have contended that the website competes with their digital assets.

'Eureka moment' as Facebook whistle-blower calls out harm

The Sydney Morning Herald - Page Online : 7 October 2021 - Original article by Lisa Visentin, Matthew Knott - PortMac.News Summary

Social media giant Facebook continue to attract scrutiny after whistle-blower Frances Haugen appeared before a US Senate committee.

Australia's esafety commissioner Julie Inman Grant says the US is having a "Eureka moment" after Haugen alleged that Facebook will not take action to make its products safer for users because it does not want to risk its big profits.

Inman Grant adds that Haugen's testimony raises the question as to why other countries have not taken action to regulation digital companies.

The federal government's Online Safety Act has been widely criticised by technology companies.

Logistics boosts commercial deals

The Australian Financial Review - Page 28 : 7 October 2021 - Original article by Larry Schlesinger - PortMac.News Summary

Data from JLL shows that $27.8bn worth of office, retail and industrial properties in Australia changed hands during the first nine months of 2021.

This compares with just $20.2bn for the entire 2020 calendar year. Some $7.7bn worth of commercial property deals were transacted during the September quarter, despite the ongoing COVID-19 lockdowns in Sydney and Melbourne.

The record $37bn worth of commercial deals in 2019 could be tested if the sales momentum is sustained in the final quarter of the year.

Assets worth $80m linked to developer Raptis frozen

The Australian Financial Review - Page 2 : 7 October 2021 - Original article by Liam Walsh - PortMac.News Summary

The Australian Taxation Office has frozen the assets of property developer Jim Raptis after he was named in the so-called Pandora Papers.

The leaked documents have revealed his links to a Samoa-based superannuation fund; the ATO has responded by alleging that Raptis has engaged in tax evasion and has a significant amount of undeclared income.

Raptis has indicated that he will work co-operatively with the ATO to resolve what he describes as "Historical matters".

WeWork does a runner

The Australian Financial Review - Page 29 : 7 October 2021 - Original article by Nick Lenaghan - PortMac.News Summary

WeWork will close its co-working hub at 401 Collins Street in the Melbourne CBD.

The co-working pioneer had leased the entire building in a long-term deal with landlord Impact Investment Group, which is backed by the Liberman family.

WeWork will also end its lease at a Sydney CBD building which is owned by EG Funds.

WeWork is also believed to have defaulted on rent payments at a co-working hub in Perth.

ASX falls 0.6%, travel favourites take a hit

The Australian Financial Review - Page 22 : 7 October 2021 - Original article by William McInnes - PortMac.News Summary

The Australian share market lost ground on 6 October, with the S&P/ASX 200 shedding 41.9 points to close at 7,206.5.

The Commonwealth Bank was down 2% at $103.42, A2 Milk retreated 7.7% to $6.02 and Flight Centre was 6.6% lower at $22.81.

However, Santos added 2.3% to end the session at $7.43 and Afterpay was up 3% at $116.98.