Latest updates on Key Economic Indicators:

Australian Dollar: $0.7100 USD (down $0.0037 USD)

Iron Ore Jan Spot Price (SGX): $112.95 USD (down $2.75 USD)

Oil Price (WTI): $70.53 USD (down $0.84 USD)

Gold Price: $1,771.48 USD (down $16.35 USD)

Copper Price (CME): $4.2670 (down $0.0275 USD)

Bit-coin: $47,155.25 (up 1.03% in last 24 hours)

Dow Jones: 35,599.41 at 3.30pm NY time (down 51.54 points on yesterday's close)

All changes compared to 7am yesterday.

NSW Freedom Day !  COVID restrictions change for NSW residents today:

A number of changes come into effect today for people in NSW, regardless of vaccination status. 

From today there is no limit to the number of people allowed in your home, at outdoor public gatherings and at hospitality venues.

Masks, while still strongly encouraged where social distancing isn't possible, have been dropped as a requirement in most indoor settings including in shops.

From today, most businesses will have no density limits.

The 20-person cap for exercise and dance classes has been lifted and there are no density limits for gyms, indoor recreations and sporting facilities.

Community sports events with over 1,000 attendees will no longer require a COVID-19 safety plan.

There are no longer any travel restrictions for people in Greater Sydney or in regional NSW.

What restrictions still apply?

Masks will still be required on public transport and planes, at airports and for indoor front-of-house hospitality staff who are not fully vaccinated.

Check-ins with QR codes will still be required for hospitals, aged and disability care facilities, gyms, places of worship, funeral or memorial services, personal services, sex services, pubs, small bars and registered clubs, nightclubs and strip joints.

Music festivals will be able to reopen with a 20,000 person limit and proof of vaccination will still be required for indoor music festivals with over 1,000 people and cruises with over 100 passengers.

International travellers who are not fully vaccinated will still need to quarantine for 14 days on arrival.

What's changed for the unvaccinated?

Unvaccinated people will now have the same freedoms as vaccinated people.

Health Minister Brad Hazzard yesterday urged people who still were not vaccinated to stop being "selfish" and get the jab.

NDIS, Covid land $50bn budget blow

The Australian - Page 1 & 6 : 15 December 2021 - Original article by Simon Benson - PortMac.News Summary

The federal government's mid-year economic and fiscal outlook is expected to show a modest improvement in the Budget bottom-line.

The domestic economy's rebound has boosted revenue from company and individual tax receipts, but this is set to be offset by a sharp rise in costs associated with the National Disability Insurance Scheme and COVID-19 support payments.

The cost of the NDIS is forecast to rise by $26bn over the next four years, with the federal government's share of funding also set to increase.

Meanwhile, the cost of COVID-19 support measures in the wake of the Delta outbreak is expected to have blown out to nearly $20bn.

Study indicates Omicron is milder, better at evading vaccines

The Age - Page Online : 15 December 202 - Original article by Andrew Meldrum - PortMac.News Summary

The preliminary findings of South African research into the Omicron strain of COVID-19 support initial observations that it causes less severe symptoms than previous variants of the respiratory illness.

The research was undertaken by the South African Medical Research Council and the nation's largest health insurance fund, Discover Health.

The researchers also found that the Omicron variant appears to be more easily transmitted, while the risk of hospitalisation is lower than previous variants.

The research, which has not been peer-reviewed, also suggests that the Pfizer vaccine appears to offer less defence against infection from the Omicron variant but reduces the risk of hospitalisation.

QLD jab rate spikes as CHO issues warning on masks indoors

The Courier-Mail - Page Online : 15 December 2021 - Original article by Domanii Cameron, Maddy Morwood, Matthew Killoran, Rachael Rosel - PortMac.News Summary

Queensland recorded four new COVID-19 cases on Tuesday, although they were all in home or hotel quarantine and include a returned international traveller who has the Omicron variant.

Health authorities have also advised that a passenger on a flight from Newcastle to Brisbane on Monday has tested positive for COVID-19.

The traveller subsequently flew to Townsville, and passengers on both Virgin Airlines flights are being treated as close contacts and are set to spend Christmas in home quarantine.

Meanwhile, chief health officer John Gerrard says face masks are likely to again become mandatory in indoor settings if COVID-19 starts spreading widely in the community. He adds that current restrictions on unvaccinated people will remain in place.

'Perfect storm' brewing for booster delays

The Australian - Page 9 : 15 December 2021 - Original article by Jess Malcolm - PortMac.News Summary

More than 4.1 million Australians will now be eligible for a COVID-19 booster shot by the end of 2021, after the recommended interval between a second and third dose was reduced from six months to five.

However, there are concerns that the nation's vaccination program will come under growing pressure, with many GP clinics and pharmacies opting out of participating in the booster program and the closure of some state-run mass vaccination hubs.

In addition, more than two million children aged 5-11 will be eligible to receive their first vaccine dose from 10 January.

How $2.8 billion of your money is spent

The Sydney Morning Herald - Page Online : 15 December 2021 - Original article by Katina Curtis, Shane Wright - PortMac.News Summary

A special analysis of the federal government's grants system shows that it has overwhelmingly favoured seats held by the Coalition.

The analysis of individual grant allocations in the 151 federal electorates reveals that Coalition-held seats received some $1.9bn worth of grants over the last three years, while seats held by Labor received less than $530m.

Meanwhile, Prime Minister Scott Morrison's electorate of Cook was allocated $8.2m worth of government grants; in contrast, the electorate of Grayndler, which is held by Labor leader Anthony Albanese, received just $718,000.

Marginal seats that are held by the Liberal Party have also tended to receive higher allocations under the grants system.

Retiree push to cash in homes

The Australian - Page 1 & 6 : 15 December 2021 - Original article by Geoff Chambers - PortMac.News Summary

The federal government is set to announce changes to the pension loans scheme in its mid-year economic and fiscal outlook.

It will be rebranded as the home equity access scheme, in order to make it clear that is open to all senior Australians who own their own home rather than just those who receive a pension.

The scheme is aimed at boosting the income of older Australians by enabling them to access the equity in their home. The scheme's interest rate will in turn be reduced from 4.5 to 3.95% at the start of 2022.

NDIS, Covid land $50bn budget blow

The Australian - Page 1 & 6 : 15 December 2021 - Original article by Simon Benson - PortMac.News Summary

The federal government's mid-year economic and fiscal outlook is expected to show a modest improvement in the Budget bottom-line.

The domestic economy's rebound has boosted revenue from company and individual tax receipts, but this is set to be offset by a sharp rise in costs associated with the National Disability Insurance Scheme and COVID-19 support payments.

The cost of the NDIS is forecast to rise by $26bn over the next four years, with the federal government's share of funding also set to increase. Meanwhile, the cost of COVID-19 support measures in the wake of the Delta outbreak is expected to have blown out to nearly $20bn.

Funds hit back at Hunt over rate rises

The Australian - Page 6 : 15 December 2021 - Original article by Natasha Robinson - PortMac.News Summary

Private health insurance funds have defended their push for premium increases in 2022, despite posting a $1.8bn profit in 2020-21.

Federal Health Minister Greg Hunt recently asked the health funds to reconsider and downwardly revise their proposed increases in the interests of their members.

However, Private Healthcare Australia CEO Rachel David responded by arguing that premiums must keep pace with rising underlying health costs. The cost of items on the Prostheses List continues to be problematic for health funds.

RAAF signed off on $16bn F-35 fighter program despite 'Deficiencies'

The Guardian Australia - Page Online : 15 December 2021 - Original article by Daniel Hurst - PortMac.News Summary

Former defence minister Linda Reynolds praised the Joint Strike Fighter in December 2020, when the aircraft passed the RAAF's Initial Operational Capability (IOC) milestone.

However, the Australian National Audit Office has released a report on the nation's defence acquisitions which shows that the capability manager for the JSF program had approved the IOC despite noting a number of deficiencies with the aircraft and its support systems.

The ANAO report also notes there have been delays in several defence projects, including the future frigates program and an upgrade of the Jindalee Operational Radar Network.

Female first as top lawyer takes the reins at ACCC

The Australian - Page 4 : 15 December 2021 - Original article by Patrick Commins - PortMac.News Summary

The federal government has nominated Gina Cass-Gottlieb to succeed Rod Sims as head of the Australian Competition & Consumer Commission.

Cass-Gottlieb is a senior partner at law firm Gilbert + Tobin, and established the firm's competition practice.

Sims will step down four months ahead of schedule, after 10 years in the role. Cass-Gottlieb will become the first woman to chair the competition regulator, and will initially be appointed for a five-year period.

Union fury over cracks found in imported wind turbines

The Australian - Page 5 : 15 December 2021 - Original article by Ewin Hannan - PortMac.News Summary

The Australian Manufacturing Workers' Union has criticised the federal government for failing to support local manufactures and jobs.

The AMWU's national secretary Steve Murphy says there is an obsession with buying things cheaply from overseas in order to reduce costs.

His comments follow revelations that cracks have been found in Chinese-made wind turbines at the Stockyard Hill Wind Farm in Victoria.

Forty of the turbines have been inspected to date, and cracks have been found in 19 of them. It is expected to take about one month to repair each faulty turbine.

Meteoric rise of shares set to slow in 2022

The Australian Financial Review - Page 29 : 15 December 2021 - Original article by Alex Gluyas - PortMac.News Summary

Randal Jenneke of investment manager T. Rowe Price says quality defensive stocks are likely to perform well in 2022, while he warns Australian investors to expect lower total market returns in the new year.

Jenneke adds that the withdrawal of massive stimulus measures by governments and central banks will impact on economic growth and company earnings.

T. Rowe Price also expects inflation concerns to ease in 2022, and Jenneke contends that Australia does not have an inflation problem.

ABC slumps in radio ratings

The Australian - Page 3 : 15 December 2021 - Original article by James Madden, Sophie Elsworth - PortMac.News Summary

The final radio rating survey for 2021 shows that the ABC's audience share has fallen in both Sydney and Melbourne.

Both stations recorded falls in audience share across the breakfast, morning, afternoon and drive timeslots.

Meanwhile, 2GB breakfast host Ben Fordham again won the timeslot, although his audience share was down 1.3 points.

Likewise, the audience share of 3AW's breakfast hosts Ross Stevenson and Russel Howcroft fell by 1.5 points, and morning show host Neil Mitchell recorded a 3.4 point fall in audience share.

It was the first radio ratings survey since July.

Investors divided over Fortescue's new green direction

The Australian - Page 19 : 15 December 2021 - Original article by Nick Evans, John Stensholt - PortMac.News Summary

Some institutional investors are concerned that Fortescue Metals Group has become too focused on its growing clean energy business rather than its core iron ore operations.

Fortescue Future Industries has also attracted criticism over the high-profile advertising campaigns it has used to promote its 'Green' hydrogen vision.

However, despite such concerns Fortescue continues to be popular with investors, and its shareholder base has doubled in the last year. This includes a growing number of ethical investment funds.

Rio Tinto to cancel Mongolia's $3.2b debt

The Australian Financial Review - Page 20 : 15 December 2021 - Original article by James Thornhill, Terrence Edwards = PortMac.News Summary

Rio Tinto has offered to write off a $US2.3bn ($3.2bn) debt that is owed by the Mongolian government with regard to the Oyu Tolgoi copper project.

The Mongolian government has a 34% stake in the project, which has been marred by delays and cost blowouts.

Rio Tinto in turn is the largest shareholder in Turquoise Hill Resources, which has a 66% stake in Oyu Tolgoi.

Diverting retirement savings into housing 'Would send prices soaring'

The Australian Financial Review - Page 8 : 15 December 2021 - Original article by Joanna Mather - PortMac.News Summary

Modelling undertaken on behalf of The McKell Institute suggests that housing affordability would be adversely affected if home buyers were allowed to access their superannuation to finance a deposit.

The report shows that the level of home ownership would be boosted if people were able to use $60,000 or more of their super to pay a housing deposit; however, it would also increase house prices by about 4.6% in Sydney and 10.4% in Melbourne.

Some Liberal MPs have advocated such a policy, although it is opposed by Labor.

Foreign buyers post record tally

The Australian Financial Review - Page 32 : 15 December 2021 - Original article by Nick Lenaghan - PortMac.News Summary

Data from CBRE shows that foreign investment in Australia's commercial property sector has reached a record high of $16.6bn in 2021.

This has eclipsed the $15.5bn that was invested in office towers, warehouses, shopping malls and hotels in 2015. North American investors account for about 39% of foreign investment in commercial property in 2021, ahead of Singapore-based investors (35%).

ASX closes flat as Woolies, Mesoblast sold off

The Australian Financial Review - Page 28 : 15 December 2021 - Original article by Alex Gluyas - PortMac.News Summary

The Australian sharemarket eased on 14 December, with the S&P/ASX 200 falling 0.9 points to close at 7,378.4.

The Commonwealth Bank was down 0.5% at $97.54, Woolworth shed 7.7% to end the session at $37.45 and Mesoblast retreated 17.4% to $1.40.

However, Fortescue Metals Group rose 1.3% to $18.70 and Charter Hall Group was up 5.3% at $21.95.