Latest updates on Key Economic Indicators

Australian Dollar: $0.7242 USD (up $0.0012 USD)

Iron Ore Feb Spot Price (SGX): $133.70 USD (up $1.75 USD)

Oil Price (WTI): $86.29 USD (down $0.36 USD)

Gold Price: $1,840.17 USD (down $2.44 USD)

Copper Price (CME): $4.5540 (up $0.0970 USD)

Bitcoin: $42,928.49 (up 2.5% in last 24 hours)

Dow Jones: 35,099.15 at 3.08 pm NY time (up 70.50 points on yesterday's close)

All changes compared to 7am yesterday.

Ukraine asks Australia for more 'technical assistance' to combat Russian cyber attacks

Ukraine is pressing Australia to provide expanded technical assistance to help repel devastating Russian cyber attacks as fears mount that Russian President Vladimir Putin is on the brink of launching a fresh military invasion.

Tensions between Russia and Ukraine have escalated rapidly in recent weeks as Moscow continues its military build-up, moving tens of thousands of troops to border regions.

Yesterday, US President Joe Biden said he believed Mr Putin was preparing to "move in" on Ukraine and warned an invasion would be a "disaster" for Russia.

Foreign Minister Marise Payne said she "Reaffirmed Australia's steadfast support for Ukraine's sovereignty and territorial integrity" during a phone call with Ukraine's Foreign Minister Dmytro Kuleba on Wednesday.

She reiterated that Australia backed US and European Union efforts to deter Russian aggression.

Australia prepared to impose sanctions

Australia's ambassador to Ukraine, Bruce Edwards, also said that Australia was "prepared to implement additional autonomous sanctions" against Russia "if warranted".

But Mr Kuleba's account of the phone call went further, saying he and Senator Payne also "discussed the implementation of a comprehensive package to deter the Russian Federation from further aggression against Ukraine, which includes political, economic and security components".

'Certain punishment': Beijing warns Olympians against protesting

Brisbane Times - Page Online : 21 January 2022 - Original article by Eryk Bagshaw - PortMac.News Summary

The Beijing Olympic Committee has warned that protests by athletes at the upcoming Winter Olympics that breach China's restrictions on freedom of speech would be liable under Chinese law.

Yang Shu from the BOC contends that the politicisation of sports is contrary to the Olympics Charter, while that any behaviour that is against the "Olympic spirit", particularly against Chinese laws and regulations, would be subject to "certain punishment".

Joint Committee on Intelligence and Security chairman James Paterson has described the BOC's comments as a "chilling warning" to athletes that they should not exercise their freedom of speech at the Winter Olympics.

US accuses Russia of conspiring to take over Ukraine government

The Guardian - Page Online : 21 January 2022 - Original article by Julian Borger, Luke Harding - PortMac.News Summary

The US has alleged that Russia is conspiring to take over the Ukraine government, and Treasury has imposed sanctions on four current and former Ukraine government officials it claims are involved.

The US has threatened "unprecedented" sanctions against Russia if it goes ahead with an invasion of the Ukraine, although European allies of the US are resisting suggestions that Russia should be cut off from the international electronic payment system known as Swift.

Omicron wave has likely peaked in NSW and Victoria, some experts say

The Guardian Australia - Page Online : 21 January 2022 - Original article by Donna Lu - PortMac.News Summary

University of South Australia epidemiologist and biostatistician Professor Adrian Esterman estimtes that the effective reproduction rate of COVID-19 has fallen to 0.8 per cent in Victoria and 0.83 in New South Wales.

He says this strongly suggests that the Omicron variant has peaked in both states. However, Dr Michael Lydeamore of Monash University says it may take another week for experts to know if the Omicron wave has peaked in these states.

Victoria reported 21,966 new COVID-19 cases on Thursday, and another 15 deaths from the current outbreak.

NSW in turn reported 30,825 new cases and 25 deaths, while there were 16,812 new cases and nine deaths in Queensland. 

Westpac, AMP tip rate rise in August

The Australian - Page 20 : 21 January 2022 - Original article by Matt Bell - PortMac.News Summary

Westpac now expects the Reserve Bank of Australia to increase official interest rates twice in 2022; the bank had previously forecast that the first rate rise would be in February 2023.

Westpac says the RBA is likely to lift the cash rate by 15 basis points in August and 25 basis points in October.

AMP also expects the first rate rise to occur in August, after the latest official jobs data showed that the unemployment rate fell to a 13-year low of 4.2% in December. Westpac's chief economist Bill Evans forecasts that the jobless rate will fall to 4.1% in June and 3.8% by the end of 2022.

Increased Covid risk a 'Trade-off' in reopening schools, Australian chief medical officer says

The Guardian Australia - Page Online : 21 January 2022 - Original article by Daniel Hurst, Josh Butler - PortMac.News Summary

Australia's Chief Medical Officer Paul Kelly concedes that the return of children to schools could result in an increased risk of COVID-19 transmission to their families.

However, he said that it is "important for all sorts of reasons" to get students back into the classroom, and that all his state and territory colleagues are in agreement.

Meanwhile, the commonwealth and states have agreed to equally split the cost of surveillance testing in schools, although Prime Minister Scott Morrison has claimed that there no medical advice that such testing is necessary.

Medical regulator approves first two COVID-19 treatments

The Australian Financial Review - Page 6 : 21 January 2022 - Original article by Tom McIlroy - PortMac.News Summary

The Therapeutic Goods Administration has approved two oral drugs to be used in mild cases of COVID-19.

Federal Health Minister Greg Hunt says the two drugs are targeted at people with mild to moderate COVID-19 symptoms but who are at high risk of "Progressing to severe disease", with treatment to start as soon as a positive diagnosis of COVID-19 has been made.

One of the drugs has been developed by Pfizer while the other has been developed by Merck.

The federal government has ordered 500,000 courses of the Pfizer drug and 300,000 courses of the Merck drug.

The TGA has also approved the use of Novavax's COVID-19 vaccine in Australia.

Suppliers are lying about rapid antigen tests, Health Minister says

The Australian Financial Review - Page 4 : 21 January 2022 - Original article by Hannah Wootton - PortMac.News Summary

Health Minister Greg Hunt has again denied claims that the federal government is diverting private orders for rapid antigen tests to the national stockpile.

Hunt says companies making such claims had "overpromised" and were looking to make excuses for their failure to deliver, and that he will refer any such companies to the Australian Competition & Consumer Commission.

Prime Minister Scott Morrison has also denied that the government is requisitioning RATs, while the Therapeutic Goods Administration's John Skerritt claims that it has "had a lot of trouble with companies making false claims" in regard to RATs.

'Not protecting us': Australia urged to answer vaccine plea to stop new variants

The New Daily - Page Online : 21 January 2022 - Original article by Mathew Elmas - PortMac.News Summary

The United Nations-backed COVAX initiative has so far distributed one billion vaccines to low-income nations, about half its original target.

It has called for a $US5.2 billion ($7.1 billion) funding injection, stating that this will help it to distribute 600 million vaccines in 2022 and to establish vaccination clinics.

'End COVID For All' has called on the federal government to make a $250 million contribution to COVAX, claiming that Australia risks more variants of COVID-19 if efforts to vaccinate the entire world against the virus disease fail.

'Pathetic': Morrison under fire from LNP senator who backs Christensen

Brisbane Times - Page Online : 21 January 2022 - Original article by Cameron Atfield - PortMac.News Summary

Prime Minister Scott Morrison says he does not intend to take action against Queensland Liberal National Party senator Gerard Rennick over a Facebook post in which he referred to Morrison as "Pathetic".

Rennick was defending George Christensen in the post, after Christensen called on parents not to vaccinate their children against COVID-19.

This prompted Morrison to disclose that "high-level discussions had taken place within the government" about Christensen's future, and saw Christensen announce he would be resigning as chairman of the chair of the Joint Standing Committee on Trade and Investment Growth.

'Stuck in limbo-land': restrictions keep bridging visa holders trapped in, and out, of Australia

The Guardian - Page Online : 21 January 2022 - Original article by Christopher Knaus - PortMac.News Summary

The federal government has announced an easing of travel restrictions for most holders of temporary visas, enabling them to leave and enter Australia after being 'trapped' by the pandemic.

However, restrictions for those who hold bridging visa B (BVB) remain, with one of those impacted by the federal government's decision not to ease restrictions for BVB holders being Emma Cochrane, who is from the UK and who has been stuck in Australia since the start of the pandemic.

Should she leave Australia in order to see her family in the UK, she would need an exemption to get back into Australia, with Cochrane saying "we're literally stuck in this limbo-land".

Class action reforms are overreach: lawyer

The Australian Financial Review - Page 9 : 21 January 2022 - Original article by Hannah Wootton - PortMac.News Summary

The Senate is examining the federal government's proposed class action reforms, which would see the share of class action payouts that litigation funders and lawyers can claim capped at 30%.

Tom Marland, a lawyer from Bundaberg in Queensland, has told the Senate that the reforms represent "a direct interference into an already regulated industry", and would result in most class actions being no longer viable.

He says the legislation should be scrapped in its entirety.

ASIC success will hinge on going hi-tech: Longo

The Australian Financial Review - Page 7 : 21 January 2022 - Original article by John Kehoe - PortMac.News Summary

The Australian Securities & Investments Commission is learning how to use new technologies such as artificial intelligence and predictive coding to help it become a better regulator of business as the economy becomes increasingly digital.

ASIC chairman Joseph Longo notes that the world is rapidly changing as a result of new technology, while he comments that artificial intelligence is "utterly extraordinary".

Longo and ASIC are putting together a digital transformation strategy, and will be seeking funding from the federal government to help with its implementation.

'Complex' battle begins over the carcass of Dixon Advisory

The Australian Financial Review - Page 13 & 18 : 21 January 2022 - Original article by Carrie LaFrenz, Jonathan Shapiro - PortMac.News Summary

Self-managed superannuation fund advisory firm Dixon Advisory Superannuation Services was placed into voluntary liquidation by its directors on 19 January, with PwC partners Stephen Longley and Craig Crosbie having been appointed as its administrators.

The directors took such action as they considered that a number of legal claims against the firms means it was likely to become insolvent in the future.

Longley has suggested that up to 5,000 of Dixon Advisory's clients could have a claim against it; the first creditors' meeting will be held on 1 February.

UK wine tax change 'to wipe out FTA gains'

The Australian - Page 13 & 14 : 21 January 2021 - Original article by Kylar Loussikian - PortMac.News Summary

The British government will revamp the way that it taxes alcoholic drinks, with the focus now being on the amount of alcohol a drink contains.

It will mean that any alcoholic drink with an alcohol by volume level of over 11.5% will incur more tax than under the current system, and the revamp is expected to particularly punish Australian red wines.

Australian winemakers estimate that the revised tax will result in $150 million in new costs, wiping out the $50 million in gains from the free trade agreement between Australia and the UK.

Outrage over Nine's $2m for Cleo interview

The Australian - Page 1 & 6 : 21 January 2022 - Original article by Liam Mendes - PortMac.News Summary

The Nine Network's flagship '60 Minutes' program will broadcast an exclusive interview with the parents of four-year-old Cleo Smith, who was found safe and unharmed after a three-week kidnap ordeal in late 2021.

There has been speculation that Cleo may also be interviewed, which has raised ethical concerns among some of Nine's journalists.

They have also questioned the record $2m-plus cost of the deal, given the deep budget cuts at most of the network's news and current affairs programs.

The Seven Network is also believed to have sought the rights to the interview.

'Alternative opinion': Kelly grills Facebook, TikTok

The Australian Financial Review - Page 8 : 21 January 2022 - Original article by Miranda Ward - PortMac.News Summary

United Australia Party leader Craig Kelly has quizzed executives of social media platforms appearing before a Senate inquiry into online safety as to how they "identify and remove" COVID-19 misinformation.

Kelly also asked them why they do not permit "differences of opinion" regarding treatment of the virus disease.

Kelly had his Facebook page removed in August as a result of a number of breaches of its misinformation policy, while he has regularly spruiked 'alternative' treatments for COVID-19 such as hydroxychloroquine

Unified BHP poised to dominate ASX

The Australian - Page 13 & 14 : 21 January 2022 - Original article by Nick Evans - PortMac.News Summary

BHP will replace the Commonwealth Bank as Australia's largest listed company after local and British shareholders endorsed a proposal to abolish its dual-listed restructure.

BHP's weighting in the S&P/ASX 200 Index will rise from 6.2% to about 10% following the move.

The unification proposal had been backed by an independent expert's report from Grant Samuel, which concluded in December that it is in the best interests of shareholders.

BHP chairnan Ken MacKenzie has told investors that the dual-listed structure is no longer the "optimal configuration" for the resources group.

Gold miners shine in flat ASX session

The Australian Financial Review - Page 26 : 21 January 2022 - Original article by Vesna Poljak - PortMac.News Summary

The Australian sharemarket posted a small gain on 20 January, with the S&P/ASX 200 rising 0.1% to close at 7,342.4 points.

Northern Star Resources was up 11.2% at $9.73, Coronado Global Resources advanced nearly s6% to $1.51 and Woodside Petroleum finished 1.5% higher at $25.81.

However, Zip Co was down 1.4% at $3.61 and Woolworths fell 0.9% to $35.08.