Latest updates on Key Economic Indicators:

Australian Dollar: $0.7096 USD (up $0.0006)

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All changes compared to 7am yesterday.

U.S. and Ukraine discuss danger of escalation as new arms extend Kyiv's reach

As the United States and its allies provide Ukraine with increasingly sophisticated arms, Washington has held discussions with Kyiv about the danger of escalation if it strikes deep inside Russia, U.S. and diplomatic officials tell Reuters.

The behind-the-scenes discussions, which are highly sensitive and have not been previously reported, do not put explicit geographic restrictions on the use of weapons supplied to Ukrainian forces. But the conversations have sought to reach a shared understanding of the risk of escalation, three U.S. officials and diplomatic sources said.

"We have concerns about escalation and yet still do not want to put geographic limits or tie their hands too much with the stuff we're giving them," said one of the three U.S. officials, speaking on condition of anonymity.

President Joe Biden's administration and U.S. allies have been increasingly willing to give Ukraine longer-range weapons, including M777 howitzers, as Kyiv battles Russia's invasion forces with more success than American intelligence officials had predicted.

The Pentagon's announcement last week that Denmark will provide Ukraine with Harpoon anti-ship missiles would further extend Kyiv's reach.

U.S. officials say the Biden administration is even considering supplying Kyiv with the M142 High Mobility Artillery Rocket System (HIMARS), which depending on the munitions can have a range of hundreds of kilometers.

PM seeks to sideline the Greens

The Australian Financial Review - Page 1 & 9 : 27 May 2022 - Original article by Phillip Coorey - PortMac.News Summary

Prime Minister Anthony Albanese has ruled out striking deals with the Greens or independents in order to pass legislation.

Albanese says Labor has a clear mandate and the party will implement the exact policies it took to the election.

This includes its climate change policy, with the Greens advocating a much stricter carbon emissions reduction target than Labor's proposed 43 per cent reduction on 2005 levels by 2030.

Labor is now just one seat short of securing majority government in the lower house, although it will need the support of the Greens and at least one independent in the Senate.

Meanwhile, former prime minister Scott Morrison has advised that he will remain in parliament, although he will not seek a frontbench role.

Chalmers flags 'Sacrifices' to lift standard of living

The Australian - Page 1 & 4 : 27 May 2022 - Original article by Patrick Commins - PortMac.News Summary

Treasurer Jim Chalmers says the former Coalition government had repeatedly "Overpromised and underdelivered" with regard to productivity.

He adds that productivity growth has been the "Missing ingredient" for much of the last decade, and contends that it would not return to 1.5% under the Coalition's policy settings.

Chalmers says the new federal government's Budget in October will include a "More ­realistic" picture of Australia's productivity challenge, while he believes that people are willing to accept that some sacrifices may be necessary in order to increase the standard of living.

Electricity price shock to hit Labor

The Australian - Page 1 & 4 : 27 May 2022 - Original article by Greg Brown, Perry Williams - PortMac.News Summary

Rising electricity prices will be one of the first challenges for the new federal government, after the Australian Energy Regulator approved big increases in the default market offer rates for power users in three states.

Incoming energy minister Chris Bowen says Australians are paying more for electricity than they should due to the Coalition's policy failure over the last nine years.

Australian Chamber of Commerce & Industry CEO Andrew McKellar says rising electricity prices will further increase inflationary pressures across the economy; he has urged the Coalition to support Labor's Powering Australia energy plan.

We'll do it right, Wong tells the Pacific

The Australian - Page 1 & 4 : 27 May 2022 - Original article by Ben Packham - PortMac.News Summary

Foreign Minister Penny Wong has told the Pacific Island Forum in Fiji that the previous Australian government had ignored the region's calls for action on climate change.

Wong said the results of the 21 May election had shown a huge degree of support among Australians for action on climate change, which she said the Albanese government was firmly committed to.

She promised the forum that Australia would be doing more in the region and would be doing it differently, being a partner with "No strings attached".

Climate to drive housing policies

The Australian - Page 4 : 27 May 2022 - Original article by Mackenzie Scott - PortMac.News Summary

Analysis by social housing body PowerHousing Australia reveals that more than 25% of the top 20 electorates in terms of property value increases since the start of the pandemic fell to progressive candidates at the federal election.

This has led property experts to suggest that climate action could become an influencing factor on housing policy, with PowerHousing CEO Nicholas Proud claiming that housing emissions contribute up to 20% of Australia's CO2 footprint.

Anne Webster will stand for Nationals deputy

The Guardian Australia - Page Online : 27 May 2022 - Original article by Gabrielle Chan - PortMac.News Summary

The National Party holds a leadership spill following every federal election; Michael McCormack and Darren Chester are said to be considering a tilt at the leadership, and both have previously been critical of current leader Barnaby Joyce.

Deputy leader David Littleproud has yet to declare his leadership intentions, although Mallee MP Anne Webster has advised that she will be a contender for his position.

The Nationals' partyroom will hold a leadership vote on Monday. Meanwhile, Labor frontbencher Tanya Plibersek has apologised for likening likely new Liberal leader Peter Dutton to 'Harry Potter' villain Voldemort.

Australian police renew calls for national firearms database

The Guardian Australia - Page Online : 27 May 2022 - Original article by Christopher Knaus - PortMac.News Summary

The creation of a national firearms register for Australia was first recommended more than 30 years ago by the National Committee on Violence, which was set up in the wake of the Queen Street and Hoddle Street mass shootings in Victoria.

Calls for a national firearms database have again been renewed following the latest mass shootings in the US, with Australian Federal Police Association president Alex Caruana saying such a database is critical when it comes to properly tracking guns across the country.

Third of firms plan to lift prices in next 90 days

The Australian Financial Review - Page 10 : 27 May 2022 - Original article by Ronald Mizen - PortMac.News Summary

Capital expenditure plans for 2022-23 are up 11.8% from the initial estimate for the period, according to the Australian Bureau of Statistics' latest business investment data, while they are 15.4% higher than the same estimate for 2021-22.

Meanwhile, over a third of businesses have indicated that they intend to increase their prices over the next three months, due to rising input and wage costs.

NSW to give extra $400 to help eligible households with energy bills

The Sydney Morning Herald - Page Online : 27 May 2022 - Original article by Lucy Cormack - PortMac.News Summary

NSW Treasurer Matt Kean has announced that the NSW government will be increasing its Energy Accounts Payment Assistance program, allowing eligible households to apply for an additional $400 in vouchers to cover their energy expenses.

The increase comes as the Australian Energy Regulator announced that price caps on what energy retailers can charge will rise as from 1 July, with caps in NSW to rise by 14% or $227.

Meanwhile NSW Premier Dominic Perrottet said cost of living measures would be central to the state's budget, which will be handed down on 21 June.

Rout in US retail sector could hit local stocks

The Australian - Page 20 : 27 May 2022 - Original article by David Rogers - PortMac.News Summary

The pandemic boosted the revenue of consumer goods retailers, due to factors such as lockdowns and the unprecedented fiscal and monetary policy stimulus.

However, the recent sharp fall in the share price of US-based Target Corporation reflects the growing uncertainty for retailers, with rising costs, excessive inventories and the prospect of less stimulus.

Morgan Stanley warns of similar risks for Australian retailers; however, the investment bank says local retailers will be shielded to some extent, given that the consumer savings rate in Australia is still almost double that of the US.

Endeavour says shoppers slow to return to big malls

The Australian Financial Review - Page 21 : 27 May 2022 - Original article by Simon Evans - PortMac.News Summary

Endeavour Group CEO Steve Donohue contends that foot traffic has not yet returned to pre-COVID-19 levels in large shopping malls.

Endeavour owns the BWS and Dan Murphy's liquor stores, and Donohue says that its customers are very keen on products made locally.

He adds that Endeavour intends to open between 20 and 30 new liquor stores each year.

Endeavour also owns a hotels business with 340 outlets, and Donohue says it is hard to say what impact rising electricity prices will have on the group's hotel and retail operations.

'Colonisation' of Indigenous food

The New Daily - Page Online : 27 May 2022 - Original article by Sezan Bakan - PortMac.News Summary

Fast food company McDonald's has launched a new coffee product called the Australiano, with one of its ingredients listed as being 'Native wattleseed'.

Associate Professor Emma Lee from Swinburne University says the new product amounts to a "Colonisation" of Indigenous food, and she claims that it ignores the significance of wattle in Indigenous culture.

Lee also notes that McDonald's has used the word 'Native' rather than 'Indigenous' when referring to the wattleseed, and she says 'Native' is a word with no association to local Aboriginal communities.

King of sound joins the ranks of Australia's wealthiest

The Australian Financial Review - Page 1 & 2 : 27 May 2022 - Original article by Julie-anne Sprague, Michael Bachelard - PortMac.News Summary

Mining magnate Gina Rinehart has retained her ranking as Australia's wealthiest individual on the annual Financial Review Rich List.

Rinehart's estimated wealth is $34.02bn, which is $3bn higher than in 2021.

She is followed by rival iron ore magnate Andrew Forrest with estimated wealth of $30.7bn.

Atlassian founders Mike Cannon-Brookes and Scott Farquhar are ranked third and fourth, although their personal wealth has fallen in the wake of a sharp fall in US-listed growth stocks in recent weeks.

Peter Freedman is among the new entrants to the Rich List; the founder of audio technology company Rode Microphones has estimated wealth of $701m.

'Asleep at the wheel': The trouble with lithium

The West Australian - Page Online : 27 May 2022 - Original article by Annie Lees - PortMac.News Summary

Lithium prices have risen up almost 500% in a year, as demand for what is a key component in electric vehicles exceeds supply.

Benchmark Mineral Intelligence claims that current lithium spot prices could add as much as $US1,000 ($1,400) to the cost of a new electric vehicle, while BMI analyst Cameron Perks claims that EV makers have "Been asleep at the wheel" in terms of not expanding quickly enough to meet demand.

Global Lithium founder Joe Lowry notes there is "Plenty of lithium in the ground", but that it can take up to 10 years to develop a greenfield lithium brine project.

NSW racing to rescue Metricon

The Australian - Page 13 & 16 : 27 May 2022 - Original article by Yoni Bashan - PortMac.News Summary

The NSW government is looking at a package aimed at assisting the state's troubled construction industry and bailing out home builder Metricon, amid fears that it is close to collapse.

Metricon has been under considerable scrutiny since early 2022, and was compelled to tell customers and employees that it was not experiencing financial problems.

The NSW government's proposed rescue package comes as Reserve Bank assistant governor Luci Ellis told the Urban Development Institute of Australia on 25 May that pressures on builder profits and costs were set to continue for some time

Could 3D-printed houses ease Australia's housing crisis?

abc.net.au - Page Online : 27 May 2022 - Original article by Lucy Thackray, Nic Healey - PortMac.News Summary

The Dubbo Regional Council will consider a motion to undertake a trial of 3D-printing technology to build houses more quickly and cost-effectively.

Councillor Matt Wright notes that the technology is already being used in housing projects in a number of countries, and he believes that it could help to address the growing problem of housing affordability and availability in regional areas.

ASX Appen lights up tech stocks

The Australian Financial Review - Page 28 : 27 May 2022 - Original article by Vesna Poljak - PortMac.News Summary

The Australian sharemarket retreated on 26 May, with the S&P/ASX 200 shedding 0.7% to close at 7,105.9 points.

Rio Tinto was down 1.1% at $110.78, Champion Iron finished 2.3% lower at $7.58 and Endeavour Group fell 6% to $7.20.

However, Appen rose 29.2% to $8.27 in response to a takeover proposal that was subsequently withdrawn, and Qantas added 1.1% to end the session at $5.41.