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Energy 'Capacity mechanism' | NSW Budget : Stamp duty reform, $38m For EV charging | Russia intensifies attacks in east | Miami guns for Ukraine | $A, Bit-coin & Oil Up; Dow steady; Gold & Iron Down.

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Source : PortMac.News | Independent | News Story:

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21-06-22 | NSW Budget | Russia targets Lithuania | Crypto
Energy 'Capacity mechanism' | NSW Budget : Stamp duty reform, $38m For EV charging | Russia intensifies attacks in east | Miami guns for Ukraine | $A, Bit-coin & Oil Up; Dow steady; Gold & Iron Down.

Latest updates on Key Economic Indicators:

Australian Dollar: $0.6948 USD (up $0.0030)

Iron Ore Jul Spot Price (SGX): $110.40 USD (down $9.10 USD)

Oil Price (WTI): $110.27 USD (up $0.71 USD)

Gold Price: $1,838.80 USD (down $1.80 USD)

Copper Price (CME): $4.0060 (down $0.0055 USD)

Bit-coin: $20,517.64 (up 0.70% in the last 24 hours)

Dow Jones: 29,888.78 (unchanged - public holiday)

All changes compared to 7am yesterday.


Ukraine : "We are preparing. We are ready," Russia intensifies attacks on key cities in east

Russian forces captured territory along a frontline river in eastern Ukraine and intensified pressure on two key cities on Monday, after Ukrainian President Volodymyr Zelenskiy predicted Moscow would escalate attacks ahead of an EU summit expected to welcome Kyiv's bid to join the bloc.

The governor of Ukraine's Luhansk region, scene of the heaviest Russian onslaughts in recent weeks, said the situation was "Extremely difficult" along the entire frontline there as of Monday evening.

"The Russian army has accumulated sufficient amount of reserves to begin a large-scale offensive," the governor, Serhiy Gaidai, said on Ukrainian television.

He said Russian forces controlled most of the city of Sievierodonetsk, apart from the Azot chemical plant, where hundreds of civilians have been sheltering for weeks, and the road connecting Sievierodonetsk and its sister city Lysychansk to the city of Bakhmut was under constant shell fire.

"Lysychansk has been suffering from massive Russian shelling all day. It is impossible to establish the number of casualties as of yet," Gaidai said, adding that the shelling has been perhaps the heaviest the city had yet experienced.

Even so, the Russians had yet to complete an encirclement of Ukrainian forces, who were inflicting "significant losses" on them," he said.

On Sunday, in his customary night-time video address to the nation, Zelenskiy said an intensification of Russian attacks was to be expected this week.

"We are preparing. We are ready," he said.

Russia trains its sights on Lithuania:

Russia has reacted with anger to a decision by Lithuania to block the transit of some Russian goods through its territory to Kalingrad, which is a Russian seaport enclave on the Baltic.

Russia has described Lithuania's actions as "openly hostile", but Lithuanian Foreign Minister Gabrielus Landsbergis said it was merely implementing European Union sanctions that had been introduced in the week ending 17 June.

There are suggestions that Lithuania's actions could prompt Russia to try to seize a 100 kilometre strip of territory known as the Suwalki Gap.

It lies between the border of Poland and Lithuania, and capturing it has long been a strategic goal of Russia.


Covid : Real number of Omicron cases nearly twice as high as official tally

SBS News - Page Online : 21 June 2022 - PortMac.News Summary

Research suggests that at least 17% of Australian adults were infected with SARS-CoV-2 after the Omicron wave peaked.

The research by the National Centre for Immunisation Research & Surveillance and the Kirby Institute is based on blood antibody samples taken from 5,185 Australians in late February and early March.

Western Australia had the lowest proportion of adults with COVID-19 antibodies, at just 0.5%; however, the state's caseload has surged since its borders were reopened on 3 March.

Meanwhile, NSW recorded 6,076 new COVID-19 cases and five deaths on Monday; there were 5,661 new infections and no deaths in Victoria.


'Energy Mechanisum' : Bowen says states can decide how to provide backup energy

The Guardian Australia - Page Online : 21 June 2022 - Original article by Peter Hannam, Adeshola Ore, Katherine Murphy - PortMac.News Summary

The Energy Security Board has proposed that coal and gas companies be paid to have backup generation available as Australia's national electricity market moves towards low-emission alternatives as part of its capacity mechanism plan.

Federal energy minister Chris Bowen says it is up to the individual states to decide how they provide backup energy generation as part of the capacity mechanism, so long as their plans are in accordance with the Albanese government's 2030 emission targets.


Economic picture looks even grimmer for new Treasurer

The Australian - Page 11 : 21 June 2022 - Original article by Judith Sloan - PortMac.News Summary

Federal election costings showed that the cumulative budget deficit over the forward estimates period would be just 3.3% higher under a Labor government.

The Coalition had been reluctant to begin the Budget repair process, which could have reduced the deficit by more than $38bn.

By running the economy so close to full capacity, the Coalition unleashed a potential world of pain in terms of rising inflation, rising interest rates, falling property and asset prices, and potentially a much higher unemployment rate in the future.

Treasurer Jim Chalmers has inherited a deeply unsatisfactory fiscal position and rising government debt.


Beware inflation cocktail

The Australian - Page 21 : 21 June 2022 - Original article by Robert Gottliebsen - PortMac.News Summary

Reserve Bank of Australia governor Philip Lowe recently forecast that the inflation rate will rise to around 7% by the end of 2022.

This forecast is likely to be realised - and possibly exceeded - if transport operators push ahead with price increases, which retailers would inevitably pass on to consumers.

Adding to inflationary pressure is the so-called 'Albanese wage rise', which will take effect in the new financial year.

The RBA's non-executive directors need to actively find out how inflationary pressures are affecting businesses, rather than relying on out-of-date statistics from the central bank's Martin Place bunker.

Doing so is likely to show that interest rates will need to be increased much more aggressively.


Not so fast: moderate Libs flag climate revolt

The Australian Financial Review - Page 4 : 21 June 2022 - Original article by Phillip Coorey - PortMac.News Summary

Labor has flagged its intention to introduce legislation for its climate and energy policy soon after parliament resumes on 26 July.

This will cover its target of cutting emissions by 43 per cent over 2005 levels by 2030, along with a target of net zero emissions by 2050. Opposition leader Peter Dutton says Labor should be clear that it will not support legislation for its climate targets, saying it had made its stance prior to the election and that millions of people had voted for the Coalition on that basis.

However, moderate Liberal MPs have indicated the issue should be decided in the party room, with some indicating they might cross the floor over the issue.


Environment report Coalition didn't release paints 'Damning story of neglect'

The Guardian Australia - Page Online : 21 June 2022 - Original article by Adam Morton - PortMac.News Summary

Federal Environment and Water Minister Tanya Plibersek has advised that she will release the latest 'State of the environment' report on 19 July.

The former Coalition government received the five-yearly report in December, but environment minister Sussan Ley failed to release it.

Plibersek says this is because the report confirms that the state of the environment deteriorating and that species are becoming extinct at a faster rate.

Plibersek has outlined her priorities in the environment portfolio, which include keeping the election commitments made by Terri Butler as shadow environment minister.

Butler lost her seat at the federal election.


Julian Assange's brother urges Albo to publicly condemn US extradition

abc.net au - Page Online : 21 June 2022 - Original article by James Glenday - PortMac.News Summary

UK Home Secretary Priti Patel ordered over the weekend of 18-19 June that Wikileaks co-founder Julian Assange be extradited to the US, but his lawyers have indicated they will appeal the decision.

Assange's brother Gabriel Shipton has urged Prime Minister Anthony Albanese to publicly condemn Assange's extradition to the US and request that he be returned to Australia, suggesting that it would be hard for the Biden administration to say no to such an important ally.


Labor to review Coalition super benchmarks, tests

The Australian Financial Review - Page 8 : 21 June 2022 - Original article by Ronald Mizen - PortMac.News Summary

The federal government will review the Coalition's performance benchmarking system for superannuation fund, although Assistant Treasurer Stephen Jones has indicated that the performance benchmarks will not be scrapped.

He agrees that measuring the performance of super funds is necessary, but notes that the current benchmarks can result in "Perverse consequences" for investment decisions.

The review will also examine several elements of the requirement for super trustees to act in the best financial interests of fund members.


DFAT head Kathryn Campbell set to be replaced

The Guardian Australia - Page Online : 21 June 2022 - Original article by Daniel Hurst - PortMac.News Summary

The federal government is expected to make further changes to the senior ranks of the bureaucracy.

This is tipped to include the removal of Department of Foreign Affairs & Trade secretary Kathryn Campbell; there is speculation that she will be succeeded by Jan Adams, who is currently Australia's ambassador to Japan.

Campbell headed the Department of Human Services when it implemented the controversial 'Robodebt' scheme for welfare recipients in 2015.

Other senior public service changes since Labor took office include appointing Glyn Davis to head the Department of the Prime Minister & Cabinet.


Skilled worker visa backlog hits 16,000

The Australian Financial Review - Page 5 : 21 June 2022 - Original article by Tom McIlroy, Michael Read - PortMac.News Summary

Data released by the Department of Home Affairs under freedom of information laws shows that 16,467 applications for regional skilled worker visas were awaiting processing in March.

The number of applications for the 887 skilled regional visa stream included 300 that had been received by Home Affairs more than a year earlier.

The visa backlog has coincided with a rise in the number of job vacancies in Australia to a record 423,000.

Immigration Minister Andrew Giles says the federal government is working on measures to address the backlog.


NSW pulls trigger on stamp duty overhaul

The Australian Financial Review - Page 1 & 6 : 21 June 2022 - Original article by Samantha Hutchinson - PortMac.News Summary

NSW Premier Dominic Perrottet says he wants to make it easier for first home buyers to enter the housing market, with the state to move to allow first home buyers the option of paying the upfront cost of stamp duty or an annual land tax.

The $730 million plan will be a key focus of the NSW budget on 21 June, and buyers who choose the land tax option will pay an annual fee of $400 plus 0.3% of the land value of the property; the land tax option will be available on houses valued at less than $1.5 million.

Perrottet says that stamp duty is one of the biggest upfront costs that first home buyers have to deal with, while NSW Treasurer Matt Kean notes that first home buyers are having to wait longer to enter the housing market than they did in the past.

(See full story on PortMac.News today)


Neilson to cut funds to mainstream media

The Australian - Page 2 : 21 June 2022 - Original article by David Ross - PortMac.News Summary

The four independent directors of the Judith Neilson Institute for Journalism and Ideas quit in the week ending 17 June after the philanthropist flagged her intention to bring the Institute under her auspice.

Judith Neilson family office CEO Simon Freeman says she wants to see a change in the Institute's funding priorities, with areas such as investigative reporting, photojournalism and youth media likely to be targeted.

However, the Institute will honour all existing funding commitments.


Japan divests Aussie coal 'But won't abandon it'

The Australian Financial Review - Page 17 : 21 June 2022 - Original article by Michael Smith - PortMac.News Summary

Australia accounts for about two-thirds of the coal used in Japan, and around a third of the nation's LNG imports.

Japan is seeking to reduce its reliance on fossil fuels as part of the government's net zero emissions target.

Mitsui is said to be seeking potential buyers for its 20% stake in the South Walker Creek and Poitrel coking coal mines in Queensland, having sold a 10% stake in the Bengalla mine in New South Wales in 2019.

Analysts say that Japanese companies' demand for Australian coal will remain strong, given the energy crisis that has been sparked by the invasion of Ukraine.


Mining boss calls for direct investment from automakers

The West Australian - Page Online : 21 June 2022 - Original article by Stuart McKinnon - PortMac.News Summary

Golden State Mining is looking for lithium and other battery metals at its Yule project in Western Australia's Pilbara region, as well as its recently-purchased Payne's Find project.

Despite the strong demand for battery minerals as the world looks to move towards electric vehicles, Golden State Mining MD Mike Moore notes that junior explorers like his firm are struggling with what he refers to as a "Hand-to-mouth business model", even though junior explorers are the firms mostly responsible for finding new battery mineral deposits.

He says that automakers may soon to have invest in firms like his if they want to secure the battery minerals they need for EVs.


Home sale profits fell $8b in March quarter

The Australian Financial Review - Page 32 : 21 June 2022 - Original article by Michael Bleby - PortMac.News Summary

Data provider CoreLogic has analysed established home sales in the March quarter, and has estimated that the proportion of profit-making sales fell from 94% in the December quarter to 93.7%.

It calculates that this cut $8 billion from the collective profit of vendors, while profitable housing sales fell in the March quarter for the first time since the August 2020 quarter, when the housing market had been unsettled by the uncertainty of the pandemic.

Eliza Owen from CoreLogic suggests the level of loss-making sales is likely to increase over the rest of 2022, due to the decline in housing values that only "Kicked in" after the March quarter ended.


Crypto punters 'Buying the dip'

The Australian - Page 20 : 21 June 2022 - Original article by David Ross - PortMac.News Summary

The price of bit-coin fell around 30% in the last week, but this has not stopped cryptocurrency investors 'Buying the dip'.

Former Northern Territory attorney-general John Elferink has some crypto investments, and says the recent plunge in the market has not damaged his faith in the asset class.

He says when it comes to investing in crypto, his one mantra is never to invest more than he is prepared to lose, while crypto exchange BTC Markets CEO Caroline Bowler says she is seeing Australian investors buying the dip in both bit-coin and ethereum.


Australian dollar to struggle amid growth concerns

The Australian Financial Review - Page 29 : 21 June 2022 - Original article by Cecile Lefort - PortMac.News Summary

The Australian dollar has fallen by more than 3% so far in June, including a 1.5% decline in the last week.

The currency is likely to come under further pressure amid commodity price weakness and the prospect that central banks will continue to aggressively tighten monetary policy in a bid to bring inflation under control.

John Broomhead from the ANZ Bank expects the Australian dollar to trade within a range of $US0.68 and $US0.72 in the near-term, before rising to $US0.75 by the end of 2022.


ASX falls amid Oil & Iron rout

The Australian Financial Review - Page 28 : 21 June 2022 - Original article by Cecile Lefort -PortMac.News Summary

The Australian sharemarket posted a small loss on 20 June, with the S&P/ASX 200 falling 0.6% to close at an 18-month low of 6,433.4 points.

Fortescue Metals Group was down 8.6% at $17 and Beach Energy shed 8.4% to end the session at $1.55.

However, the ANZ Bank rose 1%t to $21.39, Block was up 4.1% at $84.33 and Vicinity Centres added 6.3% to finish at $1.85.


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