Latest updates on Key Economic Indicators

Australian Dollar: $0.7851 USD (up $0.0073 USD)

Iron Ore Jun Spot Price (SGX): $204.40 USD (up $9.40 USD)

Oil Price (WTI): $64.90 USD (up $0.02 USD)

Gold Price (7 May): $1,831.42 (up $16.57 USD)

Gold Price (10 May): $1,831.10 (down $0.32 USD

Bit-coin: $57,996.58 USD (down 1.67% in last 24 hours)

Dow Jones: 34,777.76 (up 229.23 points on Thursday's close)

All changes compared to 7am Friday, except gold.

China editorial Suggests Use Of Long-Range Missiles Against Australia

In a very worrying editorial opinion piece in the Communist Party of China's officially sanctioned web news site 'The Global Times', in an opinion piece the editor-in-chief implies that China will move against Taiwan & Australia.

Even though the author of this opinion piece doesn't claim his suggested plan is 'Official' but we know nothing that comes out of China isn't officially sanctioned, therefore the question might be 'How close to the truth is the authors proposition'?

What's really disturbing about this opinion piece is its use of grammar, which implies that conflict over Taiwan is inevitable & pending:

(Full story on PortMac.News today)

Australia paying for French sub cost cover-up

Defence has confirmed taxpayers are funding legal efforts by a French company to keep secret the original price it quoted for Australia's massive future submarine project.

In 2016 Naval Group, then known as DCNS, was selected as the winner of a competitive evaluation process, to design and build 12 new submarines for the Royal Australian Navy.

From the outset the Turnbull government described the project as being worth $50 billion, although more recently the Commonwealth has put the figure closer to $90 billion.

South Australian Senator Rex Patrick began a lengthy Freedom of Information battle in June 2018 to discover what Naval Group's total price was for the contract.

(Full story on PortMac.News today)

Schoolgirls killed in Kabul blast buried

Families have buried their dead after dozens of schoolgirls were killed in a series of blasts outside a school in Afghanistan's capital Kabul.

Dozens of young girls were buried Sunday at a desolate hilltop cemetery in Kabul, a day after a secondary school was targeted in the bloodiest attack in Afghanistan in over a year.

A series of blasts outside the school during a peak holiday shopping period killed more than 50 people, mostly female students, and wounded more than 100 in Dasht-e-Barchi, a west Kabul suburb populated mostly by Hazara Shiites.

The government blamed the Taliban for the carnage, but the insurgents denied responsibility and issued a statement saying the nation needed to "safeguard and look after educational centres and institutions".

Fully vaxed travellers test positive in Sydney hotel quarantine

The Sydney Morning Herald - Page Online : 8 May 2021 Original article by Mary Ward - PortMac.News Summary

A 'Vaccine passport' is among the options that are being considered for Australian travellers.

This would allow people who have received a COVID-19 vaccine to travel overseas without having to go into hotel quarantine upon their return.

However, New South Wales health authorities have advised that six people who tested positive in hotel quarantine between 10 April and 1 May had been fully vaccinated while overseas.

Five had been given a two-dose vaccine, while one had received a single-dose jab. In addition, 12 returned travellers have tested positive since 1 May after receiving the first dose of a two-dose vaccine.

Australian virus patients reporting symptoms six months after infection

abc.net au - Page Online : 10 May 2021 - Original article by Lauren Roberts - PortMac.News Summary

Australian experts have interviewed around 200 COVID-19 patients about how they are faring six to 12 months after being infected.

Around 30% have stated that they are "Alive and disability free", while most of the remaining 70% only reported mild symptoms, such as mild shortness of breath and weakness.

Dubbed the 'COVID Recovery Study', the experts are seeking to determine if there are unique symptoms and long-term outcomes of COVID-19 disease that are significantly different to general illnesses.

Chinese talks on bio-war benefits

The Australian - Page 1 & 7 : 10 May 2021 - Original article by Liam Mendes, Sharri Markson, Jack Hazelwood - PortMac.News Summary

A document written in 2015 by Chinese military scientists outlined the progress of China in the field of biological warfare, and suggested that a third world war would be fought using biological weapons.

The document referenced an overseas study that cited the pneumonic plague as an example of a bio-weapon, and estimated that a death toll of over 100,000 would be reached if a city of five million was attacked with a bio-weapon.

The document noted that the release of a bio-weapon would have the secondary effect of causing great disruption to a country's healthcare system, as has been the case with many nations during the COVID-19 pandemic.

Budget plan: Australia to open borders next year to bring back migrants

The Sydney Morning Herald - Page Online : 10 May 2021 - Original article by David Crowe - PortMac.News Summary

Federal Treasurer Josh Frydenberg says the 11 May Budget will be based on the assumption that Australia's international borders will re-open in 2022 rather than in late 2021.

He says the nation's borders will be opened when it is safe to do so, and he wants the migrant intake to eventually return to pre-pandemic levels.

The federal government's population statement in December 2020 had forecast that net overseas migration will fall to about 72,000 in 2020-21 and will not return to pre-virus levels until 2028-29.

Frydenberg also contends that the increase in domestic spending as Australians forego overseas travel is a temporary 'Pandemic effect'.

Lack of overseas students the surprise factor in Australia's jobless fall

The Weekend Australian - Page 32 : 8 May 2021 - Original article by Robert Gottliebsen - PortMac.News Summary

Australia's official unemployment rate was around 6-7% prior to the COVID-19 pandemic, but it is forecast to fall to around 4.5%.

The sharp decline in international students due to the pandemic has been a major driver of this jobs growth, as it has required sectors such as hospitality to employ Australians at the standard award rate rather than continuing to rely on low-cost overseas student labour.

Younger Australians who were previously among the long-term unemployed are among those to have benefited from the jobs boom.

The shift to hiring local workers has in turn significantly reduced the cash economy, which used to be rife in the hospitality sector.

Jobs boom ahead as PM splashes out on roads and rail

The Australian - Page 1 & 4 : 10 May 2021 - Original article by Geoff Chambers - PortMac.News Summary

The federal government's Budget on 11 May will include funding of more than $10bn for infrastructure projects throughout the country.

Amongst other things, the funding includes some $4bn to build a new intermodal terminal in Melbourne, which has been identified as a "National priority project".

The government will also provide funding for road upgrades in regional areas and marginal electorates, creating thousands of jobs ahead of the next federal election.

JobTrainer program to be extended

abc.net.au - Page Online : 10 May 2021 - Original article by Andrew Probyn - PortMac.News Summary

The federal government's Budget on 11 May is set to extend the JobTrainer scheme by 12 months. The $1bn scheme is aimed at providing training and reskilling for people aged 17-24 and the unemployed.

It was originally slated to end in September; the states and territories will need to approve its extension, as they contribute half of the scheme's funding.

However, the government's JobMaker hiring credit scheme is likely to be scrapped, given that it has only supported about 1,100 jobs to date.

Budget super breaks for retirees

The Australian Financial Review - Page 1 & 4 : 10 May 2021 - Original article by Phillip Coorey - PortMac.News Summary

Announced in the 2017-18 budget, the downsizer scheme allows people aged 65 and over to make a one-off contribution of up to $300,000 to their superannuation when they sell the family home.

Eligibility for the scheme is to be extended to people aged 60 and over in the 11 May budget, while the work test that applies to superannuation contributions made by people aged between 67 and 74 is to be abolished.

The budget will also see an additional $10 billion added to the federal government's $100 billion, 10-year infrastructure program, including $2 billion to be spent on upgrading sections of the Great Western Highway in New South Wales.

Data rights to lift consumer choice

The Australian Financial Review - Page 8 : 10 May 2021 - Original article by Tom Burton - PortMac.News Summary

The federal government is looking to spend $111 million on expanding the consumer data right (CDR), with the government looking to extend the CDR across the economy.

The CDR enables customers to direct their bank to send their data to a competitor or niche provider, which could use that information to price or create better services; the CDR will soon be expanded to cover telcos and energy providers.

The $111 million expansion of the CDR is part of a $1.2 billion package of measures aimed at developing important digital infrastructure and skills.

Australia needs to 'do more' to shore up defence of country's north

News.com.au - Page Online : 10 May 2021 - Original article by Benedict Brook - PortMac.News Summary

John Coyne from the Australian Strategic Policy Institute says the federal government needs to boost its manpower and defence capability in the northern part of Australia.

He claims the situation is so bad that the US military is building its own essential infrastructure in Darwin rather than relying on Australia's.

Coyne wants to see Darwin's defence capabilities expanded, while he says more naval ships should be based at Exmouth in Western Australia, rather than Perth.

Woolies booze spin-off could hit $15bn

The Australian - Page 13 & 16 : 10 May 2021 - Original article by Eli Greenblat - PortMac.News Summary

Endeavour Group was estimated to be valued at around $10bn when Woolworths first revealed plans to demerge the hotels and liquor stores business.

However, strong market conditions in the liquor sector could boost the value of Endeavour to around $15bn.

The company will boast annual earnings of nearly $1bn and revenue of about $10.5bn. Woolworths' decision to delay the Endeavour float seems to have been justified, given that it will coincide with a bull run, strong liquor sales and the reopening of pubs as COVID-19 restrictions ease.

The Star proposes $12b casino merger with Crown Resorts

The Sydney Morning Herald - Page Online : 10 May 2021 - Original article by Patrick Hatch - PortMac.News Summary

The Star Entertainment Group is poised to unveil a proposal to merge with rival casinos operator Crown Resorts.

The non-binding, indicative merger proposal is expected to be announced to the sharemarket on 10 May, and would see investors in both companies being issued with shares in a new $12bn listed entity with seven casinos in four states.

The existing casinos would retain their Crown and The Star branding if the deal were to proceed. Crown's 37% shareholder James Packer is likely to play a key role in the outcome of the bidding war for the gaming group.

Foxtel cannibalising itself

The New Daily - Page Online : 8 May 2021 - Original article by Rod Myer - PortMac.News Summary

Foxtel's traditional pay-TV business had 1.94 million subscribers in the March quarter, a fall of six per cent year-on-year.

However, the Kayo Sports streaming service boasted 851,000 paying customers (up from 408,000) and the entertainment-focused Binge had 526,000 subscribers less than a year after its launch.

Foxtel Now lost 29% of its subscribers, and many may have shifted to the lower-cost Kayo and Binge.

Meanwhile, News Corp's revenue rose 3% to $US2.33bn in the March quarter, while EBITDA rose 23% to $US298m.

The group's News Media business has posted pre-tax earnings of $US8m, which is down 67%, while revenue grew by just 2%.

This takes into account the sale of News America Marketing.

News Corp returns to regions

The Australian Financial Review - Page 28 : 10 May 2021 - Original article by Miranda Ward - PortMac.News Summary

News Corp Australia will create 100 new editorial roles over the next year, including 20 new positions at regional and community digital mastheads and 30 new positions in a National Cadet Program.

News Corp will also resume weekly print editions of the 'Sunshine Coast Daily' and the 'Daily Mercury'; the Queensland newspapers are among the titles that shifted to digital-only editions in 2020.

News Corp claims that page views have increased by 22% since some regional masthead websites in New South Wales and Queensland were merged with their metropolitan counterparts.

Meanwhile, News Corp Australia has formalised payments from technology giants Google and Facebook under the news media bargaining code.

Facebook to invest in regional news

The Australian Financial Review - Page 28 : 10 May 2021 - Original article by Miranda Ward - PortMac.News Summary

Social media company Facebook has announced plans to invest $15 million in regional Australian newsrooms; this is separate to the deals that Facebook is already making with Australian news publishers.

These deals are seen as helping Facebook to avoid coming under the federal government's news media bargaining code.

It is understood that Facebook is in talks to partner with the Walkley Foundation to distribute the $15 million investment in the form of grants.

Iron ore hits second straight record high

The Australian Financial Review - Page 22 : 10 May 2021 - Original article by Timothy Moore - PortMac.News Summary

The benchmark S&P Global Platts IODEX iron ore price has risen by 5% to another new high of $US212.75 per tonne, just one day after eclipsing its previous record.

Fastmarkets in turn is quoting a benchmark iron ore price of $US212.25 a tonne.

Demand for iron ore is expected to remain strong, with modelling by Refinitiv suggesting that Chinese demand will rise by 10% year-on-year in the first half of 2021.

Stockmarket tipped to fall despite US records

The Australian - Page 15 : 10 May 2021 - Original article by Cliona O'Dowd - PortMac.News Summary

Futures pricing suggests that the Australian sharemarket will open slightly lower on 10 May, with local investors expected to ignore a positive lead from Wall Street and the surging price of commodities such as iron ore and copper.

The federal Budget will be a key focus for investors in the coming week, although it is unlikely to have a big impact on the sharemarket as many of the Budget measures have already been disclosed.