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Travel Ban Defeat | Port Macquarie blind bowls | Children killed in Israeli airstrikes | Housing crisis | Budget digital incentives | Turnbull's revenge | Iron leaps 10%, $A & Bit-coin Down

Source : PortMac.News | Independent :

Source : PortMac.News | Independent | News Story:

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11-05-21 | Budget | Port Macquarie blind bowls | Gaza bombed
Travel Ban Defeat | Port Macquarie blind bowls | Children killed in Israeli airstrikes | Housing crisis | Budget digital incentives | Turnbull's revenge | Iron leaps 10%, $A & Bit-coin Down

News Story Summary:

Latest updates on Key Economic Indicators

Australian Dollar: $0.7833 USD (down $0.0018 USD)

Iron Ore Jun Spot Price (SGX): $221.85 USD (up $17.45 USD)

Oil Price (WTI): $64.88 USD (down $0.02 USD)

Gold Price: $1,835.65 (up $4.55 USD

Bit-coin: $55,587.15 USD (down 4.04% in last 24 hours)

Dow Jones: 34,742.82 (down 34.94 points on Friday's close)

All changes compared to 7am yesterday.


Children killed in Israeli airstrikes on Gaza

Israeli airstrikes on Gaza, a response to Hamas rockets fired into Israel, have reportedly killed up to 20 people.

Palestinian militants in the Gaza Strip fired rockets toward the Jerusalem area and southern Israel on Monday night, carrying out a threat to punish Israel for violent confrontations with Palestinians in Jerusalem.

The Gaza health ministry said 20 Palestinians, including nine children, were killed "in a series of strikes in northern Gaza". It did not explicitly blame Israel for the deaths, in an area that has been a staging ground for militants' cross-border rocket attacks.

Rocket sirens sounded in Jerusalem, in nearby towns and in communities near Gaza minutes after the expiry of an ultimatum from the enclave's ruling Hamas Islamist group demanding Israel stand down forces in the Al-Aqsa mosque compound and another flashpoint in the holy city.


Court throws out part of travel ban challenge

abc.net.au - Page Online : 11 May 2021 - Original article by Elizabeth Byrne - PortMac.News Summary

Federal Court judge Thomas Thawley has dismissed part of Gary Newman's legal challenge to the temporary ban on returned travellers arriving from India.

The lawyer representing the 73-year-old Melbourne man contended that the ban contravenes his client's right to return to Australia.

Justice Thawley agreed with the view of government lawyer Craig Lenehan that the Biosecurity Act overrides state laws and common law rights in the event of emergencies such as COVID-19.

The ban, which is slated to end on 15 May, has left Newman stranded in Bangalore. India has recorded 366,161 new COVID-19 cases and 3,754 deaths in the last 24 hours, while Australia has recorded nine new cases in hotel quarantine.


Rapid virus testing dropped at Howard Springs centre

The Australian Financial Review - Page 8 : 11 May 2021 - Original article by Tom McIlroy, Ronald Mizen - PortMac.News Summary

Epidemiologists are concerned about plans to stop using rapid diagnostic technology to test staff at the Howard Springs quarantine facility for COVID-19.

They will instead be given daily polymerase chain reaction (PCR) tests, which take much longer for the results to be known.

Mary-Louise McLaws from the University of NSW says rapid antigen tests would allow staff to be cleared of COVID-19 before they finish a shift.

She contends that returned travellers should also receive a rapid antigen test when they arrive at Howard Springs.

The facility is being expanded to accommodate travellers returning from India when repatriation flights resume.


Pfizer beats back variants

The Sydney Morning Herald - Page Online : 11 May 2021 - Original article by Liam Mannix - PortMac.News Summary

British research into the effectiveness of the COVID-19 vaccines developed by Pfizer and AstraZeneca suggest that both reduce the risk of contracting the virus by 70%.

The findings, which are yet to be peer-reviewed, are based on swabs taken from randomly-selected people who have received two vaccine doses.

The research may dispel concerns about the effectiveness of the AstraZeneca vaccine, which had a much lower efficacy rate in clinical trials.

Professor Fiona Russell of the Murdoch Children's Research Institute notes that vaccines often perform differently in clinical trials compared with a real-world environment.

Separate research from Qatar suggests that the Pfizer vaccine is effective against mutant strains of COVID-19.


Digital incentives for SMEs a $10.5bn economic boost

The Australian - Page 2 : 11 May 2021 - Original article by Patrick Commins - PortMac.News Summary

The 11 May federal budget includes a $1.2 billion commitment to promote digital innovation, with Prime Minister Scott Morrison having previously stated he wants Australia to be a "Leading digital economy by 2030".

However, modelling conducted by accounting software services provider MYOB indicates that one in five small and medium-sized enterprises (SMEs) have no or very low levels of digitisation.

MYOB contends that encouraging those SMEs to embrace digitisation, as the government is trying to do with its $1.2 billion incentive, would contribute an additional $10.5 billion to the economy


Housing crisis: Australia 'Most unaffordable' in the world

The Guardian Australia - Page Online : 11 May 2021 - Original article by Jessica Sier - PortMac.News Summary

The federal government is expected to release a range of measures aimed at addressing housing affordability in its 11 May budget.

They include a superannuation incentive for retirees to sell their homes, increasing the amount of their superannuation that first-home buyers can access, and enabling single parents to purchase a home with a deposit of just 2%.

However, it is not clear whether the measures will help improve housing affordability if more homes are not built, and housing supply and zoning powers lie with the states.


Turnbull's revenge ; Malcolm might back more independent

The Guardian Australia - Page Online : 11 May 2021 - Original article by Kathryn Murphy - PortMac.News Summary

Former Liberal prime minister Malcolm Turnbull is endorsing independent candidate Kirsty O'Connell in the by-election for the New South Wales state seat of Upper Hunter, rather than the National Party candidate.

If O'Connell wins rather than the National Party candidate, the NSW Coalition government led by Premier Gladys Berejiklian will be forced to govern in minority.

Commenting on his decision to endorse O'Connell, Turnbull said he would not rule out endorsing other independent candidates in the future.


Federal Court overturns historic logging ruling

The Australian - Page 7 : 11 May 2021 - Original article by Remy Varga - PortMac.News Summary

Environmental group Friends of the Leadbeater's Possum has vowed to appeal a decision by the full Federal Court on 10 May regarding logging.

The Court overturned a previous ruling, determining that logging was exempt from federal laws when undertaken in areas covered by state agreements known as Regional Forest Agreements.

However, it did uphold findings that VicForests, Victoria's publicly owned forestry agency, had not complied with state laws regarding environmental destruction, with the Court ruling that logging was destroying habitat essential for the survival of the critically endangered Leadbeater's possum and the vulnerable sugar glider.


Frydenberg's tax stumble

The Australian - Page 21 : 11 May 2021 - Original article by Robert Gottliebsen - PortMac.News Summary

Garnishee notices are arguably the most brutal weapon in the Australian Taxation Office's arsenal against small and medium businesses, so changes made by Treasurer Josh Frydenberg are to be welcomed.

The ATO will still be able to issue a garnishee before an alleged tax bill is tested by a working appeal process, but businesses will now be able to apply to the Administrative Appeals Tribunal to pause or modify the debt recovery process while the debt is in dispute.

However, Frydenberg is wrong to suggest that this change will bring Australia more into line with the tax systems of the US and the UK, where businesses are given time to appeal or lodge objections before garnishees are issued.

The government must ban the use of garnishees until the appeal process is concluded; this truly would more closely align Australia with the US and the UK.


Athena tops VC funding record

The Australian Financial Review - Page 19 : 11 May 2021 - Original article by Yolanda Redrup - PortMac.News Summary

Athena Home Loans has raised $90 million from a venture capital raising that was led by Square Peg Capital; it is a record amount for a capital raising in which only Australian investors were involved.

The capital raising brings to $200 million the total that Athena has raised to date, and came as it closed a new $2 billion whole-of-loan mortgage funding agreement.

Athena purports to help Australians pay off their home loans more quickly by offering low rates with no fees.


Greensill lenders flag insurance claims

The Australian Financial Review - Page 17 : 11 May 2021 - Original article by Hans van Leeuwen, Jenny Wiggins, Simon Evans - PortMac.News Summary

Greensill Capital's UK administrators Grant Thornton are seeking to recover money on behalf of creditors of the failed supply-chain finance firm.

In a report issued on 7 May, Grant Thornton identified insurance claims as "a significant area of recovery" for Greensill Capital's creditors, and that it is working with the firm's insurers on this issue.

Its report comes as Greensill Capital founder Lex Greensill prepares to appear before the UK Parliament's Treasury Committee.


Investors eye bonanza in Woolies split

The Australian - Page 13 & 18 : 11 May 2021 - Original article by Eli Greenblat - PortMac.News Summary

Woolworths shareholders will vote on the proposed demerger of its pubs and liquor stores business on 18 June, with Endeavour Group slated to make its sharemarket debut on 1 July.

Woolworths investors will receive a capital return of between $1.6bn and $2bn if the demerger proceeds, in addition to shares in Endeavour Group.

The two companies will maintain close ties post-merger, with a partnership agreement to remain in place for up to five years.


Rex expects to break even in FY21

The Australian Financial Review - Page 14 : 11 May 2021 - Original article by Lucas Baird - PortMac.News Summary

Regional Express (Rex) has advised that its unencumbered cash reserves have risen by 1,000% since March 2020.

Rex stated that this was due to strong advanced bookings on two new regional and five new domestic routes, and that it expects to break even for 2020-21.

Rex also advised that its traditional regional market is back to 60 per cent of its pre-pandemic capacity.


ACCC in Epic court fight over app stores

The Australian - Page 15 : 11 May 2021 - Original article by David Swan - PortMac.News Summary

Epic Games is appealing a decision by the Federal Court that a case it is pursuing against Apple over alleged anti-competitive behaviour be 'stayed'.

The stay ruling was made in April on the grounds that a similar case is ongoing in the US.

The Australian Competition & Consumer Commission has sought leave to appear at Epic's appeal as what is known as a 'friend of the Court'.

ACCC chair Rod Sims says it is not seeking to take sides in the case, but it believes that it is important that it is decided in Australia.


TV networks forgiven for content shortfalls

The Australian - Page 7 : 11 May 2021 - Original article by Sophie Elsworth - PortMac.News Summary

Data from the Australian Communications & Media Authority shows that the nation's free-to-air commercial TV networks met their overall local content quotas in 2020.

However, only the Seven Network met the required number of hours of first-release Australian drama, with Nine in particular falling well short.

Seven in turn broadcast substantially less than the required hours of locally-produced childrens' and preschool programs.

ACMA has taken into account the impact of COVID-19 restrictions on the production of local content.


COVID and live music

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

The closure of live music events during the pandemic lockdowns served as a reminder that some members of society cannot access live music during normal times, namely artists and fans with disabilities.

Interim Accessible Arts CEO Morwenna Collett says problems with accessibility are common among venues in Australia; she is currently undertaking an accessibility audit with Music New South Wales of 20 venues in Sydney and says only two had the word 'access' on their website.


'We're in a new world': Iron surges 10%

The Sydney Morning Herald - Page Online : 11 May 2021 = PortMac.News Summary

Iron ore futures in Singapore have reached a record intra-day high of more than $US226 a tonne, while copper has peaked at a new high of $US10,747.50 per tonne on the London Stock Exchange.

Vivek Dhar from the Commonwealth Bank says global iron ore supply remains insufficient to meet the strong demand for the steel-making commodity.

China's steel industry is continuing to maintain annual output at more than one billion tonnes, while steel-makers in other countries are ramping up production as global demand for steel recovers from the pandemic.


Preference for Australian-made up, Chinese-made down

Market Research Update - Page Online : 11 May 2021 - Original article by Roy Morgan - PortMac.News Summary

New data from Roy Morgan shows the preference for Australian-made goods increased during the COVID-19 impacted 2020, but fell for goods from Australia's largest trading partner China.

A huge majority of 93% of Australians said they are more likely to buy products made in Australia - up from 87% a year earlier.

The big 'Loser' during 2020 was Chinese-made goods with only 21% of Australians saying they'd be more likely to buy products made in China, a drop of 9% points from 2019.

Australian consumers are more likely to buy goods manufactured in nearest neighbour New Zealand on 55% than any other foreign country, despite a fall of 4% points from 2019.

Right behind New Zealand is the UK on 51% (down 4% points), USA on 47% (down 7% points), Japan on 46% (down 7% points) and Germany on 46% (down 7% points).

Overall, of twenty-one countries Australians were asked this question about, preference for goods rose for ten countries, fell for another ten countries, and was unchanged for only one country compared to a year ago - Spain. 


Tax overhaul to attract global talent

The Australian Financial Review - Page 1 & 4 : 11 May 2021 - Original article by Phillip Coorey - PortMac.News Summary

The federal government's Budget on 11 May will feature a range of measures aimed at attracting global talent to Australia.

They include an overhaul of employee share ownership schemes and changes to individual tax residency rules.

The changes represent the government's response to a review led by Peter Verwer, who was appointed at the height of the pandemic in 2020 as the Prime Minister's Special Envoy for Global Business and Talent Attraction.

Verwer is a former CEO of the Property Council of Australia.


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