Latest updates on Key Economic Indicators:

Australian Dollar: $0.7350 USD (up $0.0005 USD)

Iron Ore Nov Spot Price (SGX): $128.80 USD (down $6.50 USD)

Oil Price (WTI): $80.56 USD (up $0.09 USD)

Gold Price: $1,760.62 USD (up $6.61 USD)

Copper Price (CME): $4.3195 USD (down 0.0470 USD)

Bit-coin: $55,507.53 (down 3.35% in last 24 hours)

Dow Jones: 34,378.34 (down 117.72 on yesterday's close)

All changes compared to 7am yesterday.

Australians support a net zero COP26 target

As the federal Coalition negotiates a climate policy ahead of the Glasgow COP26 summit, a new report says the majority of Australians support a target to achieve net zero.

The Australia Institute's Climate of the Nation report, which has been tracking Australian attitudes to climate change since 2007, revealed today 69 per cent of people support a target. 

The majority support a transition through renewables, while only 12 per cent support a gas-powered recovery.

The progressive think tank surveyed more than 2,500 adults over a week in August.

Richie Merzian from the Australia Institute said at 75 per cent, it was striking that concern for climate change was at an all-time high.

"Three-quarters of Australians are concerned about climate change, despite coming off the back of a major pandemic," Mr Merzian said.

"The appetite for policy solutions has only increased. We're seeing more confidence in Australians putting forward a desire for renewable-led recovery.

"We're seeing state governments take many of these policies forward, and I guess the question that remains is whether the federal government will follow.

News Corp's climate campaign 'Rubbish'

The Guardian Australia - Page Online : 13 October 2021 - Original article by Amanda Mead - PortMac.News Summary

News Corp Australia's recently launched 'Mission Zero' editorial campaign on climate change has been criticised by one of the media group's highest-profile commentators.

Sky News presenter and newspaper columnist Andrew Bolt has described the campaign as 'Rubbish' that asks readers to forget News Corp's previous stance on reducing carbon emissions.

Australian Conservation Foundation CEO Kelly O'Shanassy says Bolt has no credibility regarding climate change; O'Shanassy has welcomed News Corp decision to embrace the need for action on the issue.

Stronger emissions targets would boost standing at Glasgow summit

The Australian Financial Review - Page 3 : 13 October 2021 - Original article by Mark Ludlow - PortMac.News Summary

Australia's current commitment to reducing emissions to 26-28% below 2005 levels by 2030 is well below those of countries such as the US and Canada.

The Business Council of Australia has proposed a revised emissions reduction targets of 46-50% by 2030, which would be in line with other major developed economies.

BCA president Tim Reed says the proposed target was the result of "Deep consultation" with its members, adding that it is "Pragmatic and ambitious".

The federal government is expected to shortly release data showing that Australia is set to exceed its 26-28%t target.

Nationals 'About a 95% chance' of backing 'Net zero'

The Guardian Australia - Page Online : 13 October 2021 - Original article by Katharine Murphy - PortMac.News Summary

Victorian Nationals MP Darren Chester says the party is highly likely to support a net zero emissions target ahead of the Cop26 climate summit in Glasgow.

Chester notes that Nationals leader Barnaby Joyce stated just three months ago that there was "Zero chance" of the party backing a carbon-neutral target.

Chester now believes that there is a 95% chance that the Nationals will do so, given that the majority of the partyroom is in favour of credible action on climate change. Chester has previously expressed support for a net zero target of 2050.

Perrottet won't rule out localised lockdowns

The Australian Financial Review - Page 8 : 13 October 2021 - Original article by Finbar O'Mallon, Michael Read - PortMac.News Summary

New South Wales recorded 360 new locally-acquired COVID-19 cases on Tuesday, the lowest daily number in about two months, while the state's death toll from the current outbreak has risen by five.

Meanwhile, Premier Dominic Perrottet has described lockdowns as a last resort, but he stresses that targeted lockdowns will remain an option to contain localised outbreaks of the coronavirus.

The state government has also announced that some businesses will be eligible for grants of up to $20,000 to compensate them for the loss of perishable stock in the event of future localised lockdowns.

Consumer Confidence up for fifth straight week

Market Research Update - Page Online : 13 October 2021 - Original article by Roy Morgan - PortMac.News Summary

ANZ-Roy Morgan Consumer Confidence rose 1pt to 105.6 on 9/10 October.

However, Consumer Confidence remains below the 2021 weekly average of 108.3, although it is now 7.9 points higher than the same week a year ago (97.7).

Consumer Confidence was up in Sydney as the 106-day lockdown finally came to an end.

Consumer Confidence was also up in Brisbane and Adelaide, but down in Melbourne as the lockdown of that city is set to continue for another two weeks.

Now 27% (down 2ppts) of Australians say their families are 'Better off' financially than this time last year, while 26% (down 1ppt) say their families are 'Worse off' financially.

In addition, 36% (unchanged) of Australians expect their family to be 'Better off' financially this time next year, and 14% (also unchanged) expect to be 'Worse off' financially.

Some 17% (up 1ppt) of Australians expect 'Good times' for the Australian economy over the next 12 months, while 23% (down 2ppts) expect 'Bad times'.

Meanwhile, 37% (up 1ppt) of Australians say now is a 'Good time to buy' major household items, while 30% (down 3ppts) say now is a 'Bad time to buy'.

QLD calls for Fed's to come clean on modelling

Brisbane Times - Page Online : 13 October 2021 - Original article by Felicity Caldwell, Matt Dennien - PortMac.News Summary

More than 53 per cent of Queensland residents aged 16+ are now fully vaccinated, and the state government is under growing pressure to release a reopening roadmap.

Meanwhile, Health Minister Yvette D'Ath has urged the federal government to release the modelling upon which the national cabinet has based its reopening strategy, arguing that the public has a right to know.

Her comments were made in response to a call by Liberal-National Party MP Brent Mickelberg for D'Ath to disclose the state government's own modelling.

Canberra records 28 new COVID cases

The Canberra Times - Page Online : 13 October 2021 - Original article by Alex Crowe - PortMac.News Summary

The Australian Capital Territory has 450 active COVID-19 cases; 16 of the 28 new cases reported on Tuesday had been active in the community while they were infectious, while 22 have been linked to known clusters.

Meanwhile, the ACT will expand its border bubble when the current lockdown ends on 15 October, with people from a broader region of New South Wales to be permitted entry for essential reasons such as work, study, essential shopping and to vist family or friends.

Chief Minister Andrew Barr has also indicated that the stay-at-home orders for ACT residents travelling to NSW could be lifted in coming weeks.

Marshall says SA should have 'Great confidence' in 'Normal Christmas'

The Advertiser - Page Online : 13 October 2021 - Original article by Katelin Nelligan, Andrew Hough, Kara Jung - PortMac.News Summary

South Australia's Premier Steven Marshall has reiterated that the state's borders will be reopened when 80% of the nation's adult population is fully vaccinated.

Marshall has also indicated that the majority of fully-vaccinated travellers from interstate will be able to visit SA for Christmas without needing to quarantine, although there may be some exceptions for people who may have been exposed to the virus.

He was seeking to clarify the situation after SA Health CEO Dr Chris McGowan recently stated that quarantine is likely to remain mandatory for people who are fully vaccinated.

Five million doses of Clive's hydroxychloroquine destroyed

The Guardian Australia - Page Online : 13 October 2021 - Original article by Christopher Knaus, Michael McGowan - PortMac.News Summary

A long-running dispute over an unwanted shipment of hydroxychloroquine sulphate appears to have been resolved.

The batch of about five million doses arrived in Melbourne in August 2020; it was the final batch to be imported by billionaire Clive Palmer as part of his commitment to supply the federal government with 32.9 million doses of the potential treatment for COVID-19.

Both the Palmer Foundation and the federal government refused to accept responsibility for the shipment, with the latter having advised Palmer in May that it would not accept any more shipments.

The Melbourne batch is believed to have been sent for destruction in April.

The government has more than 22 million unused doses of Palmer's hydroxychloroquine in the national medical stockpile.

The drug has not been approved to treat COVID-19 in Australia.

NSW buys into $80b hydrogen strategy

The Australian Financial Review - Page 3 : 13 October 2021 - Original article by Angela Macdonald-Smith - PortMac.News Summary

The New South Wales government will increase its clean energy credentials with the launch of a new hydrogen strategy on 13 October.

Amongst other things, the government will offer incentives for green hydrogen projects.

Treasurer and Energy Minister Matt Kean says the strategy will help the state to become a global leader in hydrogen; he has forecast that it will boost the size of the state's economy by about $600 million by 2030.

Shaun Reardon of gas distributor Jemena has described the government's strategy as a "Game-changer" for the state economy.

Preschool, daycare pay to rise by between 3.3% & 13%

The Australian Financial Review - Page 6 : 13 October 2021 - Original article by David Marin-Guzman - PortMac.News Summary

A Fair Work Commission ruling will result in pay rises of between 3.3% and 13.6% for early childhood educators.

The new pay classification system will take effect from January 2022, after the FWC ruled that the minimum rates for such workers no longer reflect their levels of training and responsibilities.

The Australian Federation of Employers & Industries had called for the increase to be delayed until mid-2022, but the full bench of the FWC concluded that the pay rise is not large enough to justify a phasing-in period.

Westpac takes $1.3b profit hit on write-downs

The Australian Financial Review - Page 15 & 20 : 13 October 2021 - Original article by James Eyers - PortMac.News Summary

Westpac has advised that a $965m writedown associated with its institutional banking division will reduce its profit for the second half of 2020-21 by $1.3bn.

Westpac will also make further provision of $172m for customer remediation and potential legal action in the wake of the Hayne royal commission.

Westpac's common equity tier 1 capital ratio will be reduced by 15 basis points as a result of the writedowns.

Meanwhile, the Commonwealth Bank has indicated that its own its remedial action plan has been completed, more than three years after entering into an enforceable undertaking with the prudential regulator.

Twiggy plans 2GW hydrogen electrolyser factory

Recharge - Page Online : 13 October 2021 - Original article by Leigh Collins - PortMac.News Summary

Fortescue Future Industries' electrolyser factory at Gladstone in Queensland is slated to commence producing 15 million tonnes of green hydrogen by 2030, with plans to increase this to 50 million tonnes by 2040.

The subsidiary of iron ore miner Fortescue Metals Group has advised that the plant will also eventually manufacture wind turbines, solar panels and electrical cables, as part of the group's diversification into clean energy.

Iron ore's 45% surge won't last long

The Australian Financial Review - Page 29 : 13 October 2021 - Original article by William McInnes - PortMac.News Summary

The spot price of iron ore has risen above $US135 per tonne, and Fastmarkets MB notes that the price of the steel input has now gained 45% in the last three weeks.

However, Lachlan Shaw of UBS is cautious about the outlook for iron ore, noting that the rebound has been at least partially due to restocking linked to China's recent week-long National Day holiday.

Morgan Stanley is bearish about the near-term outlook for iron ore, forecasting that the price will average $US85 a tonne during the December quarter.

ASX : Energy pause, inflation fears drag bourse down

The Australian Financial Review - Page 28 : 13 October 2021 - Original article by Vesna Poljak - PortMac.News Summary

The Australian sharemarket retreated on 12 October, with the S&P/ASX 200 falling 0.26% to close at 7,280.7 points.

BHP was down 0.3% at $37.98, Woodside Petroleum shed 1.3% to end the session at $25.14 and Westpac finished 1.7% lower at $25.63.

However, Rio Tinto was up 0.4% at $102.64 and CSL rose 1.8% to $292.68.