Latest updates on Key Economic Indicators:

A$: $0.6620 USD (down $.0047)

Iron (SGX): $121.60 USD (up $0.65)

Oil (WTI): $77.25 USD (down $1.81)

Gold: $2,378.48 USD (down $42.43)

Copper (CME): $4.8000 USD (down $0.3020)

Bit-coin: $69,251.94 USD (down 0.40%)

Dow Jones: 39,671.04 (down 201.95 pts)

All changes compared to 7am yesterday. 

UK General election 2024 : Sunak pulls pin. slaughter predicted!

Rishi Sunak is going into the election as the underdog, and he embraced this stance in his speech to the Tory rally.

He said that Labour wanted people to think “this election is over before it’s even begun”, but that “the British people are going to show Labour that they don’t take too kindly to being taken for granted”.

That it not a message that a party would use if it were in a strong position. But sometimes voters punish hubris, and there may be some who are susceptible to the message that Labour is taking them for granted.

Sunak did not resort to arguing that people should vote Tory to deny Labour a big majority (an argument that some Tory advisers have reportedly toyed with, and one that some Labour MPs deployed successfully the other way round early in the 2017 campaign).

But this campaign has only just started.

If things get desperate, it might be a line some Tories use.

The election expert John Curtice says Sunak has taken “an enormous gamble” in calling for an election in early July.

Writing in The Times, Curtice said the Conservative part was – on average – 21 points behind Labour in the polls and that Labour’s average lead has never been fewer than 15 pints ever since Sunak took over as prime minister.

Even if Starmer proves a “poor campaigner”, that should not “comfort” Sunak.

A ten-point fall in Labour’s lead – similar to the fall Theresa May suffered after an “inept” campaign in 2017 – would still leave it 11 points ahead.

“If the electoral system treats Labour as unkindly as it did in 2019 – and one of the messages of the local elections this month is that that looks unlikely – Starmer would still be better placed to form a minority government in a hung parliament,” Curtice contends.

Supreme Acolade ! Mattel to make Matilda Mary Fowler Barbie:

Matilda's star Mary Fowler will be honoured with a Barbie doll in her likeness as part of a project announced by Mattel.

The Matildas star is one of nine athletes, including tennis player Venus Williams, that are included in the project.

Fowler said she was grateful to get to share "a version of myself when I feel my strongest, and most confident".

Barbie dolls will honour Matildas soccer star Mary Fowler, tennis champion Venus Williams and seven other athletes as part of a project announced by Mattel.

Fowler announced the news of her look-alike doll in a post on Instagram.

"Super grateful for the opportunity to capture and share a version of myself when I feel my strongest, and most confident," the Manchester City forward said.

"To finally see and hold my Barbie with its bubble braid, gloves, and boots, in a look that many young girls recreate is so special."

The other athletes getting their own Barbie's are gymnasts Rebeca Andrade from Brazil and Alexa Moreno from Mexico, Canadian soccer player Christine Sinclair, French boxer Estelle Mossely, Italian swimmer Federica Pellegrini, Spanish paratriathlete Susana Rodriguez and Polish track and field sprinter Ewa Swoboda.

Mattel's Krista Berger said the brand wanted to note "the impact of sports in fostering self-confidence, ambition, and empowerment among the next generation".

"Stand on the right side of history" PM urged

The Australian - Page 1 & 5 : 23 May 2024 - Original article by Ben Packham, Tricia Rivera - Portmac.News Summary

The federal government is continuing to attract scrutiny over its response to the International Criminal Court's move to seek an arrest warrant for Netanyahu.

Leaders of Australia's Jewish community have urged Prime Minister Anthony Albanese to show "moral clarity" and reject the push to put Netanyahu on trial for alleged war crimes.

The government has also refused to indicate whether Netanyahu would be arrested if the warrant were to be granted and he subsequently travelled to Australia.

Opposition leader Peter Dutton in turn has flagged the possibility that the Coalition could sever Australia's ties with the ICC if it wins the next federal election.

 Shadow treasurer changes script on Dutton's immigration cuts

The Sydney Morning Herald - Page Online : 23 May 2024 - Original article by Rachel Clun, Olivia Ireland - Portmac.News Summary

 The Coalition's migration policy is under scrutiny after shadow treasurer Angus Taylor told the National Press Club that the Coalition will reduce permanent migration by 25% for two years if it wins the next federal election.

Opposition leader Peter Dutton also committed to reducing permanent migration by 25 per cent over two years in his budget reply speech.

However, he also later stated that a Coalition government would reduce net overseas migration from an expected 260,000 in 2024-25 to just 160,000.

Treasurer Jim Chalmers has described Taylor's comments on the Coalition's migrant cuts as "shambolic", but Taylor has emphasised that permanent migration should not be confused with net overseas migration.

He also said that Australia is in a per capita recession.

100,000 Chinese enrolments fuel Go8 international student boom

The Australian - Page 1 & 4 : 23 May 2024 - Original article by Rosie Lewis, Tim Dodd - Portmac.News Summary

New figures show that the number of international students enrolled at Australia's universities is 17% higher than in 2023.

The figures also show that a record 160,000 international students have enrolled at the nation's top eight universities in 2024; this is 32% higher than pre-pandemic levels.

Some 100,000 new students from China have enrolled at Australian universities in 2024, predominantly the so-called Group of Eight.

Meanwhile, overseas enrolments at non-Go8 institutions are now just 8% higher than prior to the onset of the pandemic.

Shadow immigration minister Dan Tehan says a record number of international students have arrived in Australia amidst a housing crisis.

PM powers ahead with battery boost

The Australian Financial Review - Page 1 & 8 : 23 May 2024 - Original article by Ronald Mizen - Portmac.News Summary

The federal government will announce details of its National Battery Strategy today, which will be part of its broader Future Made in Australia policy.

The strategy is aimed at making the nation a world-leading manufacturer of storage batteries, with a focus on grid-level batteries and those which are used to power homes and businesses.

Prime Minister Anthony Albanese says Australia must become a player in the battery field, given that global demand for batteries is set to quadruple by 2030.

Australia's SUV obsession could wipe out emissions gains

The Guardian Australia - Page Online : 23 May 2024 - Original article by Paul Karp - Portmac.News Summary

A federal government report has warned that the growing popularity of heavy passenger vehicles such as SUVs and utes may offset the environmental benefits of new fuel efficiency standards and the electric vehicle industry.

The Department of Infrastructure's roadmap report on achieving net zero emissions in the transport sector notes that the market share of SUVs has nearly doubled over the last decade.

They now accounted for more than 50% of new vehicle sales in 2022.

The report notes that SUVs use more fuel per kilometre than smaller vehicles, resulting in higher emissions and effectively cancelling out the savings made by increased sales of electric vehicles. 

Boomers splurge on dining, travel as young cut back on essentials

Brisbane Times - Page Online : 23 May 2024 - Original article by Rachel Clun - Portmac.News Summary

Data from CommBank iQ shows that the cost-of-living crisis is having a disproportionate impact on the spending habits of Australians based on their generation.

People aged 65+ increased their spending across all categories except charities in the March quarter; spending on insurance and travel rose by 10% year-on-year, while spending on dining and groceries rose by 7% and 5% respectively.

In contrast, people in the 25-29 age group reduced their overall spending by 3.5% year-on-year; this includes essential goods and services such as groceries, insurance and utilities.

Morgan Stanley turns more bullish on ASX

The Australian Financial Review - Page 25 : 23 May 2024 - Original article by Alex Gluyas, Joshua Peach - Portmac.News Summary

Morgan Stanley had forecast in November that the S&P/ASX200 would rise to 7,350 over the next 12 months.

The benchmark index closed at 7,848.1 points on Wednesday, and Morgan Stanley has now upwardly revised its 'base case' forecast to 8,100 points over the next 12 month.

The investment group's 12-month 'bull case' forecast is 8,700 points. Morgan Stanley expects the sharemarket to be boosted by the three interest rate cuts that it has forecast for 2025, beginning in February.

However, the firm expects the Reserve Bank to leave the cash rate on hold for the remainder of 2024.

The Star Group not suitable for licence in any circumstance, inquiry told

The Sydney Morning Herald - Page Online : 23 May 2024 - Original article by Amelia McGuire - Portmac.News Summary

The Star Entertainment Group's future is under scrutiny after an independent inquiry was told that it is uncertain as to when the company will be suitable to hold a casino licence in NSW.

Counsel assisting the inquiry Caspar Conde said that The Star may never be fit to hold a casino licence, even if it remains under the supervision of a special manager.

The Star's lawyers had previously contended that the group should be deemed suitable to operate casinos under a special manager who is appointed by the NSW Independent Casino Commission.

News Corp's Rebekah Brooks joins Lachlan Murdoch in Sydney ahead of restructure

The Guardian Australia - Page Online : 23 May 2024 - Original article by Amanda Meade - Portmac.News Summary

Some of News Corporation's top international executives have arrived in Australia as the media group prepares to restructure its local operations.

News Corp's global CEO Robert Thomson, chairman Lachlan Murdoch and News UK CEO Rebekah Brooks are believed to have met with News Corp Australia CEO Michael Miller in Sydney ahead of the restructuring announcement next week.

NCA's tabloid newspapers are expected to bear the brunt of any cost cuts in response to factors such as a weak advertising market, the decline of print readership and Meta's decision to terminate its revenue-sharing deals with local news publishers.

Some media reports have also indicated that NCA will be split into three divisions.

Lithium giant says China still key to local projects

The Australian Financial Review - Page S1 & S2 : 23 May 2024 - Original article by Elouise Fowler - Portmac.News Summary

Arcadium Lithium chairman Peter Coleman contends that Chinese investment in Australia's mining sector will continue to be necessary to ensure that critical minerals projects go ahead.

However, Luke Smith from AustralianSuper argues that local mining projects can proceed without Chinese support.

The US government's subsidies for the critical minerals sector specifically excludes projects that have significant ownership or control by 'foreign entities of concern', such as China.

 ASX slips

The Australian Financial Review - Page 24 : 23 May 2024 - Original article by Tom Richardson - Portmac.News Summary

 The Australian sharemarket posted a slight fall on Wednesday, with the S&P/ASX 200 easing 0.5% to close at 7,848.1 points.

Inghams shed 5.8% to end the session at $3.60, Eagers Automotive fell 15% to $10.36 and Telstra was down 4.2% to $3.42.

However, Technology One rose 6.6% to $17.86 and Webjet was up 7.7% at $9.09.