Latest updates on Key Economic Indicators:

A$: $0.6525 USD (up 0.0008)

Iron (SGX): $117.85 USD (down $0.45)

Oil (WTI): $83.85 USD (up $0.06)

Gold: $2,337.93 USD (up $5.86)

Copper (CME): $4.5875 USD (up $0.0440)

Bit-coin: $63,621.69 USD (up 0.62%)

Dow Jones: 38,239.66 (up 153.86 pts)

All changes compared to 7am Friday, except Bit-coin.

Biden & Netanyahu speak as pressure on Israel grows over Rafah & ceasefire talks

The White House on Sunday said Joe Biden had again spoken with Benjamin Netanyahu as pressure builds on Israel and Hamas to reach a deal that would free some Israeli hostages and bring a ceasefire in the nearly seven-month-long war in Gaza.

There were no immediate details of the conversation, which took place as Israel vows to invade Gaza’s southernmost city of Rafah despite global concern for more than 1 million Palestinians sheltering there.

The US secretary of state is returning to the Middle East today.

A senior official from key intermediary Qatar, meanwhile, urged Israel and Hamas to show “More commitment and more seriousness” in negotiations.

Qatar, which hosts Hamas’s headquarters in Doha, was instrumental along with the US and Egypt in helping negotiate a brief halt to the fighting in November that led to the release of dozens of hostages.

But in a sign of frustration, Qatar this month said that it was reassessing its role.

An Israeli delegation is expected in Egypt in the coming days to discuss the latest proposals in negotiations, and senior Hamas official Basem Naim said in a message to the Associated Press that a delegation from the group will also head to Cairo.

Egypt’s state-owned al-Qahera TV said the delegation would arrive on Monday.

The comments by Qatar’s foreign ministry spokesperson Majed al-Ansari in interviews with the liberal daily Haaretz and Israeli public broadcaster Kan were published and aired Saturday evening.

Al-Ansari expressed disappointment with Hamas and Israel, saying each side has made decisions based on political interests and not with civilians’ welfare in mind.

He didn’t reveal details on the talks other than to say they have “Effectively stopped”, with “Both sides entrenched in their positions”.

Ukraine's top general says troops fall back as fighting worsens on eastern front

Russia's troops are advancing in the eastern Donetsk region as Kyiv awaits the arrival of much-needed US weapons that it hopes will stabilise the fragile front lines.

"The situation at the front has worsened," Ukrainian commander-in-chief Oleksandr Syrsky said in a Facebook post Sunday.

Ukrainian troops had "Retreated" westwards to new defensive lines in a section of the front that runs past the city of Donetsk, controlled by pro-Russian forces since 2014.

Russia has "a significant advantage in forces and means" and had been able to notch up advances amid "Heavy fighting," Syrsky said.

"In some sectors the enemy had tactical success, and in some areas our troops managed to improve the tactical position," he added.

Russia's defence ministry earlier on Sunday claimed its troops had captured the village of Novobakhmutivka in the eastern Donetsk region – around 10 kilometres (six miles) north of Avdiivka, which they seized in February.

'The Russians are attacking'

The stark assessment of the situation facing Ukrainian troops comes at the end of week of ups and downs for Kyiv.

The United States finally approved a $61 billion package of financial aid after months of political wrangling, unlocking much-needed arms for Ukraine's stretched troops.

But on the battlefield Russia chalked up a few more minor successes.

Australia vows to support Ukraine until war ends - on Kyiv's terms

The Age - Page Online : 29 April 2024 - Original article by Rob Harris - Portmac.News Summary

The federal government has committed a further $100 million in military equipment and financial support to Ukraine in its fight against Russia.

Defence Minister Richard Marles said it was "Just the next tranche" of support and by "No means the end" while visiting the western Ukrainian city of Lviv.

Rejecting suggestions that Australia has not done enough to help the war-torn nation, Marles said it is prepared to help keep supporting Ukraine until the war ends on its terms.

Marles has also defended the federal government's failure to reopen its embassy in Kyiv, stating that Labor is "working through the logistics" of doing so.

Battle of the budget bulge

The Australian - Page 1 & 4 : 29 April 2024 - Original article by Simon Benson, Greg Brown - Portmac.News Summary

The Coalition contends that inflation should be a key focus of the federal government's budget on 14 May.

Shadow treasurer Angus Taylor has called for reduced government spending in the budget in order to address inflation, following the recent release of higher-than-expected inflation data for the March quarter.

He also argues that the government's other priorities should include reducing energy costs, boosting productivity and providing support for small businesses.

However, ACTU secretary Sally McManus says inflation is "Heading in the right direction", and the budget priorities should therefore be lifting wages and creating jobs.

Structural deficit fix 'should be at heart of budget'

The Australian Financial Review - Page 4 : 29 April 2024 - Original article by Ronald Mizen - Portmac.News Summary

Academy of Social Sciences president Richard Holden says that addressing the structural deficit should be the focus of fiscal policy in the federal government's budget on 14 May.

Holden, who is also a professor of economics at the University of NSW, adds that reporting on the structural deficit should be a key metric of the budget, while the government should also be required to outline how it will reduce the deficit.

While the government may post another budget on the back of high commodity prices, shadow treasurer Angus Taylor recently argued that returning the budget to structural balance should also be a priority.

PM's flagship 'to worsen housing crisis'

The Australian - Page 1 & 4 : 29 April 2024 - Original article by Jess Malcolm, Mackenzie Scott - Portmac.News Summary

Housing Industry Association CEO Jocelyn Martin says the federal government's Future Made in Australia industrial policy may worsen the housing crisis by deterring people from taking up apprenticeships in the construction sector.

She notes that the home building sector is already competing with public infrastructure projects for the nation's pool of skilled tradespersons.

The HIA has used its pre-budget submission to urge the government to provide incentives for people to become apprentices and the introduction of a trade-specific visa program.

Civil Contractors Federation CEO Nick Proud has expressed similar concerns about the Future Made in Australia policy.

'Soldiers of Allah teen terror cell aimed to target Jews'

The Australian - Page 1 & 2 : 29 April 2024 - Original article by Noah Lim, Joanna Panagopoulos - Portmac.News Summary

Sydney's Jewish community is on high alert following revelations that an alleged youth terrorist cell was planning to launch attacks on it.

Police fact sheets indicate that the Muslim youths, who were arrested in a mass raid, begin to plan the attacks after one of their alleged associates stabbed an Assyrian Christian bishop.

A text message tabled as part of the fact sheets shows one of the plotters "Wanted to target Jews", while another indicated that he was a "Solider of Allah".

It has previously been revealed that the teenager who was involved in the stabbing incident apparently idolised 9/11 mastermind Osama bin Laden, and that Muslim community leaders and peers had become increasingly worried by his "Extreme religious views".

Government seeks public feedback on major expansion of eSafety powers

abc.net.au - Page Online : 29 April 2024 - Original article by Tom Crowley - Portmac.News Summary

The federal government has released an issues paper covering a proposed expansion of the eSafety commission's powers, with the government considering expanding them to cover deepfakes, hate speech and 'pileons'.

With the government having committed in November to a review of the commission's powers, the release of the issues paper comes as the commission and social media platform X are involved in a legal stoush over whether the commission can use its current powers to force X to remove footage of the stabbing of Bishop Mar Mari Emmanuel.

Unions push for 9% pay boost in sectors dominated by women

Brisbane Times - Page Online : 29 April 2024 - Original article by Angus Thompson - Portmac.News Summary

The ACTU will use a new submission to the Fair Work Commission's annual wage review to call for an additional 4% increase in the minimum wage for workers in sectors that have a predominantly female workforce.

This is on top of the 5% minimum wage rise across all industry awards that the peak union body has previously advocated.

ACTU secretary Sally McManus contends that targeted pay rises in industries that are generally dominated by women and historically low-paid will help to close the gender pay gap.

Bulk-billed GP visits rise following introduction of incentives for doctors, data shows

The Guardian Australia - Page Online : 29 April 2024 - Original article by Josh Butler - Portmac.News Summary

Figures released by federal health minister Mark Butler reveal that 77.7% of all visits to GP's were bulk billed in March, a 2.1% increase on November, when government boosted incentives for GPs to bulk bill.

Both the Royal Australian College of General Practitioners and the Australian Medical Association welcomed the increase in bulk-billed GP visits, but both bodies stated that more needs to be done to reduce health costs in the May budget.

Australians lost $2.7 billion to scams in 2023, ACCC report reveals

abc.net.au - Page Online : 29 April 2024 - Original article by Evan Young, Leonie Thorne - Portmac.News Summary

A new report from the Australian Competition and Consumer Commission has stated Australians lost $2.7 billion to scams in 2023.

Over 601,000 reports about scams were made in 2023, up from 507,000 in 2022, with people over the age of 65 most likely to lose money from scams.

ACCC deputy chair Catriona Lowe suggested that this was because scammers were targeting Australians with retirement savings who might be looking for investment opportunities.

Although the number of scams reported in 2023 was a record, the amount lost was down on 2022, when a record $3.1 billion was lost.

Crypto assets seized amid fears $60m at risk

The Australian Financial Review - Page 9 : 29 April 2024 - Original article by Max Mason - Portmac.News Summary

The Australian Securities and Investments Commission has obtained Federal Court permission to have insolvency and advisory firm McGrathNicol appointed receivers of the digital assets of Gold Coast-based cryptocurrency miner NGS.

It did so as it felt that this was the best way of protecting the around $US41 million ($62 million) that Australians had invested in NGS products, due to concerns that the assets could be dispersed.

Meanwhile ASIC alleges that NGS offered financial advice without a financial licence.

ABC's Sydney breakfast goes cold

The Australian - Page 19 : 29 April 2024 - Original article by Sophie Elsworth - Portmac.News Summary

The ABC is believed to be considering further changes to its radio stations' line-up of presenters in response to the latest ratings data.

The Sydney breakfast program is said to be a particular concern, given that its audience share fell to 7.1% in the second ratings survey of 2024 and it now ranks sixth in its timeslot.

Comedian Craig Reucassel replaced James Valentine as breakfast slot host at the start of the year, but the breakfast show's ratings have consistently fallen since Robbie Buck and Wendy Harmer left the timeslot in 2021.

The ABC's Melbourne breakfast show is also languishing in the ratings under current host Samul 'Sammy J' McMillan.

Ad-tier streaming surge a sign of the times

The Australian - Page 20 : 29 April 2024 - Original article by Sophie Elsworth - Portmac.News Summary

Data from Kantar shows that 12.5% of Australian households had an advertising-supported video-on-demand subscription in the March quarter, compared with just 5.6% in the previous corresponding period.

Andrew Northedge of Kantar notes that in contrast, about 50% of US households now have a streaming package that includes ads.

Netflix and Binge are among the streaming providers that currently offer lower-cost packages that include advertising, while Paramount+ will launch an ad-supported subscription option in June.

Anglo American to face investors in BHP's wake

The Australian Financial Review - Page 17 : 29 April 2024 - Original article by Joshua Peach, Liam Walsh - Portmac.News Summary

Anglo American's decision to reject the Stg31.1bn ($59.57bn) takeover bid from BHP is set to come under scrutiny at its annual general meeting on Tuesday.

Shareholders are likely to urge Anglo American's board to seek a higher offer from BHP, after the initial approach was deemed to be "Opportunistic" and significantly undervalued the company's assets.

The bid values Anglo American at around Stg25.08 per share, but Tribeca Global Natural Resources Fund portfolio manager Ben Cleary agrees that BHP has the capacity to sweeten its offer; he says BHP could probably still get a good deal if its bid is increased to Stg30 per share.

Priced out: Home buying hurdle nearly doubles in half a generation

The Age - Page Online : 29 April 2024 - Original article by Jessica Clegg - Portmac.News Summary

Deposits needed for median-priced homes in Australian capital cities have nearly doubled over the past decade, according to figures from Domain.

For example, the 20% deposit needed for a median home in Sydney in March 2014 was $158,000, but that figure had risen to $325,525 as of March 2024.

Manwhile the 2% deposit for a median priced home in Melbourne has increased from $119,061 to $206,404 over the same period.

With wage growth over the same period just 26% PRD chief economist Diaswati Mardiasmo says many first home buyers have had to rely on family help and government schemes to raise enough money for a deposit.

ASX to bounce, Powell to walk rates 'tightrope'

The Australian Financial Review - Page 22 : 29 April 2024 - Original article by Joshua Peach - Portmac.News Summary

Futures pricing suggests that Australian equities will gain 0.3% when the market opens on Monday.

The local bourse is expected to be bolstered by a positive lead from the S&P 500 and growing expectations that both Australian and US official interest rates will remain on hold for longer than anticipated.

Meanwhile, local economic data to be released in the coming week includes retail sales and building approvals.

The S&P/ASX 200 closed 1.4% lower at 7,575.90 points on Friday.