Latest updates on Key Economic Indicators 

Australian Dollar: $0.7300 USD (up $0.013 USD)

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Gold Price: $1,953.86 (down $2.67 USD)

Dow Jones: 27,995.60 (up 2.27 points)

All changes compared to 7am yesterday.

Donald Trump hails 'Dawn of a new Middle East' as Israel signs landmark deals with UAE and Bahrain

US President Donald Trump has hailed the "dawn of the new Middle East" at a ceremony for signing of agreements between Israel, the UAE and Bahrain.

Israel normalised relations with long-time foes Bahrain and the United Arab Emirates at a White House ceremony on Tuesday as President Donald Trump said similar US-brokered deals were close between the Jewish state and "five or six" other nations.

Israeli Prime Minister Benjamin Netanyahu and the foreign ministers of Bahrain and the UAE sealed the historic agreements with a signing ceremony on a flag-decorated White House lawn.

Hundreds of guests attended the event despite the coronavirus pandemic but there were no ceremonial handshakes to cement the agreements.

Bahrain and the UAE are the first Arab nations to establish relations with Israel since Egypt in 1979 and Jordan in 1994 and Trump, who is hoping the deals will boost his reelection hopes, hailed it as a "historic day for peace in the Middle East."

"After decades of division and conflict we mark the dawn of a new Middle East," Mr Trump said. "We're here this afternoon to change the course of history."

He said the agreements "will serve as the foundation for a comprehensive peace across the entire region" and "there will be other countries, very, very soon."

Speaking to reporters before the ceremony, Mr Trump said "we'll have at least five or six countries coming along very quickly."

Mr Trump did not name the additional countries, but hinted during a meeting with UAE Foreign Minister Abdullah bin Zayed Al-Nahyan that Saudi Arabia may be on board.

"We've had great talks with Saudi Arabia. I think their mind is very open," Mr Trump said.

Netanyahu called the day a "pivot of history."

"It heralds a new dawn of peace," he said. "Ultimately it can end the Arab-Israeli conflict once and for all."

Police accessed Chinese diplomats' emails and messages as part of foreign political interference investigation

abc.net.au - Page Online : 16 September 2020 - Original article by Sean Rubinsztein-Dunlop, Echo Hui - PortMac.News Summary

Tensions between Australia and China are likely to deepen following revelations that the Australian Federal Police accessed correspondence between Chinese diplomats and John Zhisen Zhang, a policy adviser to New South Wales Labor MP Shaoquett Moselmane.

Zhang alleges that raids on his home and office by the AFP and the Australian Border Force were in breach of both Australian and international law.

The AFP's search warrants indicate that that it is investigating whether China's Sydney consulate conspired with Zhang to infiltrate Labor and influence voters.

Zhang could face up to 15 years' jail if he is charged and convicted of foreign interference.

PM offered Premier Andrews Covid troops

The Australian - Page 1 & 5 : 16 September 2020 - Original article by Remy Varga - PortMac.News Summary

The inquiry into Victoria's hotel quarantine program has revealed that the state government was offered the use of Australian Defence Force personnel on 8 April.

This was more than a month before quarantine breaches resulted in the state's second wave of COVID-19 infections.

The offer was made in an email from Department of Prime Minister & Cabinet secretary Phil Gaetjens to Chris Eccles, his counterpart in the office of Premier Daniel Andrews.

The federal government has consistently maintained that ADF personnel been made available to the state government, although Andrews denied this in evidence before a parliamentary committee in August.

ANZ-Roy Morgan Consumer Confidence up 1.3pts to 92.4 as new cases of COVID-19 in Victoria continued declining

Market Research Update - Page Online : 16 September 2020 - Original article by Roy Morgan - PortMac.News Summary

ANZ-Roy Morgan Consumer Confidence rose 1.3pts to 92.4 on the weekend of September 12/13. It is now 16.9pts lower than a year ago (109.3) and 1.3pts below the 2020 weekly average of 93.

Consumer Confidence was up strongly in Perth to 103.8 and Brisbane to 96.5, but fell in Melbourne to only 85.8 after Stage 4 lockdown restrictions were extended until the end of September.

Now 25% (up 1ppt) of Australians say their families are 'better off' financially than this time last year, while 34% (down 2ppts) say their families are 'worse off' financially.

In addition, 34% (up 1ppt) of Australians expect their family to be 'better off' financially this time next year, and 20% (unchanged) expect to be 'worse off' financially.

Only 6% (up 1ppt) expect 'good times' for the Australian economy over the next 12 months, while 47% (up 1ppt) expect 'bad times'.

Meanwhile, 37% (up 3ppts) of Australians say now is a 'good time to buy' major household items, while 35% (down 2ppts), say now is a 'bad time to buy'.

Limits apply, but regional Victoria free at last

The Australian - Page 5 : 16 September 2020 - Original article by Rachel Baxendale, Tessa Akerman = PortMac.News Summary

Victoria recorded 42 new coronavirus cases on 15 September, although the state reported no COVID-19 deaths for the first time since 13 July.

Melbourne's 14-day daily average of new cases has fallen to 52.9, but it is still well above the target for lockdown restrictions to be further eased.

However, the 14-day daily average in regional Victoria has fallen to 3.6, prompting the state government to relax the restrictions from 11:59pm on 16 September.

Amongst other things, people in regional areas will be able to leave their home for any reason, outdoor gatherings of up to 10 people will be permitted and restaurants will be able to serve up to 10 patrons indoors.

The national death toll from COVID-19 remains unchanged at 816.

Premier pays French owned pollster, IPSOS, $528k for virus feedback

The Australian - Page 1 & 2 : 16 September 2020 - Original article by Sarah Elks, Michael McKenna - PortMac.News Summary

IPSOS Public Affairs was awarded contracts totalling $528,000 by the Queensland government in May and June.

The French-owned market research company was hired to gauge the public's views on the government's handling of the coronavirus pandemic, which is likely to be a key issue in the upcoming state election.

The Department of Premier & Cabinet also gave KPMG a $275,000 contract to advise it on the development of an economic recovery 'roadmap'.

Advertising agency MediaCom and communications firm Newgate have also received coronavirus-related government contracts.

Inflation Expectations hit record low of 3.2% in August as second wave of COVID-19 forces Victoria into hard lockdown

Market Research Update - Page Online : 16 September 2020 - Original article by Roy Morgan - PortMac.News Summary

In August, Australians expected inflation of 3.2% annually over the next two years, down 0.2% points on July and equalling the record low in June.

Inflation Expectations are now down 0.7% points on a year ago.

The big economic impact in August was the imposition of a hard lockdown in Melbourne including a night-time curfew, stringent limits on travel and the compulsory wearing of masks.

There were also repeated low-level outbreaks of COVID-19 in both New South Wales and Queensland throughout the month. Inflation Expectations for full-time employees have fallen the most since March (pre COVID-19), down by 0.9% to only 2.6% annually over the next two years - clearly the lowest of any employment category.

Unemployed Australians again have the highest inflation expectations of 4.1% annually over the next two years, but this is still down by 0.7% since March.

People who are employed part-time but looking for more work expect higher than average inflation of 3.6% (down 0.7% since March).

Australians who are not in the workforce at all, whether retired, on home duties, studying, or simply not working, have higher than average inflation expectations of 3.7%, down 0.8% since March.

RBA calls on governments to spend big as unemployment tipped to rise

The New Daily - Page Online : 16 September 2020 - Original article by Euan Black - PortMac.News Summary

The minutes of the Reserve Bank of Australia's latest board meeting notes that the pandemic-induced recession is the nation's biggest economic shock since the 1930s.

However, board members also observed that a recovery is already underway in much of the nation.

RBA board members also indicated that the federal and state governments have significant capacity to ramp up spending, due to historically low interest rates and the fact that debt levels are low relative to the size of the domestic economy.

Once it was distance, but a new tyranny is abroad

The Australian - Page 10 : 16 September 2020 - Original article by Judith Sloan - PortMac.News Summary

The 'tyranny of distance' has been replaced by a 'tyranny of experts' in Australia.

People who welcomed having so-called experts in charge of the policy response to COVID-19 are now advocating that 'experts' also lead the nation's policy on climate change.

However, the experts have consistently been wrong on the threat of COVID-19, with the accuracy of much of their modelling in doubt.

It should also be noted that there is often lack of consensus among these 'experts', and many are simply peddling their own values. This is equally true with regard to COVID-19 and climate change.

Gas plan 'Overkill' for market

The Australian Financial Review - Page 1 & 4 : 16 September 2020 - Original article by Phillip Coorey - PortMac.News Summary

Large energy users have welcomed the federal government's proposal to build a gas-fired power station in the Hunter Valley if energy companies fail to outline how they will replace the Liddell power station's output by April 2021.

The policy is aimed at encouraging the sector to invest in new dispatchable energy capacity, but Australian Energy Council CEO Sarah McNamara warns that it may deter energy companies from doing so.

Tony Wood of the Grattan Institute says the government's proposal is "unnecessary intervention and overkill", while National Party senator Matt Canavan argues that the government should build a coal-fired power station.

Eslake urges return to inheritance tax

The Australian Financial Review - Page 8 : 16 September 2020 - Original article by John Kehoe - PortMac.News Summary

Independent economist Saul Eslake has produced a 'blueprint' for a potential national tax reform agenda.

The 48-page report was commissioned by the Australia Institute; amongst other things, Eslake has proposed the introduction of a nine per cent tax on deceased estates that are worth more than $1m.

Death taxes were abolished in Australia more than four decades ago, but Eslake notes that most advanced economies have this form of tax.

He has also advocated replacing stamp duty with a broad-based land tax and streamlining the payroll tax system.

Elderly should pay up: Treasury

The Australian - Page 3 : 16 September 2020 - Original article by Stephen Lunn - PortMac.News Summary

The Department of the Treasury has used its submission to the royal commission into aged care to call for elderly Australians to contribute more to the cost of their care if they have the capacity to do so.

The Treasury also suggested that the current means-testing cap of $170,000 on a family home could be increased; this includes the option of including the full value of the family home in the means test.

The current cap only applies to residents of nursing homes rather than people who receive in-home care.

The federal government spent $18.1bn in residential and in-home aged-care services in 2018-19, while aged-care recipients contributed $5.1bn to the cost of their care.

Top Australian judges on China watch

The Australian Financial Review - Page 6 : 16 September 2020 - Original article by Ronald Mizen - PortMac.News Summary

Professor Ian Ramsay of the Centre for Corporate Law says it is not surprising that judges feature prominently among the 35,000 Australians in the China Zhenhua database.

He notes that Chinese investment in Australia was very high until recently, and some of that investment has led to litigation.

He adds that Australia's "strong and independent judiciary" also has extensive powers to overturn decisions of government agencies and regulators.

The Zhenhua database includes detailed information on every current High Court judge.

Drug lords, fraudsters and a jailed banker on Chinese database

The Australian Financial Review - Page 1 & 6 : 16 September 2020 - Original article by Angus Grigg - PortMac.News Summary

The China Zhenhua database includes profiles of many Australians who have been jailed for crimes such as drug dealing, fraud and human trafficking.

The database focuses on organised crime rather than people convicted of offences such as robbery and murder; an Australian intelligence source says organised crime identities are potentially of great use to China's foreign intelligence services as there is more likelihood that they can be 'bought'.

The leaked database will be come under scrutiny by a Senate inquiry into foreign interference through social media.

What's behind Beijing's tabs on RBA bosses?

The Australian Financial Review - Page 6 : 16 September 2020 - Original article by Matthew Cranston - PortMac.News Summary

Reserve Bank of Australia governor Philip Lowe and deputy governor Guy Debelle are among the high-profile Australians who are included in the leaked China Zhenhua database.

The RBA has had a currency swap agreement with the People's Bank of China since 2012, and the Chinese yuan accounts for about five per cent of the RBA's foreign currency reserves.

Meanwhile, Lowe and Debelle have regularly stressed the importance of China to the Australian economy; although they have always avoided engaging in debate on China, they could potentially be targeted in order to foster discord on economic debate.

ALP platform focuses on work

The Australian - Page 6 : 16 September 2020 - Original article by Greg Brown - PortMac.News Summary

Industrial relations is a key focus of Labor's draft policy platform.

Harsher penalties for wage underpayment, greater protection for casual workers and a crackdown on the labour hire industry are among the workplace relations issues that are covered in the draft document.

It also notes that the coronavirus pandemic has resulted in a sharp increase in insecure jobs, particularly in service industries.

In addition, the draft policy platform proposed the introduction of tax breaks and red tape relief for small businesses.

Queensland: Grand final one week, let's vote the next

The Australian - Page 1 & 2 : 16 September 2020 - Original article by Michael McKenna - PortMac.News Summary

The Queensland government's pitch for Brisbane to host the 2020 AFL grand final proposed holding the showcase event on either 17 or 24 October.

The state government expressed preference for the latter, without giving a reason in its written submission to the AFL.

However, this is just one week before the state election on 31 October, and hosting the grand final could be expected to boost support for Labor in the final week of the election campaign.

The state government also agreed to spend millions of dollars on promoting the grand final.

Shares flat in subdued trading

The Australian - Page 19 : 16 September 2020 - Original article by Samantha Bailey - PortMac.News Summary

The Australian sharemarket failed to capitalise on a strong opening on 15 September, with the S&P/ASX 200 easing 0.08 per cent to close at 5,894.8 points.

Rio Tinto was down 1.5 per cent at $102.13, Oil Search shed 3.4 per cent to end the session at $2.82 and the ANZ Bank fell 1.9 per cent to $17.35.

However, New Hope Corporation rose 5.8 per cent to $1.29 and Northern Star Resources advanced 7.4 per cent to $14.92.

'Perfect storm': Retailers struggling to fill shelves

The Australian Financial Review - Page 18 : 16 September 2020 - Original article by Sue Mitchell - PortMac.News Summary

Discretionary retailers enjoyed 29 per cent growth in like-for-like sales in July and August, amid strong demand during the coronavirus pandemic.

The Australian Retailers Association notes that about 90 per cent of its members are experiencing supply chain disruptions due to COVID-19. CEO Paul Zahra says many retailers reduced their stock purchases due to expectations that consumer spending would fall, but sales in some categories have increased significantly.

Homewares, kitchen appliances and exercise equipment are among the items that have been in strong demand.

Google tones down opposition to paying for news content

The Australian - Page 3 : 16 September 2020 - Original article by Chris Griffith - PortMac.News Summary

Digital giant Google has signalled that it is open to backing the proposed revenue-sharing code of conduct.

Google Australia's MD Mel Silva has written an 'open letter' in which she states that the proposed code could be more "fair and workable" with some "reasonable changes".

These include watering down the requirement that news publishers must be given advance notice of significant changes to search algorithms.

Google's letter contends that the search giant does not "use" or "steal" news content, but simply links users to the content they are seeking, including news.

Media bargaining code will protect journalism

The Australian - Page 20 : 16 September 2020 - Original article by Dave Poddar - PortMac.News Summary

The proposed revenue-sharing code of conduct is necessary in order to create a level-playing field for news publishers in their dealings with digital companies such as Google and Facebook.

While it is not the role of government to prop up struggling businesses that do not adapt to changing conditions, such intervention is needed in this instance given the importance of quality news and journalism to public debate and public scrutiny.

The code result in differential treatment of Australian media companies by Google, but such treatment is appropriate as it promotes the production of Australian journalism and quality news content.

Covid weighs on BHP's top executive pay

The Australian - Page 16 : 16 September 2020 - Original article by Lachlan Moffet Gray - PortMac.News Summary

BHP CEO Mike Henry received a base salary of $US1.7m during his first six months in the role.

His total remuneration for the first half of 2020 was $US6.07m, which includes a long-term incentive payment.

Henry became CEO in January, and predecessor Andrew Mackenzie was paid a total of $US2.4m for the six months to December 2019.

BHP's annual report also shows that governments received a total of $US9.1bn in taxes, royalties and other payments from the resources giant in 2019-20.

Governments in Australia were paid $US7.5bn of this total, and BHP has paid $76bn in Australia over the last decade.