Latest updates on Key Economic Indicators

Australian Dollar: $0.7170 USD (down $0.0053 USD)

Iron Ore Oct Spot Price (SGX): $113.90 USD (down $1.85 USD)

Oil Price (WTI): $39.55 USD (down $0.04 USD)

Gold Price: $1,900.65 (down $11.82 USD)

Dow Jones: 27,288.18 (up 140.48 points)

All changes compared to 7am yesterday.

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Leaders spar at UN General Assembly amid global crisis

World leaders gathered virtually Tuesday for this week's United Nations General Assembly (UNGA), with the UN's historic 75th anniversary overshadowed by strongmen leaders, fraying relations and a sense of intensifying international crisis.

The summit was forced online this year due to the pandemic and the 14-day quarantine regulations in New York City.

Covid-19 loomed heavily over the first day of the event. Instead of meeting in person, UN officials, presidents and prime ministers sent pre-recorded speeches to mark the occasion.

US President Donald Trump, French President Emmanuel Macron, and a suite of strongmen including China's Xi Jinping, Turkey's Recep Tayyip Erdogan, Brazil's Jair Bolsonaro and Russia's Vladimir Putin all spoke early on Tuesday.

UN Secretary General António Guterres called the health crisis "our own 1945 moment" -- a reference to World War II -- and described Covid-19 as "a toxic virus shaking the democratic underpinnings in many countries."

Guterres' remarks touched on rising global poverty and fractured diplomatic relations, and warned of the increasingly bitter standoff between the China and the United States, whose diplomatic relationship he said was moving "in a very dangerous direction."

"Our world cannot afford a future where the two largest economies split the globe in a Great Fracture — each with its own trade and financial rules and internet and artificial intelligence capacities," he said.

Guterres also suggested a New Global Deal to solve the crisis, built on a multilateral approach.

But Tuesday's session often highlighted a lack of unity between UN members, with tensions particularly apparent between the US and China.

Trump praised his own handling of the pandemic in the US, and touted his role in facilitating peace agreements between the United Arab Emirates, Bahrain and Israel, saying that more peace agreements would be coming shortly.

He used part of his time to attack China, calling the coronavirus the "China virus" and urging the UN to hold Beijing accountable for the pandemic. He accused Beijing of "allowing flights to leave China and infect the world" and of "virtually controlling" the World Health Organization.

WHO Communications director Gabby Stern responded on Twitter, writing, "@WHO has 194 Member States; no one gov't controls us."

In a direct challenge to multilateralism, the US President also said global leaders should each put their own countries first.

"For decades the same tired voices proposed the same failed solutions pursuing global ambitions at the expense of their own people, but only when you take care of your own citizens will you find a true basis for cooperation," Trump said.

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States take tentative steps to reopen borders

The Australian Financial Review - Page 5 : 23 September 2020 Original article by Tom Burton, Finbar O'Mallon - PortMac.News Summary

The South Australian government has advised that New South Wales residents will be able to visit the state again, with border restrictions to be lifted from midnight on 23 September.

The Queensland government will in turn expand its "border bubble" with NSW from 1 October, which will allow people in an additional five local government areas in northern NSW to travel to Queensland with a permit.

NSW recorded two new coronavirus cases on 22 September, and the state has had no mystery cases for five consecutive days.

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Citizens detaining fellow citizens a bridge too far: jurists

The Australian - Page 1 & 5 : 23 September 2020 - Original article by Damon Johnson, Rachel Baxendale - PortMac.News Summary

A group of barristers and retired judges have written an open letter to the Victorian government expressing concern about the COVID-19 Omnibus (Emergency Measures) and Other Acts Amendment Bill.

They have urged the state's upper house to reject the bill outright or push for changes to it, warning that the powers that would be given to 'authorised officers' to arrest and detain people would be "unprecedented, excessive and open to abuse".

Amongst other things, the bill would allow people to be detained indefinitely if it is suspected that they could potentially breach COVID-19 restrictions.

Key crossbenchers have signalled that they will reject the bill, which has already passed the lower house.

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Don't know, don't ask, don't care: The Great Hotel Quarantine mystery

The Australian - Page 1 & 5 : 23 September 2020 - Original article by Ewin Hannan, Remy Varga - PortMac.News Summary

The lack of accountability for the decision to use private security guards at Victoria's quarantine hotels continues to be a key theme of the inquiry into the botched program.

Senior public servants Kym Peake from the Department of Health and Human Services and Simon Phemister from the Department of Jobs, Precincts & Regions have told the inquiry that they did not know who had made the decision to use private security firms.

The latter department was responsible for contracting these firms, and the inquiry was told that some DJPR staff had expressed concern that there were some dodgy operators in the industry.

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Security firms face hotels class action

Herald Sun - Page 9 : 23 September 2020 - Original article by Mandy Squires - PortMac.News Summary

Law firm Arnold Thomas & Becker will lead a class action on behalf of the families of people who died in Victoria's second wave of COVID-19.

The class action will target two of the firms that were contracted to provide security guards for the state's hotel quarantine program.

Lawyer Kim Price says it will be alleged that the second wave was caused by the security firms' failure to take appropriate measures to prevent the virus from spreading.

Some 99 per cent of cases in the second wave have been linked to the quarantine program.

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Call to move Melbourne CBD to Covid Stage 2 immediately

The Age - Page Online : 23 September 2020 - Original article by Bianca Hall - PortMac.News Summary

Melbourne Lord Mayor candidate and leading local business person Gary Morgan says his sole focus in the upcoming council election is for COVID-19 lockdown restrictions to be eased.

He says the CBD should move to stage-two restrictions immediately, allowing all shops, restaurants and hotels to be opened up for people who live in the CBD, Southbank, Docklands and East Melbourne.

Morgan says he would work with the Victorian and federal governments to ease the lockdown restrictions, adding that Town Hall should work with the state government to open the CBD more broadly, by providing free masks for workers in construction, hospitality, sport, retail and other industries, as well as voluntary temperature and COVID-19 testing.

Morgan has succeeded in having councillors elected in his four previous campaigns for Town Hall, including Councillor Jackie Watts. She has also called for lockdown restrictions in the CBD to be eased, noting that the Queen Victoria Market is being disproportionately affected by the rule barring people from travelling more than 5km from their home.

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Mental health crisis bill: $114bn

The Australian - Page 5 : 23 September 2020 - Original article by Simon Benson - PortMac.News Summary

The University of Sydney's Brain and Mind Centre has attempted to quantity the near-term mental health cost of coronavirus lockdowns.

Its report concludes that Australia's productivity could fall by about $114bn over the next five years as people who remain in the workforce deal with mental health issues arising from the restrictions. It also forecasts that the nation may face additional health care costs of about $874m over this period.

Meanwhile, a group of Melbourne GPs has written an open letter to Victorian Premier Daniel Andrews highlighting the sharp rise in the number of patients who are seeking mental health care.

They have urged the state government to relax the lockdown as soon as possible.

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'Shock and awe' budget rate cut to cushion bumpy recovery

The Australian - Page 1 & 4 : 23 September 2020 - Original article by Patrick Commins - PortMac.News Summary

The Reserve Bank of Australia's deputy governor Guy Debelle has signalled that there could be a further reduction in the cash rate, which fell to a record low of 0.25 per cent in March.

The next scheduled meeting of the central bank's board is on 6 October, when the federal government will also hand down the Budget.

National Australia Bank's chief economist Alan Oster says the cash rate is likely to be reduced to 0.1 per cent on this day or in November.

He adds that further cutting the cash rate may not do much to stimulate the economy or create jobs,

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No rapid rebound as four-year budget to suffer $553bn hit

The Australian - Page 4 : 23 September 2020 - Original article by Adam Creighton - PortMac.News Summary

AMP Capital's chief economist Shane Oliver expects the federal government to post a combined Budget deficit of $529bn over the four financial years to June 2023.

He has also forecast that gross federal public debt will rise from 34 per cent of GDP to 54 per cent over this period; he warns that public debt in Australia and other developed countries may remain relatively high for some time in the wake of the coronavirus pandemic. Oliver anticipates a budget deficit of $230bn for the current financial year.

The government had forecast a surplus of $6.1bn in its mid-year economic and fiscal outlook in December.

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Coalition in $18bn emission 'gamble'

The Australian - Page 6 : 23 September 2020 - Original article by Greg Brown - PortMac.News Summary

The federal government's low-emissions technology roadmap includes expenditure of $18bn on five emissions technologies by 2030.

The government had initially identified 140 emissions technologies that could receive federal funding.

Energy Minister Angus Taylor concedes that prioritising clean hydrogen, 'green' steel and aluminium, carbon capture and storage, energy storage and soil carbon projects is a gamble, but he says the nature of research and development is to "place bets".

Taylor also says the government will set an emissions target for 2035, although not necessarily before the next election.

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Companies get an extension to shield against class actions

The Australian Financial Review - Page 4 : 23 September 2020 - Original article by John Kehoe - PortMac.News Summary

The federal government will extend temporary changes to continuous disclosure laws until 23 March 2021.

Business Council of Australia CEO Jennifer Westacott said the extension will ensure that directors of listed companies are able to keep markets fully informed, while Australian Institute of Company Directors CEO Angus Armour hopes the changes will eventually become permanent.

Directors and executives will continue to only be liable for breaches of continuous disclosure rules if they act "recklessly or negligently" when advising the market with regard to price-sensitive data.

The temporary relief from disclosure rules was introduced in response to COVID-19, and was due to end in November.

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Prescription e-cigarettes get green light

The Australian - Page 3 : 23 September 2020 - Original article by Rosie Lewis - PortMac.News Summary

The Therapeutic Goods Administration has made an interim decision to allow consumers to legally buy nicotine-based e-cigarettes at a pharmacy if they have prescription from a doctor.

The TGA is slated to issue a final decision by the end of 2020, after holding a period of public consultation on the issue.

Retailers argue that the prescription-only model will benefit major pharmacy chains.

Supporters of nicotine-based vaping contend that it is much safer than smoking.

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Watchdog targets CEO in non-union ban case

The Australian Financial Review - Page 10 : 23 September 2020 - Original article by David Marin-Guzman - PortMac.News Summary

The Australian Building & Construction Commission alleges that the CEO and senior managers of electrical engineering firm Consolidated Power Projects of unlawful action against a subcontractor.

The Federal Circuit Court case will allege that Consolidated Power banned the subcontractor from working on an AusNet project because it did not have an enterprise agreement with the Electrical Trades Union.

The ABCC will also allege that Consolidated Power did not want to upset the ETU by using a non-union contractor.

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Stocks fall amid risk-off mood

The Australian - Page 19 : 23 September 2020 - Original article by Samantha Bailey - PortMac.News Summary

The Australian sharemarket lost ground on 22 September, with the S&P/ASX 200 falling 0.66 per cent to close at 5,784.1 points.

Fortescue Metals Group was down two per cent at $15.87, the ANZ Bank shed 2.3 per cent to end the session at $16.46 and Australian Pharmaceutical Industries finished 1.4 per cent lower at $1.03. However, Xero rallied 4.4 per cent to close at $95.06 and Collins Foods was up 3.4 per cent at $10.35.

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Give more help to borrowers: APRA

The Australian - Page 17 : 23 September 2020 - Original article by Cliona O'Dowd - PortMac.News Summary

Repayments on more than 900,000 mortgage and business loans were deferred in late March due to the coronavirus pandemic.

Many borrowers are now facing the six-month anniversary of their deferral, and the Australian Prudential Regulation Authority has offered lenders a number of suggestions about how to handle customers who are slated to resume repayments.

Amongst other things, APRA has suggested that lenders should contact borrowers via a number of channels in the lead-up to the expiry of their deferral period.

National Australia Bank CEO Ross McEwan recently indicated that 20 per cent of these customers have failed to respond when it has contacted them regarding the issue.

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AMP wins worst super performance

The Australian Financial Review - Page 19 : 23 September 2020 - Original article by Aleks Vickovich - - PortMac.News Summary

Twelve of AMP's superannuation products are include the annual list of 'fat cat funds' that is compiled by investment adviser Stockspot.

The list of super funds that have high fees and poor returns is based on Stockpot's annual review of Australia's 100 largest super funds.

It is followed by OnePath, which has dominated the list since Stockspot began compiling it in 2013. UniSuper and AustralianSuper head the list of the top-performing super funds.

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Kayo climbs off canvas to hit new high

The Australian Financial Review - Page 10 : 23 September 2020 - Original article by Max Mason - PortMac.News Summary

Foxtel CEO Patrick Delany says the pay-TV group now boasts nearly two million sports subscribers across its broadcast and streaming platforms.

The Kayo Sports streaming service now has more than 600,000 subscribers, compared with 542,000 in early August.

Kayo's subscriber base fell to around 331,000 in May after the coronavirus pandemic forced major sports such as the Australian Football League and National Rugby League to temporarily put their 2020 seasons on hold.

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New Hope cuts jobs, dividend after loss

The Australian - Page 16 : 23 September 2020 - Original article by Perry Williams - PortMac.News Summary

Coal producer New Hope Corporation has posted a net loss of $156.7m for the year to 31 July, following a $210.4m profit for the previous financial year.

The latest result was marred by writedowns totalling $346m, including a $110.7m impairment charge against its New Acland thermal coal mine.

New Hope has also retrenched 175 workers at the New Acland mine, whose proposed expansion is subject to a legal challenge from environmentalists.

A total of 23 jobs have also been cut at its head office and Brisbane coal terminal, while shareholders will not receive a final dividend.

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Fitch tips 10pc fall in house prices as immigration weakens

The Australian - Page 15 : 23 September 2020 - Original article by Ben Wilmot - PortMac.News Summary

Fitch Ratings has forecast that housing prices in Australia will fall by 5-10 per cent over the next 12-18 months.

The credit ratings agency says the reduction in net immigration due to COVID-19 travel restrictions and the resulting impact on population growth will weigh on the residential market; it also warns that the restrictions are unlikely to be eased well into 2021.

The National Housing Finance & Investment Corporation recently estimated that underlying demand for new houses and apartments could fall by up to 232,000 over the next three years as a result of the coronavirus.

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Top stocks face private equity buyout threat

The Australian Financial Review - Page 30 : 23 September 2020 - Original article by Nick Lenaghan - PortMac.News Summary

Shares in real estate investment trusts such as Scentre Group and Dexus are currently trading at a large discount to their net tangible asset value, as the COVID-19 pandemic weighs on the sector.

Dexus CEO Darren Steinberg has told a property industry summit that the company's shares are likely to continue to trade at a discount, and conceded that this may make it vulnerable to being taken over by a private equity firm.

Scentre CEO Peter Allen expressed similar sentiments about the owner of Westfield's local shopping centres.