Latest updates on Key Economic Indicators

Australian Dollar: $0.7313 USD (up $0.0046 USD)

Iron Ore Dec Spot Price (SGX): $120.30 USD (up $1.30 USD)

Oil Price (WTI): $41.42 USD (up $1.29 USD)

Gold Price: $1,886.88 (down $2.75 USD)

Dow Jones: 29,820.40 (up 340.59 points)

All changes compared to 7am yesterday.

Biden says 'More people may die' if Trump doesn't cooperate

President-elect Joe Biden warned that President Donald Trump's unwillingness to accept the outcome of the 2020 election could hamper the incoming Biden administration's ability to rapidly distribute a coronavirus vaccine.

"More people may die if we don't coordinate," Biden told reporters Monday in Delaware, in a news conference after he met with labor and business leaders and delivered a speech on the economy.

Biden's comment comes as Trump refuses to acknowledge the reality that he lost the presidential election.

The Trump-appointed administrator of the General Services Administration has so far refused to take the legally necessary step to begin the transition process, which would give Biden's team a budget, intelligence briefings and access to federal agencies.

Biden said coordination is important "now, or as rapidly as we can get that done," and said that "it would make it a lot easier if the President were to participate."

"I am hopeful that the President will be mildly more enlightened before we get to January 20," he said, making note of the date he will be inaugurated.

Biden criticized Trump for failing to work with Congress to negotiate a measure to aid businesses and unemployed Americans as the pandemic rages heading into the winter.

Moderna says early trial shows COVID-19 vaccine is 94.5 per cent effective

US-based Moderna has released preliminary data from a clinical trial which shows that its COVID-19 vaccine candidate has an efficacy rate of 94.5 per cent.

Some 30,000 volunteers have received the vaccine or a placebo; 95 people had contracted the virus two weeks after receiving their second dose, and just five had been given the vaccine rather than the placebo.

The Moderna vaccine can be stored at much lower temperatures that the rival Pfizer vaccine, which has a similar efficacy rate. The Moderna vaccine is not among the four that the Australian government has agreed to buy, although it is open to further supply agreements.

States shut borders as SA becomes new pariah

The Advertiser - Page 7 : 17 November 2020 - Original article by Clair Bickers - PortMac.News Summary

Queensland, Western Australia, Tasmania and the Northern Territory have closed their borders to travellers from South Australia in response to the state's new coronavirus outbreak.

WA Premier Mark McGowan says that only SA residents who have an exemption to travel to his state will be permitted to cross the border.

Meanwhile, Victoria has declared SA a coronavirus 'Hot spot', although it has not yet closed its border. Prime Minister Scott Morrison says the outbreak in SA is a reminder to all Australians that COVID-19'Has not disappeared'.

ASIO warns of spies using social media

The Australian Financial Review - Page 8 : 17 November 2020 - Original article by Angus Grigg, Ronald Mizen - PortMac.News Summary

The Australian Security Intelligence Organisation has warned that overseas intelligence agencies are using social media sites to recruit Australians with access to sensitive information and sophisticated technology.

ASIO cited one case study where a person with an Australian government security clearance was offered lucrative consulting work by a consulting firm that turned out to be connected to a foreign intelligence service.

ASIO director-general Mike Burgess notes that the internet has made recruiting work for foreign agents much easier than in the past.

Regional security focus of Japan visit

The Australian Financial Review - Page 6 : 17 November 2020 - Original article by Phillip Coorey - PortMac.News Summary

Prime Minister Scott Morrison has left for Japan on his first overseas trip in 2020. He will become the first foreign leader to meet new Japanese Prime Minister Yoshihide Suga face to face, with Morrison to spend around 24 hours in Tokyo.

Morrison and Saga are due to finalise a reciprocal access agreement that has been under discussion since 2014, and it will be the first such agreement signed by Japan since it entered into one with the US in the 1960s.

Conclusion of the agreement will see an increase in military co-operation exercises between Australia and Japan, while Australia is confident that Suga's views on foreign policy adhere to those of former Prime Minister Shinzo Abe.

Beijing seeking to 'Make an example of Australia'

The Australian - Page 20 : 17 November 2020 - Original article by Glenda Korporaal - PortMac.News Summary

Historian Niall Ferguson has told the UBS Australasia conference that China is trying to "'make an example of Australia" with its trade sanctions.

Ferguson, who is a senior fellow at the Hoover Institution at Stanford University, contends that China is using Australia as a warning to Asian nations not to criticise its growing influence.

He says it is important that Australia does not become isolated over its approach to China, and that it seeks out alliances with the new Biden administration in the US, along with Japan and India. Ferguson says Biden should maintain Donald Trump's technology war against China.

Consumers 'Will pay the price' for government's unviable gas-led recovery

The New Daily - Page Online : 17 November 2020 - Original article by Euan Black - PortMac.News Summary

Reports from two think tanks have attacked the federal government's gas-led economic recovery plan.

The non-partisan Grattan Institute contends that the plan will lead to higher gas prices, as the remaining gas that Australia has will become increasingly difficult and costly to extract.

Prime Minister Scott Morrison has claimed that gas supports the Australian manufacturing sector, which employs more than 850,000 people, but the left-wing Australia Institute contends that only one per cent of Australian gas is used as a feedstock in manufacturing.

Union boss warns Labor against adopting Coalition's climate policies saying workers don't need 'False hope'

The Guardian Australia - Page Online : 17 November 2020 - Original article by Daniel Hurst - PortMac.News Summary

The Electrical Trades Union's national secretary Allen Hicks has urged Labor not to adopt the federal government's climate policies.

He claims that the government's "ad hoc" approach to climate and energy issues has caused a vacuum that needs to be filled in order to provide workers with certainty and confidence.

Hicks has called on Labor to put in place a coherent energy policy to take to the next election, while he says political parties will not be doing employees in traditional industries any favours by giving them "false hope".

Economy set for 'Rapid rebound'

The Australian - Page 13 & 20 : 17 November 2020 - Original article by Patrick Commins - PortMac.News Summary

Reserve Bank of Australia governor Philip Lowe is upbeat about the outlook for the domestic economy; he has forecast a quick recovery from the recession, provided that COVID-19 can be contained.

Lowe also cautioned that there is "considerable uncertainty" about the outlook, but notes that households' balance sheets are in good shape and the savings rate was around 20 per cent in the June quarter.

Lowe has also urged businesses to take more risks, arguing that the pandemic-induced shift to a digital economy presents opportunities for companies that are willing to innovate and grow.

Economic recovery post Covid-19

peterfenwick.com - Page Online : 17 November 2020 - Original article by Peter Fenwick - PortMac.News Summary

Regarded as a classic economics text, 'Economics in One Lesson' by Henry Hazlitt was first published in 1946 and has been continuously in print ever since.

A new special edition of the book has been published in 2020, at a time when the world is reacting to the huge economic losses caused by the COVID-19 crisis and when policy responses to those losses should be based on sound economics.

Hazlitt stated that good economics should look at both the immediate and long-term impact of any act or policy, and that the consequences of that policy should be considered for all people and not just a specific targeted group.

CPI inflation figures are nonsense

Herald Sun - Page Online : 11 November 2020 - Original article by Terry McCrann - PortMac.News Summary

Many people have felt for some time that the official CPI figures do not reflect the actual cost of living, particularly for older Australians.

They do not tend to buy the many things that are falling in price such as whitegoods, but have to increase spending on items that are going up in cost, including health care and electricity.

The Australian Bureau of Statistics has looked at the difference between discretionary and non-discretionary inflation over the eight years to 2019, and found there was not actually much difference.

However, just one item - tobacco - accounted for half of all the discretionary inflation in that period, while other data by the ABS indicates that older people are being hurt by real inflation much higher than the CPI would indicate.

Water from Murray Darling Basin plan not being delivered by irrigators, Australian-first report finds

abc.net au - Page Online : 17 November 2020 - Original article by Michael Slezak - PortMac.News Summary

The controlled flooding of wetlands is a key focus of the $13 billion Murray Darling Basin plan.

However, a report to be released on 17 November claims a majority of environmental water redirected from irrigators is not reaching its desired wetland targets, with private land impeding the connections between rivers and floodlands.

The Murray Darling Basin Authority, which administers the Murray Darling Basin plan, contends state government progress to remove the impediments to the environmental floods reaching the wetlands has been slow.

One in 10 battle to pay their mortgage

The Australian - Page 4 : 17 November 2020 - Original article by Patrick Commins -PortMac.News Summary

The latest Australian Bureau of Statistics household COVID-19 impacts survey has found that one in 10 households with a mortgage had problems meeting their repayments in the four weeks to mid-October.

With the figure being more than twice the proportion that were encountering problems during the height of the recession in June, AMP chief economist Shane Oliver suggests that problem loans could be re-emerging as support measures are being scaled back.

The ABS survey also reveals that 10 per cent of respondents stated that one or more people in their household had difficulty finding a job in the four weeks prior to the survey, up from six per cent in June.

Legislation to give small enterprise some muscle

The Australian - Page 21 : 17 November 2020 - Original article by Robert Gottliebsen - PortMac.News Summary

The federal and state governments recently reached an agreement to make 'unfair' contracts between large and small business illegal.

Based on research conducted some years ago by the Australian Competition & Consumer Commission, there could be around eight million contracts in place that have clauses that will soon become illegal and which will carry fines.

It is estimated that the loan and equity capital available to small and medium businesses will increase significantly once the contracts become legal, and will stimulate employment post-coronavirus.

Firms urged to subsidise home work

The Australian - Page 1 & 4 : 17 November 2020 - Original article by Ewin Hannan - PortMac.News Summary

The ACTU's executive has endorsed the peak union body's new working-from-home charter.

Amongst other things, the charter calls for employers to pay an upfront allowance for a worker's costs associated with setting up a home office, as well as insuring all required equipment and providing staff with appropriate training. ACTU secretary Sally McManus says the initial focus will be getting highly-unionised workplaces to adopt the charter as company policy.

The ACTU will then push to have the charter included in future enterprise agreements. McManus says working from home is likely to be the norm for many Australians in the post-coronavirus environment.

Big whack for Macca's franchisee

The Australian Financial Review - Page 9 : 17 November 2020 - Original article by David Marin-Guzman - PortMac.News Summary

The Federal Court has fined a McDonald's franchisee in Queensland a total of $82,000 as a result of legal action by the Retail & Fast Food Workers Union.

The fine was imposed on Tantex Holdings for denying staff 10-minute toilet breaks and for threatening staff on Facebook when they complained. The union and Shine Lawyers are now contemplating a class action against McDonald's as a result of the decision, while RAFFWU secretary John Cullinan has described the decision as "fantastic".

He says 15,000 people have so far registered their interest in the class action, which could potentially cost McDonald's hundreds of millions of dollars if successful.

State to shout you lunch, pay for the movies

The Australian - Page 4 : 17 November 2020 - Original article by Yoni Bashan - PortMac.News Summary

All New South Wales adults will be given $100 in vouchers to spend on dining, entertainment and recreation under a scheme designed by Restaurant & Catering Australia.

Known as Out & About, the scheme will cost $500 million and is aimed at helping the hospitality and cultural sectors recover from the impact of the COVID-19 pandemic.

The scheme will be initially trialled in the Sydney CBD, while the vouchers will be issued digitally through Services NSW and will be single-use. The scheme is one of a number of stimulus measures announced by NSW Treasurer Dominic Perrottet prior to the release of the state budget papers.

Shares surge before glitch shuts bourse

The Australian - Page 20 : 17 November 2020 - Original article by Samantha Bailey - PortMac.News Summary

The Australian sharemarket rallied in an abridged session on 16 November, with the S&P/ASX 200 rising 1.2 per cent to an eight-month high of 6,484.3 points before a technical glitch forced trading to be halted after just half an hour.

Rio Tinto was 1.8 per cent higher at $97.80, Origin Energy rose 2.2 per cent to $4.76 and the ANZ Bank was up three per cent at $21.20. However, Nine Entertainment shed 1.6 per cent to end the session at $2.40 and Afterpay was down 0.44 per cent at $101.40.

Crucial US test arrives as Douugh hails share surge

The Australian Financial Review - Page 14 : 17 November 2020 - Original article by Paul Smith = PortMac.News Summary

Australian 'Neobank' Douugh has a market capitalisation of more than $210m following its backdoor listing in early October. Douugh will officially launch its personal finance app in the US in coming months, following a beta trial over the last 18 months.

Factors such as the potential size of the US market for Douugh's app and higher interchange fees prompted the company to launch there first rather than in Australia. CEO Andy Taylor is not unduly concerned about competing with existing neobanks in the US market, contending that Douugh is primarily targeting affluent users.

Elders call to 'De-escalate' Chinese trade dispute

The Australian - Page 13 & 16 : 17 November 2020 - Original article by Jared Lynch - PortMac.News Summary

Listed agribusiness Elders has posted a statutory profit after tax of $122.9m for the year to 30 September, which is 78 per cent higher than previously.

Revenue was up 29 per cent at $2.09bn, and shareholders will receive a final dividend of $0.13 per share. Meanwhile, CEO Mark Allison says Elders' commercial relationship with China remains strong, and he has urged the governments of both nations to co-operate in resolving the current trade tensions.

Chinese shipment worries winemaker

The Australian - Page 15 : 17 November 2020 - Original article by Eli Greenblat - PortMac.News Summary

The family-owned Taylors Wine has booked a profit of $3.51m for 2019-20, while sales rose from $64.93m to $72.26m.

CEO Mitchell Taylor says the South Australian company's sales rose in the second half, as coronavirus restrictions prompted consumers to buy wine at retail outlets rather than at restaurants and bars.

Meanwhile, Taylor is hopeful that the growing trade row between Australia and China will not affect his company's shipment of wines that is due to arrive in China within weeks.

Crown says 'Honest mistakes' in China have been fixed

The Australian Financial Review - Page 2 : 17 November 2020 - Original article by Lucas Baird - PortMac.News Summary

The New South Wales Independent Liquor & Gaming Authority is investigating whether Crown Resorts and controlling shareholder James Packer are fit to hold a restricted gaming licence for its near-completed Barangaroo casino in Sydney.

Crown counsel Neil Young, QC told the inquiry on 16 November that Crown had failed to adequately manage the risks to its staff in China prior to the arrest of 19 of them by authorities in 2016, but claimed this did not have any bearing on its current suitability to operate the Barangaroo casino.

Young stated many of the errors made by Crown in regard to its China operations were "honest mistakes" that had been fixed. The inquiry is not due to make its final report until February, although Crown is aiming to open Barangaroo in mid-December.

Source of email on Nine CEO raises concerns

The Australian Financial Review - Page 3 : 17 November 2020 - Original article by Max Mason - PortMac.News Summary

Details of Hugh Marks' affair with a former Nine Entertainment staffer were leaked via an anonymous email the day before he publicly disclosed the relationship.

The email also raised questions about whether Nine chairman Peter Costello had been aware of the relationship between Marks and Alexi Baker.

The email has prompted speculation that somebody was attempting to undermine Marks, who resigned as Nine CEO on the same day that he disclosed the relationship with Baker.

Faster, higher, stronger: Vaccine prospect to boost Tokyo Olympics

The New Daily - Page Online : 17 November 2020 - Original article by Mark Staniforth - PortMac.News Summary

International Olympic Committee president Thomas Bach says he is very confident that spectators will be able to attend the delayed Tokyo Olympics in 2021.

Professional baseball in Japan has been able to stage games with 80 per cent audience capacity provided it follows strict protocols, while thousands attended an international gymnastics event in Tokyo in the week ending 13 November.

Bach indicated that the IOC is willing to fund a mass vaccination program for people wishing to visit Tokyo in 2021

Mall owners call time on rent relief

The Australian Financial Review - Page 33 : 17 November 2020 - Original article by Nick Lenaghan - PortMac.News Summary

The Shopping Centre Council of Australia's executive director Angus Nardi believes that there is no reason why rent relief regimes should be extended when they expire at the end of 2020.

Around $2 billion in assistance has been given to small and medium retailers across Australian shopping centres since the federal government set up the framework for the scheme in early April.

Nardi's comments come amid growing signs of a recovery in retailing as lockdowns have been eased, most recently in Melbourne.