Latest updates on Key Economic Indicators

Australian Dollar: $0.7360 USD (up $0.0067 USD)

Iron Ore Dec Spot Price (SGX): $124.95 USD (up $1.60 USD)

Oil Price (WTI): $44.83 USD (up $1.86 USD)

Gold Price: $1,805.54 (down $33.67 USD)

Dow Jones: 30,054.67 at 3pm NY Time (up 440.40 points on yesterday's close)

All changes compared to 7am yesterday.

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Thailand revives law banning criticism of king in bid to curb protests

Thailand has revived a controversial law against criticising the royal family in an attempt to curb months of anti-government protests.

Several activists have been summoned to face charges under the lèse-majesté law, which carries a sentence of up to 15 years in prison for each count.

It is the first time in over two years that such charges have been filed.

Thailand has been rocked by student-led protests for months, with demonstrators demanding changes to the monarchy.

Protesters are also calling for constitutional reforms and the removal of the country's prime minister.

On Tuesday, a prominent student activist, 22-year-old Parit Chiwarak, said he had received a summons for lèse-majesté - among other charges - but that he was "not afraid".

"The ceiling has been broken. Nothing can contain us anymore," he tweeted, along with a photo of the summons.

At least six other key protest leaders, including human rights lawyer Anon Nampa and Panusaya Sithijirawattanakul, are expected to face the same charges, according to reports.

Thailand's lèse-majesté law, which forbids any insult to the monarchy, is among the strictest in the world.

The reintroduction of charges under the lèse-majesté law comes ahead of a planned demonstration on Wednesday at the Crown Property Bureau, an institution that controls the royal fortune on behalf of the monarchy, located in the capital, Bangkok.

There have been no lèse-majesté charges filed in recent years at the request of King Vajiralongkorn, according to the Thai government.

This latest development follows increasingly outspoken criticism of the king by protesters.

King Vajiralongkorn has been criticised for spending much of his time in Germany.

Protests have included demands to curb recently expanded powers to the monarchy and have challenged the king's decision to declare Crown wealth as his personal property, making him by far the wealthiest person in Thailand.

It had until now been notionally held in trust for the benefit of the people.

There have also been questions over King Vajiralongkorn's decision to take personal command of all military units based in Bangkok, a concentration of military power in royal hands unprecedented in modern Thailand.

Last week, at least 41 people were injured after clashes between protesters and police in the Thai capital, Bangkok.

Protesters were attempting to reach parliament, where lawmakers were debating possible changes to the constitution.

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'Good to go': Qld rolls out the welcome mat for Sydneysiders

The New Daily - Page Online : 25 November 2020 - PortMac.News Summary

Queensland Premier Annastacia Palaszczuk has advised that Sydney residents will be able to travel to the state from 1st December, after New South Wales recorded its 28th day with no coronavirus cases from unknown sources.

People in regional areas of NSW have been permitted to travel to Queensland since 3 November.

Queensland also seems set to re-open its borders to Victorians, as the southern state continues to be virus-free.

Queensland reported one new COVID-19 case among returned travellers on 24 November, while NSW reported six new cases in hotel quarantine.

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ANZ-Roy Morgan Consumer Confidence down 2.1pts to 104.5

Market Research Update - Page Online : 25 November 2020 - Original article by Roy Morgan - PortMac.News Summary

ANZ-Roy Morgan Consumer Confidence fell 2.1pts to 104.5 on November 21/22.

It is now 9.6pts above the 2020 weekly average of 94.9 and only 2.3pts lower than a year ago (106.8).

Consumer Confidence ended its record streak of eleven consecutive weekly increases following an outbreak of COVID-19 in South Australia that caused a short-lived state-wide shut-down for three days.

Consumer Confidence dropped in both Adelaide and South Australia, and also in other cities around the nation.

Now 23% (down 4ppts) of Australians say their families are 'better off' financially than this time last year, while 32% (unchanged) say their families are 'worse off' financially.

In addition, 39% (up 1ppt) of Australians expect their family to be 'better off' financially this time next year (the highest figure for this indicator since early March), and 16% (up 1ppt) expect to be 'worse off' financially.

Some 14% (unchanged) of Australians expect 'good times' for the Australian economy over the next 12 months, while 27% (up 3ppts) expect 'bad times'.

Meanwhile, 40% (up 1ppt) say now is a 'good time to buy' major household items, while 29% (up 3ppts) say now is a 'bad time to buy'.

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With no active cases, Victoria is days away from 'Eliminating' COVID-19

The Age - Page Online : 25 November 2020 - Original article by Melissa Cunningham, Rachael Dexter - PortMac.News Summary

Victoria recorded its 25th consecutive day with no new coronavirus cases on 24 November.

The state is on track to meet the official definition for having eliminated the virus, which is 28 days without any new cases.

Victoria also now has no active COVID-19 cases for the first time since February.

However, University of Melbourne epidemiologist Tony Blakely says international travellers present the greatest risk of a fresh outbreak.

He contends that allowing people from East Asian countries into Australia presents a lower risk than those from the northern hemisphere.

Victoria has recorded a total of 20,345 cases and 819 deaths from COVID-19 since the global pandemic began.

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Covid vaccine: Experts call the shots

Herald Sun - Page 16 : 25 November 2020 - Original article by Tamsin Rose - PortMac.News Summary

Federal Health Minister Greg Hunt is confident that every Australian will have access to a COVID-19 vaccine in 2021.

The federal government has agreed to buy more than 130 million doses of various vaccine candidates, and Hunt says a task force of medical experts will determine which vaccine people receive.

Respiratory diseases specialist Professor Brian Oliver suggests that some vaccines may be better suited to certain people, based on factors such as their age and health.

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Iron ore surges, tourism to follow

The Australian - Page 5 : 25 November 2020 - Original article by Patrick Commins -PortMac.News Summary

Official figures show that Australia's iron ore export earnings rose by $1.8bn to a record $10.9bn in October.

The price of the steel input recently rose above $US130 per tonne, which should boost export earnings for November.

Meanwhile, the Australian Tourism Industry Council says the Queensland government's decision to re-open its borders to travellers from Sydney and Victoria will further boost the national economy.

However, the Reserve Bank's deputy governor Guy Debelle says it will take years for the economy to recover from the coronavirus pandemic, and he has cautioned against winding back stimulus measures too quickly.

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NSW government announces taskforce to investigate food delivery deaths

The Guardian Australia - Page Online : 25 November 2020 - Original article by Naaman Zhou - PortMac.News Summary

The New South Wales government may increase regulation of the gig economy following the latest fatality among food delivery workers.

It will establish a new taskforce to investigate the industry in response to the recent death of an Uber Eats rider in the Sydney suburb of Surry Hills.

This was the fifth such death nationwide since late September.

NSW Greens MP David Shoebridge contends that the taskforce is a "delaying tactic at best", and action is needed to ensure that gig economy workers receive training, safety equipment and the minimum wage.

The Transport Workers' Union has called for a federal inquiry into the gig economy.

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CFMEU leader quits in disgust

The Australian - Page 2 : 25 November 2020 - Original article by Ewin Hannan - PortMac.News Summary

The future of the Construction, Forestry, Maritime, Mining & Energy Union is uncertain.

The mining and energy division has advised that it will operate as an independent federal union within the CFMMEU, and it will cease all participation in the union's national executive.

Tony Maher, the division's general president, has also resigned as the union's national president.

He alleges that the CFMMEU has become "impossibly divided and dysfunctional" and accused the construction division of bullying.

The disunity within the CFMMEU follows the recent resignation of national secretary Michael O'Connor.

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Kerry Stokes's position as Australian War Memorial chair 'Untenable', former director says

The Guardian Australia - Page Online : 25 November 2020 - Original article by Christopher Knaus - PortMac.News Summary

 

Businessman Kerry Stokes is under scrutiny over his role as chairman of the Australian War Memorial.

Stokes is recently said to have indicated that the SAS Resources Fund may provide financial assistance to members of Special Air Service Regiment in the wake of the Brereton report into alleged war crimes in Afghanistan.

Stokes, who is a trustee of the fund, is also financing a defamation lawsuit by former SAS solder Ben Roberts-Smith against the Nine Network.

Former AWM director Brendon Kelson says it is inappropriate for Stokes to be supporting people who may have been involved in war crimes, adding that the AWM is meant to be apolitical.

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Why nation needs a new tax appeal process

The Australian - Page 20 : 25 November 2020 - Original article by Robert Gottliebsen - PortMac.News Summary

The 'gold case' is one of the most expensive legal defeats the Australian Taxation Office has suffered.

The Administrative Appeals Tribunal also came under scrutiny in the landmark case, with the Federal Court finding that a former gold refiner had been denied procedural fairness by the AAT, and that this denial was material.

The Federal Court has also criticised the AAT in a number of other cases, and the gold case shows that the system for appealing against tax rulings is in need of reform.

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Global recovery hopes lift stocks

The Australian - Page 19 : 25 November 2020 - Original article by Lachlan Moffet Gray - PortMac.News Summary

The Australian sharemarket rallied on 24 November, with the S&P/ASX 200 rising 1.3 per cent to 6,644.1 points.

Fortescue Metals Group was up 2.73 per cent at $18.09, Beach Energy added 8.16 per cent to end the session at $1.85 and Westpac rose 2.61 per cent to $20.45. However, Northern Star Resources was down 8.9 per cent at $12.72.

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Lending reform too tame: ABA

The Australian Financial Review - Page 16 : 25 November 2020 - Original article by James Frost - PortMac.News Summary

The Australian Banking Association broadly supports the federal government's proposed changes to responsible lending laws.

However, the ABA believes that there is scope for further changes to consumer credit laws than those that have been proposed by the government.

Amongst other things, the ABA contends that small loans do not need to be subject to two separate sets of standards, arguing that this may deter authorised deposit-taking institutions from writing such loans.

The ABA has also called for greater oversight of non-bank lenders.

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Klarna slams buy now, pay later 'Extortion'

The Australian - Page 13 & 19 : 25 November 2020 - Original article by Joyce Moullakis - PortMac.News Summary

The average merchant fee of Sweden-based payments group Klarna is 2.1 per cent globally.

CEO and co-founder Sebastian Siemiatkowski notes that the average merchant fee of Australian 'buy now, pay later' providers is 4.1 per cent.

He contends that this makes them an "Extortion scheme" rather than a payments scheme, and argues that the Reserve Bank of Australia should intervene by imposing interchange regulation and a cap on these merchant fees.

Klarna aims to expand in Australia via its alliance with the Commonwealth Bank.

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Victoria to start on NGV Contemporary as part of $1.4b package for Southbank 'Arts spine'

The Age - Page Online : 25 November 2020 - Original article by Clay Lucas, Paul Sakkal - PortMac.News Summary

The Victorian government's 2020-21 Budget has allocated $491m over four years for the first stage of a major upgrade of the Southbank arts precinct in Melbourne.

This includes funding for the design and construction of a new art gallery, to be called the National Gallery of Victoria Contemporary. It is part of the government's long-term plan to invest $1.4bn in the arts precinct, including a redevelopment of the Arts Centre.

The government has also allocated $34m for arts and cultural projects in regional areas.

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ARIAs take on global proportions in year when live music was hushed

The Australian Financial Review - Page 3 : 25 November 2020 - Original article by Max Mason - PortMac.News Summary

Sydney's The Star casino will host the 2020 ARIA awards ceremony on 25 November.

Social distancing rules means that just 300 people will attend the event, compared with more than 2,500 in 2019.

The event will also feature a mix of live and pre-recorded performances, with the latter to be streamed from a number of locations in Australia and abroad.

Australian Recording Industry Association CEO Dan Rosen says it has been a challenging year for the live music industry.

The awards will be broadcast on the Nine Network and live-streamed on YouTube.

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Local gold miners 'Shone the way'

The Australian Financial Review - Page 15 : 25 November 2020 - Original article by Brad Thompson - PortMac.News Summary

The Australian mining industry's handling of the coronavirus pandemic has been praised by Newmont Goldcorp president Tom Palmer.

He says the protocols that were put in place to ensure that production at local mines continued have been adopted by gold mining companies worldwide, including Newmont.

Meanwhile, Palmer says Newmont's target of a 30 per cent reduction in its carbon emissions by 2030 is "achievable and science-based". He also believes that resources companies can become carbon-neutral by 2050.

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Go-ahead for $3.6bn Narrabri gas project

The Australian - Page 4 : 25 November 2020 - Original article by Greg Brown, Perry Williams - PortMac.News Summary

Santos is expected to make a final investment decision on its Narrabri gas project by early 2022 after it received clearance from the federal government.

However, the government's environment approvals for the project are subject to a number of conditions, including the protection of regional biodiversity and groundwater resources.

The $3.6bn project is slated to create 1,300 jobs in the construction phase and about 200 ongoing jobs.

Narrabri is forecast to supply half of the natural gas used in NSW by 2025.