Latest updates on Key Economic Indicators

Australian Dollar: $0.7756 USD (up $0.0028 USD)

Iron Ore May Spot Price (SGX): $177.20 USD (up $5.35 USD)

Oil Price (WTI): $63.43 USD (up $0.30 USD)

Gold Price: $1,771.25 (down $6.04 USD)

Bitcoin: $56,189.29 USD (up 0.37 % in last 24 hours)

Dow Jones: 34,077.63 (down 123.04 points on Friday's close)

All changes compared to 7am yesterday.

NatCab resetting troubled COVID-19 vaccine rollout

Resetting Australia's troubled COVID-19 vaccine rollout will be the focus of a National Cabinet meeting today, as the nation's leaders gather to urgently get the program back on track. 

From today, National Cabinet will meet twice a week to address those issues, and Mr Morrison said the states would discuss their plans to open mass vaccination centres to accelerate the rollout.

"I know some states are very interested in supporting larger vaccination programs now for people aged 50 to 70 and we are very open to discussing that with the states and looking forward to that discussion tomorrow," Mr Morrison said on Sunday.

"What I stress is that process would be to supplement — in addition to — what the GPs are doing."

Victoria announced on Sunday it would open three mass vaccination hubs for Australians eligible for the shot, after similar announcements from the New South Wales and South Australian governments. 

Jury begins deliberations in George Floyd trial

After a day of closing arguments, jury deliberations began late Monday afternoon in former Minneapolis Police Officer Derek Chauvin's trial in the death of George Floyd.

In the state's closing argument, a prosecutor said Chauvin kneeled on Floyd's neck and back for 9 minutes and 29 seconds because of his pride and his ego in the face of concerned bystanders.

"He was not going to let these bystanders tell him what to do. He was going to do what he wanted, how he wanted, for as long as he wanted. And there was nothing, nothing they can do about it because he had the authority.

"He had the power, and the other officers, the bystanders were powerless," prosecuting attorney Steve Schleicher said. "He was trying to win, and George Floyd paid for it with his life."

(See full story on PortMac.News)

Virus surges in India and Brazil in world's worst week

The Australian Financial Review - Page 11 : 20 April 2021 - Original article by Jinshan Hong - PortMac.News Summary

A record 5.2 million new COVID-19 cases have been diagnosed worldwide in the last seven days, amid concerns that the spread of COVID-19 is accelerating despite the global vaccine rollout.

The coronavirus is continuing to spread rapidly in countries such as India and Brazil in particular.

The number of infections in India has topped 15 million and the nation's death toll has risen to 178,769.

This includes a new daily record of 1,619 deaths. Meanwhile, Australia has recorded 24 new COVID-19 cases in hotel quarantine in the last 24 hours, with New South Wales and Queensland both reporting eight new cases.

There are 173 active cases nationwide.

Immunisation rethink to put over-50s in line for jabs

The Australian - Page 1 & 5 : 20 April 2021 - Original article by Rosie Lewis - PortMac.News Summary

The national cabinet has reached an in-principle agreement to fast-track COVID-19 vaccination for people over the age of 50.

ScoMo says the 70+ age group and frontline workers will remain the priority for phases 1a and 1b of the vaccine rollout; however, he adds that if people aged 50-69 want the vaccine now and doses are available they should be able to do so rather than wait until phase 2a.

Morrison has also flagged the possibility that all Australians under the age of 50 could be vaccinated by the end of 2021, once additional Pfizer doses and the Novavax vaccine are available.

Mystery of 2.7 million 'Missing' vaccine doses

The Australian - Page 1 & 4 : 20 April 2021 - Original article by Tom Dusevic - PortMac.News Summary

About 1.6 million doses of COVID-19 vaccines have been administered nationwide since the federal government commenced the rollout in late February.

The Department of Health has advised that only 861,613 available doses have yet to be administered.

However, the federal government has taken delivery of 4.3 million doses of the AstraZeneca and Pfizer vaccines to date.

Some of the unused doses have been set aside for people to receive a second dose, while some have yet to be tested and cleared by the Therapeutic Goods Administration.

Meanwhile, about 10% of available doses are lost due to wastage, which the government claims is in line with international standards.

Government to build second Hunter power plant

The Australian Financial Review - Page 8 : 20 April 2021 - Original article by Phillip Coorey - PortMac.News Summary

Three gas-fired power stations are being flagged to replace the generation capacity that will be lost when the Liddell coal-fired power plant in New South Wales closes.

One is being proposed by the federal government-owned Snowy Hydro, the other two by the private sector.

When the federal government announced its 'gas-led' recovery plans in September, it stated it would construct a new power plant if the private sector did not come up with plans to replace the capacity lost by Liddell's closure.

The two power stations proposed by the private sector were announced after the government flagged its intentions to construct one, and it may still go ahead with its proposed gas-fired power station even if the private sector decides to build one.

Recovery could stall without tax relief

The Age - Page Online : 20 April 2021 - Original article by Shane Wright - PortMac.News Summary

It has previously been revealed that people earning less than $126,000 a year will be up to $1,080 a year worse off when the low and middle-income tax offset ends, with around 10 million income earners to be impacted.

Research conducted by the BankWest Curtin Economics Research Centre indicates that women will be disproportionately affected by the end of the offset, which could become an issue at the next federal election.

Economists state that Australia's economic recovery from COVID-19 could be harmed if tax relief is not provided to those impacted by the end of the offset before the next election.

'Ageism' penalising employees earlier

The Australian - Page 7 : 20 April 2021 - Original article by Stephen Lunn - PortMac.News Summary

Australian Human Resources Institute CEO Sarah McCann Bartlett says a new survey shows that aged-based discrimination is still a problem for older workers.

The survey of business leaders, HR managers and academics found that 28% of respondents classify people aged 61-65 as 'Older workers', down 8% since 2018.

However, the number of respondents who regard people aged 51-54 as older workers has risen by 6% to 17%t over this period.

Meanwhile, 47% of HR managers said their organisation is reluctant to hire people who are over a certain age.

Uber Eats rider died riding e-bike not approved for use in NSW

The Guardian Australia - Page Online : 20 April 2021 - Original article by Naaman Zhou - PortMac.News Summary

A New South Wales parliamentary committee examining the gig economy has heard from Uber Eats general manager for Australia and New Zealand Matthew Denman.

Three of its riders died in NSW within weeks of each other in 2020, and Denman confirmed that one was using an unauthorised e-bike, while another was using an unapproved helmet.

Denman said Uber Eats had no plans to follow the lead of rival Menulog, which has stated that it will make all its riders employees.

PM caved on super and it will hurt low-paid workers

The Australian - Page 11 : 20 April 2021 - Original article by Judith Sloan - PortMac.News Summary

The federal government's decision to proceed with the legislated increase in the superannuation guarantee will benefit people on medium to high incomes, particularly those with uninterrupted work histories.

However, workers on low incomes have been dudded by the government; they now face the prospect of lower take-home pay, while they may longer be entitled to the full aged pension upon retirement.

It was no surprise that the government caved in on the issue, given that it lacks sufficient political capital at present to take on the powerful super industry.

In any event, it would have had to have started doing so years ago, and kept pressing its case for the increase to be abandoned.

Australia's Huawei ban 'Vindicated' by Dutch spying reports

The Age - Page Online : 20 April 2021 - Original article by Latika Bourke, Morgan Meaker - PortMac.News Summary

An internal 2010 company report obtained by a Dutch newspaper indicates that staff working for Chinese telecommunications equipment provider Huawei were able to eavesdrop on conversations being conducted on the Dutch mobile telecommunications network KPN.

British and Australian politicians who pressured UK Prime Minister Boris Johnson to ban Huawei from being involved in Britain's 5G network say the Dutch report vindicate their actions.

Chinese dissidents living in the Netherlands and former Dutch prime minister Jan Peter Balkenende were among the KPN users that could have potentially been targeted by eavesdroppers.

New Zealand 'Uncomfortable with expanding Five Eyes'

abc.net au - Page Online : 20 April 2021 - Original article by Stephen Dziedzic - PortMac.News Summary

New Zealand Foreign Minister Nanaia Mahuta claims that the Five Eyes group should focus on intelligence gathering.

New Zealand is one of five countries that make up the group, along with Canada, the US, UK and Australia, and intelligence gathering was its focus when it was first set up.

However, it has expanded its scope in recent years, and has issued a number of statements criticising China.

Mahuta's comments have been taken as a sign that New Zealand is seeking to pursue a more independent foreign policy, while they are likely to increase tensions between Australia and New Zealand over how to handle China.

'Goldfingered' : Refiner 'Abuse' case could tarnish Morrison

The Australian - Page 21 : 20 April 2021 - Original article by Robert Gottliebsen - PortMac.News Summary

Lyn Reid is one of a number of people that the Australian Taxation Office has done wrong by in the so-called 'Gold abuse' case.

The case has involved the ATO losing at least $3 billion in GST money belonging to the states, while it tried to 'Obliterate' anyone involved with the gold refining sector, including Reid.

Prime Minister Scott Morrison needs to ensure that Australia has a tax system that people can trust, as well making sure that the ATO stops abusing its power.

There may be problems for him at the next election if he cannot achieve these two goals.

ANZ continues rationalisation with 15 branches shut

The Australian - Page 20 : 20 April 2021 - Original article by Lachlan Moffet Gray - PortMac.News Summary

The ANZ Bank has confirmed that it will close another 15 bank branches over the next six months, including many in regional and rural areas.

It follows ANZ's move earlier in 2021 to close 27 branches. ANZ will have closed 146 branch banks since the start of 2020 when the latest round of closures is completed.

The Finance Sector Union's national secretary Julia Angrisano has accused ANZ of putting "Profits over people", and she contends that many consumers either cannot take up online banking or have no desire to do so.

'Latitude' aims to be 'Great disrupter' of banks

The Australian - Page 15 : 20 April 2021 - Original article by Jared Lynch - PortMac.News Summary

Latitude Financial will make its long-awaited sharemarket debut on 20 April, after raising $200m from investors.

The non-bank lender has shelved two previous IPOs in recent years, and CEO Ahmed Fahour says the timing was right this time.

Fahour believes that Latitude can become a disruptor of Australia's major banks, but he would also like it to work with them in areas such as consumer finance, which is a very small part of their business.

Fahour has also downplayed speculation that Latitude may be interested in acquiring Citibank's Australian consumer banking and credit cards business.

NAB urges RBA to go for digital currency

The Australian Financial Review - Page 17 : 20 April 2021 - Original article by James Eyers - PortMac.News Summary

Lisa Wade from the National Australia Bank's institutional bank wants central banks to develop digital versions of their fiat currencies, so as to avoid banks having to use more volatile options.

The NAB is one of a number of companies working with the Reserve Bank of Australia to test the feasibility of a central bank-issued digital currency (CBDC), and Wade has urged the RBA to broaden the nature of its trial, the findings of which the RBA will publish mid-2021.

Meanwhile, Chris Thompson from the RBA says the 'Jury is still out' on whether blockchain technology would be used for a CBDC.

Bitcoin plummet linked to rules hint

The Australian Financial Review - Page 29 : 20 April 2021 - Original article by Tom Richardson - PortMac.News Summary

Bitcoin fell by 15% on 18 April, with initial speculation that the slump was due to rumours that the US Treasury was about to bring in new anti-money laundering regulations.

Another rumour suggested that the fall was the result of an anonymous Chinese 'Whale holder' selling 9,000 bitcoins via the Binance exchange.

Meanwhile Swinburne University professor and dean of digital research Yang Xian contends that regulators are right to look at Bitcoin as being a money laundering risk.

'Just Group; sued for unpaid rent

The Australian Financial Review - Page 14 : 20 April 2021 - Original article by Max Mason, Sue Mitchell - PortMac.News Summary

Real estate investment management group Fortius Funds Management is suing Solomon Lew's Just Group for almost $3.6 million in allegedly unpaid rent.

This relates to stores in the Mid City Centre shopping complex in Sydney's CBD, with Just Group refusing to pay rents in full while stores were shut and trading was disrupted during the COVID-19 shutdown.

Just Group operates retail brands such as Peter Alexander, Smiggle and Just Jeans; it has filed a cross-claim against Fortius's legal action.

Seven West Media in Flybuys partnership

The Australian - Page 20 : 20 April 2021 - Original article by Sophie Elsworth - PortMac.News Summary

Users of Seven West Media's 7plus catch-up service will receive targeted advertising via a new alliance with the Flybuys customer loyalty program.

Seven West Media has six million unique audience identifiers, known as SWM-iDs, while Flybuys has more than eight million members.

Seven's chief revenue officer Kurt Burnette says linking the two is an "Australian first" that will make it easier for brands to reach their key audiences.

NSW Regions go 'Max Mad' for new film

abc.net au - Page Online : 20 April 2021 - Original article by Tony Ibrahim - PortMac.News Summary

Makeup artist Lesley Vanderwalt will be working on 'Furiosa', which is the prequel to 'Mad Max: Fury Road', for which she won an Oscar.

The 2015 film grossed $483 million worldwide, while shooting on 'Furiosa' will begin in New South Wales in 2022.

The film is expected to create 850 jobs and inject $350 million into the NSW economy.

Vanderwalt says NSW regional towns where the film will be shot can expected to be inundated with people, while Premier Gladys Berejiklian says 'Furiosa' will be the biggest film ever shot in the state.

Flammable cladding to be removed from NSW residential buildings

The New Daily - Page Online : 20 April 2021 - Original article by Tiffanie Turnbull - PortMac.News Summary

The New South Wales government has advised that the state will remove combustible cladding from 214 residential buildings, starting at the end of 2021.

The Minister for Better Regulation, Kevin Anderson, said the decision to begin removing the cladding follows the selection by the Cladding Product Safety Panel of four types of products to replace the combustible material.

The decision comes almost four years after 72 people died as a result of a fire in a London high-rise tower that was caused by combustible cladding.

ASX closing in on record high

The Australian - Page 20 : 20 April 2021 - Original article by Rebecca Le May - PortMac.News Summary

The Australian sharemarket posted a small gain on 19 April, with the S&P/ASX 200 rising 0.03& to close at 7,065.6 points.

Fortescue Metals Group was up 1.83% at $21.20, the Commonwealth Bank added 0.97% to end the session at $88.84 and Eagers Automotive was 4.57% higher at $16.25.

However, Origin Energy was down 2.1% at $4.19 and GPT Group shed 3.12% to close at $4.66.