Latest updates on Key Economic Indicators:

Australian Dollar: $0.6987 USD (down $0.0013 USD)

Iron Ore Aug Spot Price (SGX): $117.25 USD (up $5.00 USD)

Oil Price (WTI): $97.26 USD (down $0.86 USD)

Gold Price: $1,756.29 USD (up $21.64 USD)

Copper Price (CME): $3.4940 (up $0.0220 USD)

Bit-coin: $24,040.86 (up 5.47% in the last 24 hours)

Dow Jones: 32,529.63 (up 332.04 points on yesterday's close)

All changes compared to 7am yesterday.

Ukraine bombs Russian forces in drive to retake south

Ukraine stepped up its drive to retake Russian-controlled southern Ukraine by trying to bomb and isolate Russian troops in hard-to-resupply areas.

In a Thursday night address, President Volodymyr Zelenskiy once again signalled that Ukrainians would not be intimidated by the Russian invasion, which began on Feb. 24 and has had economic and other consequences far beyond Ukraine's borders.

"We shall do everything to ensure no one anywhere in the world remains indifferent to this terrible war that Russia has unleashed on our country and against the very notion of freedom," Zelenskiy said.

Russia ‘switches from attack to defence’:

Ukraine is intensifying efforts to liberate the country’s occupied south, while saying Russia appears to be staging a strategic shift from attack to defence.

Ukraine has stepped up its drive to retake the south by trying to bomb and isolate Russian troops in hard-to-resupply areas, but says it has seen evidence that Moscow is redeploying its forces to defend the territory.

Ukraine, which describes Russia’s actions as an imperial-style war of conquest, said on Thursday its planes had struck five Russian strongholds around the city of Kherson and another city in the area.

Russia attacks Kyiv area for the first time in weeks:

Russian forces launched a missile attack on the Kyiv area for the first time in weeks Thursday and pounded the northern Chernihiv region as well, in what Ukraine said was revenge for standing up to the Kremlin.

Russia attacked the Kyiv region with six missiles launched from the Black Sea, hitting a military unit in the village of Liutizh on the outskirts of the capital, according to Oleksii Hromov, a senior official with Ukraine’s General Staff.

He said that the attack ruined one building and damaged two others, and that Ukrainian forces shot down one of the missiles in the town of Bucha.

Xi tells Joe not to 'Play with fire' over Taiwan in two-hour call

The Guardian - Page Online : 29 July 2022 -Original article by Vincent Ni = PortMac.News Summary

Chinese President Xi Jinping and US counterpart Joe Biden have held their fifth conversation since Biden became president, with their latest phone discussion lasting over two years.

With House of Representatives speaker Nancy Pelosi planning to visit Taiwan in August, Xi called on Biden not to "Play with fire" over the issue of Taiwan. China's official statement on the phone call stated that other issues that Xi and Biden talked about included global supply chains, Russia's invasion of Ukraine, and bilateral trade.

Australia's Covid death rate has been among the OECD's lowest, but not this week

The Guardian Australia - Page Online : 29 July 2022 - Original article by Josh Nicholas, Cait Kelly - PortMac.News Summary

Australia has recorded an average of 439 deaths per million from COVID-19 since the pandemic began.

This is one of the lowest death rates among OECD member nations.

However, Australia's seven-day average of deaths per million residents was 2.77 in the week to Wednesday, making it one of the highest in the OECD.

Epidemiologist Adrian Esterman attributes Australia's current high death rate to factors such as the winter Omicron wave.

He adds that the daily number of new cases may be much higher than official figures show; he notes that rapid antigen tests often provide false negatives, while some people are simply not getting tested.

NSW reported 15,704 new COVID-19 cases and 34 deaths on Thursday; there were 12,154 new infections and 37 deaths in Victoria.

No real wage gain till 2024: Chalmers:

The Australian Financial Review - Page 1 & 4 : 29 July 2022 - Original article by Ronald Mizen - PortMac.News Summary

Treasurer Jim Chalmers says Australia's inflation rate is now expected to peak at 7.75% in the December quarter, before easing to 5.5% by mid-2023.

Inflation will return to the Reserve Bank's target range of 2-3% in mid-2024, according to the Treasury's latest forecasts.

The central bank had forecast a peak inflation rate of 7% in 2022. Chalmers has also used his economic statement to parliament to warn that there is unlikely to be real wages growth until 2023-24.

Business leaders contend that the outlook for wages means that any push by unions for pay rises in line with inflation are not affordable. Meanwhile, Chalmers is optimistic that Australia will avoid a recession, despite a downgrade of economic growth forecasts.

Pesky 'Events' delivering a harsh reality to Chalmers

The Australian - Page Online : 29 July 2022 - Original article by Judith Sloan - PortMac.News Summary

Treasurer Jim Chalmers did not really tell us anything we didn't already know in his economic statement to parliament.

The reality is that the forecasts made in the Budget in March have been proven to be off the mark and have had to be revised; GDP growth will now be lower than forecast in March, while the unemployment rate will be slightly higher.

Meanwhile, Labor's election campaign was based on the assumption that that inflation would not be a problem and interest rates would remain very low.

Government's dire views defy markets, economists

The Australian Financial Review - Page 7 : 29 July 2022 - Original article by Cecile Lefort, Jonathan Shapiro - PortMac.News Summary

Economists are generally more upbeat about the outlook for inflation than the federal government.

The Commonwealth Bank expects inflation to peak at 6.75 per cent, well below the Treasury's forecast of 7.75%.

The ANZ Bank and Jarden Group expect inflation to peak at 7.7 %.

Michael Blythe of PinPoint Macro Analytics says many of the factors that have pushed up inflation appear to be reversing.

Meanwhile, the government expects the official unemployment rate to reach four per cent by mid-2024, while it forecasts economic growth of 3% in 2022-23.

Marles targets March for a decision on nuclear submarines

Brisbane Times - Page Online : 29 July 2022 - Original article by James Massola - PortMac.News Summary

The federal government still hopes to decide on its choice of nuclear-powered submarine by March 2023.

Defence Minister Richard Marles says this timeframe is reasonable, while he says the government will also consider its options for addressing any capability gap between the retirement of the Collins-class submarines and the delivery of the first nuclear-powered vessels.

Marles has also blamed the former Coalition government for allowing defence procurement programs to fall behind schedule; however, former defence minister Peter Dutton has rejected suggestions that the Coalition had left a significant a capability gap.

'Everything on the table': France, Australia renew military ties after subs fallout

The Age - Page Online : 29 July 2022 - Original article by Mathew Knott - PortMac.News Summary

Vice-Admiral Nicolas Vaujour has welcomed the 'Reset' of military relations between France and Australia, which had soured after Australia cancelled its $90 billion submarine contract with France's Naval Group.

Vaujour, who is chief of operations of the joint staff for the French Navy, says he has suggested to Australian Defence Force chief Angus Campbell that France and Australia conduct a joint training exercise in 2023 that would coincide with the Croix de Sud (Southern Cross), which is a prominent French-led humanitarian and assistance and disaster relief training exercise in the South Pacific.

Witness J secret prosecution 'Should never have happened'

Brisbane Times - Page Online : 29 July 2022 - Original article by Lisa Visentin - PortMac.News Summary

Attorney-General Mark Dreyfuss has asked Independent National Security Legislation Monitor Grant Donaldson to conduct a wide-ranging review the National Security Information Act.

This follows the release of Donaldson's investigation into the prosecution of a former spy known as 'Witness J', whose case was kept secret from the time he was charged, convicted after pleading guilty, and sentenced to jail, under s22 of the Act.

Donaldson found that Witness J's secret prosecution should not have happened and must never happen again.

Doctor's grim diagnosis for WikiLeaks founder Julian Assange

Herald Sun - Page Online : 29 July 2022 - Original article by Courtney Gould - PortMac.News Summary

The federal government has been urged to intervene in the long-running bid to extradite Wikileaks founder Julian Assange from the UK to the US.

Meanwhile, Australian Doctors For Assange spokesman Dr Robert Marr says that medical examinations show that Assange is suffering from severe life-threatening conditions and that he could die in jail within months.

Prime Minister Anthony Albanese has refused to publicly comment on Assange since taking office, although he stated in 2021 that he saw no point in keeping him in jail.

NBN reset won't reduce bills but speed might improve

The Australian Financial Review - Page 8 : 29 July 2022 - Original article by Jessica Sier - PortMac.News Summary

Communications Minister Michelle Rowland recently confirmed that Labor has abandoned plans to privatise the national broadband network for the time being.

 Rowland said that the government will scale back proposed wholesale broadband price increases that the former Coalition government had directed NBN Co to implement.

There is also speculation that Labor will write off a significant portion of the almost $30 billion that the federal government has invested, with analysts suggesting that such a move could make it easier for the NBN to invest in faster internet access.

Hospital 'Wage theft' fight escalates as more doctors to sue

Herald Sun - Page Online : 29 July 2022 - Original article by Grant McArthur - PortMac.News Summary

The Federal Court has commenced hearing closing submissions in a class action against a Victorian public health service provider.

Some 1,600 junior doctors launched the wage theft case against Peninsula Health, and lawyer Hayden Stephens says other Melbourne hospitals will also face legal action regardless of the outcome of the case.

Junior doctors are pursuing legal action over excessive working hours and the widespread non-payment for overtime.

CMO declares national monkey virus alert

The Australian - Page 3 : 29 July 2022 - Original article by Natasha Robinson - PortMac.News Summary

There are currently 44 known cases of the monkeypox virus in Australia, primarily among returned travellers.

Chief medical officer Paul Kelly has advised that the federal government has upgraded the status of monkeypox to a communicable disease of national significance.

The National Incident Centre has been activated to co-ordinate the nation's response to the virus.

Kelly says monkeypox is less harmful than COVID-19 and is far less transmissible.

The World Health Organization recently designated monkeypox as a public health emergency of international concern. More than 20,000 cases have been recorded in 71 countries so far in 2022.

Coinbase eyes off sport sponsorships as it launches in Australia

The Sydney Morning Herald - Page Online : 29 July 2022 - Original article by Dominic Powell - PortMac.News Summary

NASDAQ-listed cryptocurrency exchange Coinbase is to establish a presence in Australia, and it is likely to follow the lead of other crypto providers and get involved in sports sponsorship.

Coinbase vice president of international policy Tom Duff Gordon says it is pro-regulation of crypto, as it believes that sensible regulation will help to encourage greater adoption of crypto.

Meanwhile vice president of business development Nana Murugesan suggests that the current turbulence in the crypto market is "Definitely in line with some of the ups and downs" that Coinbase has seen in the past

Rates strain sets scene for retail challenges

The Australian - Page Online : 29 July 2022 - Original article by Robert Gottliebsen - PortMac.News Summary

Rising interest rates will have a big impact on parts of the Australian retail sector, and events in US retailing are a sign of what is in stall for Australia.

The profits of big US retailers like Walmart and Target have been hit by consumers lowering expenditure on certain discretionary items such as small appliances, while Amazon's online retail growth has essentially stopped.

Australian retailers with affluent customers may not notice any difference to their revenue, but those with customers whose real wages are falling and/or who are cash poor are likely to see reduced buying of non-discretionary items.

Energy prices smash records as coal generation slumps

The Australian - Page 13 & 19 : 29 July 2022 - Original article by Perry Williams - PortMac.News Summary

Data from the Australian Energy Market Operator shows that wholesale electricity prices averaged $264 per megawatt hour in the June quarter, compared with just $87MWh in the previous three months.

The wholesale price of gas also rose sharply, amid the global fallout from Russia's invasion of Ukraine.

Meanwhile, coal-fired generation accounted for just 43% of electricity supply in the June quarter, compared with the usual average of around 60%.

AEMO has reiterated the need for Australia to transition from coal to renewables.

Gig economy company loves inflation

The Australian Financial Review - Page 21 : 29 July 2022 - Original article by Yolanda Redrup - PortMac.News Summary

Shares in gig economy jobs marketplace Airtasker rose by over 17% in morning trade on 28 July after it reported that its gross marketplace volume for the fourth quarter was up 38.3% on the previous corresponding period to $54.5 million.

Meanwhile Airtasker revenue was up 30.6% to $9 million.

Airtasker CEO Tim Fung says that inflation is good for its business model, although the tight labour market is making it harder to attract new 'Taskers'.

Rich Bosses and the tech wreck

The Australian Financial Review - Page 40 & 41 : 29 July 2022 - Original article by Patrick Durkin, Sally Patten - PortMac.News Summary

Fortescue's Andrew Forrest appears on top of the 2022 Rich Bosses list, following his return to the resources company he started as executive chairman.

Richard White, founder of the logistics software business WiseTech Global, appears in second position on the list, while Harvey Norman executive chairman Gerry Harvey ranks in third place.

Zip CEO Larry Diamond and Ruslan Kogan were among a number of technology Rich Bosses who lost billions in the 2021-22 financial year, after tech stocks fell by 35%.

ASX Shares rally after Fed decision

The Australian Financial Review - Page 32 : 29 July 2022 - Original article by Vesna Poljak - PortMac.News Summary

The Australian sharemarket posted a solid gain on 28 July, with the S&P/ASX 200 Index rising 1% to 6,889.7 points.

The local bourse was boosted by a positive lead from Wall Street after the US Federal Reserve increased the cash rate by 75 basis points.

Fortescue Metals Group was up 2.9% at $18.70, Macquarie Group rose 3% to $178.89 and Kogan rallied 50.2% to end the session at $4.70.

However, Atlas Arteria was down 6.1% at $7.64 and the Australian Agricultural Company eased 0.5% to finish at $1.85.