Latest updates on Key Economic Indicators:

Australian Dollar: $0.6973 USD (down $0.0014 USD)

Iron Ore Aug Spot Price (SGX): $115.65 USD (down $1.60 USD)

Iron Ore Sep Spot Price (SGX): $115.10 USD (down $3.59 USD)

Oil Price (WTI): $98.62 USD (up $1.36 USD)

Gold Price (29 Jul): $1,766.16 USD (up $9.87 USD)

Gold Price (1 Aug): $1,771.50 USD (up $5.34 USD)

Copper Price (CME): $3.5735 (up $0.07950 USD)

Bit-coin: $23,793.58 (down 0.57% in the last 24 hours)

Dow Jones: 32,845.13 (315.50 points up on Thursday's close)

All changes compared to 7am Friday, except gold and Bitcoin.

Drone explosion hits Russia’s Black Sea Fleet headquarters

Russia gets a taste of it's own medicine as a small explosive device carried by a makeshift drone blew up Sunday at the headquarters of Russia’s Black Sea Fleet on the Crimean Peninsula, wounding six people and prompting the cancellation of ceremonies there honoring Russia’s navy, authorities said.

There was no immediate claim of responsibility for the drone explosion in a courtyard at the naval headquarters in the city of Sevastopol. But the seemingly improvised, small-scale nature of the attack raised the possibility that it was the work of Ukrainian insurgents trying to drive out Russian forces.

Ukraine grain tycoon killed in Russian shelling of Mykolaiv:

One of Ukraine's richest businessmen has been killed with his wife in "massive" Russian shelling of the southern city of Mykolaiv.

Oleksiy Vadatursky, 74, and his wife Raisa died when a missile hit their home overnight, local officials said.

Mr Vadatursky owned Nibulon, a company involved in grain exports. He had also received the "Hero of Ukraine" award.

President Zelensky described Mr Vadatursky's death as a great loss.

Zelensky announces mandatory evacuation from Donetsk region:

President Volodymyr Zelensky on Saturday called on the remaining residents of the Donetsk region to urgently evacuate in what he called a "government decision."

"Everything is being organized. Full support, full assistance -- both logistical and payments. We only need a decision from the people themselves, who have not yet made it for themselves," he said in his nightly address.

Zelensky urged Ukrainians who have an opportunity to talk to "those who still remain in the combat zones in Donbas" to convince their fellow countrymen that it is necessary to leave, "especially if they are families with children."

The Ukrainian president emphasized "there are hundreds of thousands of people, tens of thousands of children" remaining in Donbas region at the moment.

Earlier in the week, Ukrainian forces said they were able to repel Russian attempts at storming several districts in the Donetsk region. Ukrainian forces reported intense shelling across most of the Eastern front line but no advances from Russian forces.

Perrottet sacks minister over alleged bullying

The Australian - Page 1 & 2 : 1 August 2022 - Original article by Max Maddison - PortMac.News Summary

NSW Customer Service Minister Victor Dominello will assume responsibility for the portfolio of Minister for Small Business and Fair Trading Eleni Petinos, following her sacking by Premier Dominic Perrottet over bullying allegations.

The allegations against Petinos were raised by former staffers, while NSW Labor leader Chris Minns has called for an independent inquiry into the complaints.

Several staffers have left Petinos's ministerial office as a result of her behaviour since she was promoted in December, while another 30 have left her electorate office since she was elected as MP for Miranda in 2015.

'Momentous change' : PM reveals draft question for referendum

The New Daily - Page Online : 30 July 2022 - PortMac.News Summary

Prime Minister Anthony Albanese will make his first significant address to Aboriginal communities at the Garma festival in Arnhem Land on 30 July, where he will says he wants to have a referendum on enshrining an Indigenous voice in the constitution in the current term of parliament.

It would be the first referendum in 20 years, while only eight out of 44 referendums have succeeded since 1901.

He will reveal during his speech the draft question that is planned to be put at the referendum; it will ask

"Do you support an alteration to the constitution that establishes an Aboriginal and Torres Strait Islander Voice?".

Albanese will say that his government is seeking "Momentous change" with its proposed referendum, and that he will seek support from all sides of politics and the community on the issue. 

Greens push for legal 'Climate trigger' on new projects

The Guardian Australia - Page Online : 1 August 2022 - Original article by Amy Remeikis - PortMac.News Summary

Industry and conservation groups have urged parliament to pass Labor's climate bill, calling it an important step towards greater climate certainty; the bill legislates Labor's 43% emissions reduction target.

The bill cannot pass the Senate without the support of the Greens, which intends to introduce legislation that would require all future coal and gas projects to be assessed as to whether they would make climate change worse.

Greens environment spokesperson Sarah Hanson-Young says its proposed 'climate trigger' would require companies to be honest about how much pollution their projects will cause.

'Don't let Beijing veto Pelosi Taiwan trip'

The Australian - Page 2 : 1 August 2022 - Original article by Will Glasgow - PortMac.News Summary

Retired Australian politicians Christopher Pyne and Kevin Andrews recently visited Taiwan for discussions on its 'Porcupine' strategy, with Foreign Minister Joseph Wu and President Tsai Ing-wen among the senior politicians they spoke with.

Pyne says that Beijing should not be allowed a veto over US House of Representatives Speaker Nancy Pelosi's proposed trip to Taiwan, saying it would establish a precedent that China can bullying US politicians, while Andrews says one country should not to be able to dictate to another who can visit it.

Meanwhile, US President Joe Biden has tested positive for COVID-19 for a second time, just days after being cleared to exit self-isolation.

Treaty hitch to nuclear subs project

The Australian - Page 6 : 1 August 2022 - Original article by Ben Packham - PortMac.News Summary

Four non-proliferation experts are urging US President Joe Biden not to provide Australia with nuclear submarines that are powered by highly enriched uranium under the AUKUS treaty with the US and the UK.

They claim that doing so could undermine the United Nations' nuclear non-­proliferation treaty, while they state that it is much easier to check that submarine fuel is not being diverted to nuclear weapons programs if low-enriched uranium is used.

The US and UK both use weapons-grade fuel in their nuclear reactors, although France and China both use low-enriched uranium.

Inflation spike shooting down defence drive

The Australian - Page 6 : 1 August 2022 - Original article by Ben Packham - PortMac.News Summary

Australia's 10-year, $280 billion defence acquisition program was put in place when inflation was under 2%, but latest figures put the inflation rate at 6.2%, and some economists believe it could be closer to 7%.

Australian Strategic Policy Institute analyst Marcus Hellyer suggests a reduction in spending power of more than $2 billion a year could be the result if inflation is 5% higher than what was forecast.

The likely decline in the purchasing power of the defence budget comes at a time when Australia is arguably looking at the greatest level of strategic uncertainty for some time.

Rates pain 'Temporary but no quick fix'

The Australian - Page 4 : 1 August 2022 - Original article by Geoff Chambers - PortMac.News Summary

The Reserve Bank is widely tipped to increase the cash rate by 50 basis points for a third consecutive month on Tuesday.

Treasurer Jim Chalmers says the inflationary pressures that are driving up interest rates are temporary in nature, but he cautions that they will not ease in the near-term.

Chalmers adds that the federal government's economic plan includes growing the economy without adding to inflation, providing responsible cost-of-living relief and eliminating the Coalition's rorts and waste from the Budget.

 We're struggling with inflation because we misread the pandemic

The Age - Page Online : 30 July 2022 - Original article by Ross Gittins - PortMac.News Summary

It is now clear that governments and their econocrats misunderstood and mishandled the COVID-19 pandemic from the start.

What we have done wrong is to treat the pandemic as though it is a problem with the demand (or spending) side of the economy, when it has always been a problem with the supply (or production) side.

We have done so because the whole theory and practice of 'Managing' the macroeconomy has always focused on 'Demand management'.

Our misdiagnosis of the 'coronacession' - propping up workers and industries far more than they needed to be - has left us with demand so strong that it is too easy for businesses to get away with slipping in price increases that have nothing to do with supply shortages.

Now all we need to complete our error is to overreact to the price rises and tighten up so hard we really do have an old-style recession.

One-third of workers 'At high risk of workplace injury or illness'

The Australian - Page 5 : 1 August 2022 - Original article by Ewin Hannan - PortMac.News Summary

Research undertaken at Monash University suggests that 25-36 per cent of Australian workers are at high risk of workplace injury or illness.

The findings are based on a questionnaire on the leading ­indicators of workplace health and safety; these include workplace policies and procedures, workplace safety culture and exposure to hazards.

The study comprised 2,053 respondents in Victoria, and was carried out in late 2021 when people in the state were working from home.

Cost-of-living rise starts to bite streaming spend

The Australian Financial Review - Page 29 : 1 August 2022 - Original article by Miranda Ward - PortMac.News Summary

Data from Kantar shows that 6.3 million Australian households had at least one subscription to a streaming video service in the June quarter.

However, the data analytics firm's research also shows that some 666,000 subscriptions were cancelled during the period, with 37% of cancelled subscriptions being attributed to rising cost of living pressures.

Netflix's market share in Australia fell in the June quarter, while Disney+ and Amazon Prime Video recordeded growth in subscriptions.

Australian privacy watchdog puts TikTok under scrutiny

The Australian Financial Review - Page 2 : 1 August 2022 - Original article by Max Mason - PortMac.News Summary

The Office of the Australian Information Commissioner is to investigate privacy concerns raised regarding the data collection practices of video app Tik Tok.

It follows analysis by cybersecurity and intelligence firm Internet 2.0, which found, amongst other things, that TikTok checks the device location of its users at least once an hour and that it harasses users for access to their contacts.

Liberal Senator James Paterson has welcomed the OAIC's investigation of TikTok; it was revealed recently that TikTok admitted in a letter to Paterson that Australian user data could be accessed by its staff in mainland China.

Mark Ryan exits embattled journalism institute

The Sydney Morning Herald - Page Online : 1 August 2022 - Original article by Zoe Samios - PortMac.News Summary

Mark Ryan has left the Judith Neilson Institute for Journalism and Ideas after Judith Neilson had requested he be removed from the body he had been with since its inception.

Ryan had been working with lawyers for some months on an exit package after its billionaire philanthropist founder advised its four independent directors in a letter that she planned to remove him, and that she wanted to appoint Beau Neilson and lawyer Daniel Appleby as foundation directors.

Her letter led to the departure of the four independent directors, due to concerns about the institute's future independence.

'Triage' no way to fix the skills shortage

The Australian Financial Review - Page 9 : 1 August 2022 - Original article by Georgie Moore - PortMac.News Summary

University of Sydney vice chancellor Mark Scott has criticised what he calls recent "Short-term triage solutions" aimed at addressing Australia's skills shortages, with Scott claiming that the discussion regarding the issue has been solely focused on TAFE and vocational education.

He says that the higher education sector is looking forward to being part of the federal government's upcoming employment summit, and that there needs to be more higher education places for students across a range of sectors, including nursing, engineering and teaching.

Graduates want more money, better perks

The Australian Financial Review - Page 12 : 1 August 2022 - Original article by Joanna Mather, Gus McCubbing - PortMac.News Summary

Some university graduates are commanding salaries of up to $350,000, according to graduate jobs and internships advertiser Prosple, while Kmart, AustralianSuper and Coca-Cola are among the companies that are entering the graduate market for the first time.

Analysis of Australian Association of Graduate Employers data by Prosple indicates that the average number of graduate job offers being made per employer has risen from around 60 to almost 100 in 2022, with offer rates having increased as a result of graduates being able to be more choosy.

Steelmaking by electric arc furnace produces 75% lower carbon emissions

CleanTechnica - Page Online : 27 July 2022 - PortMac.News Summary

A global study of steel makers by business intelligence firm Cru Group has found that steel produced by US furnace (EAF) steelmakers generates a carbon intensity that is around 75% lower than traditional blast furnace steelmakers.

Philip Bell, the president of the US Steel Manufacturers Association, says the study confirms that using recycled scrap-based EAF technology is the most sustainable means of producing steel, and that its results will help with the efforts of EAF producers in achieving a low-carbon future. 

Changes to energy grid could push up prices, says Shell boss

The Australian Financial Review - Page 5 : 1 August 2022 - Original article by Mark Ludlow - PortMac.News Summary

Due to be implemented by 2025, the Energy Security Board's proposed capacity mechanism is aimed at ensuring there is sufficient dispatchable generation to cover the exit of coal and gas from the energy grid.

Shell Energy Australia CEO Greg Joiner has cautioned against making the mechanism too complicated, while its submission to the ESB on the issue called for a New Entrant Reliability Mechanism, which is comparable to Ireland's reliability options model.

Joiner says if the capacity mechanism is not well-designed, it will result in higher power prices.

Sydney house prices falling fast

The Australian Financial Review - Page 7 : 1 August 2022 - Original article by Nila Sweeney - PortMac.News Summary

Data from CoreLogic shows that house prices in Sydney fell by 2.2% in June, while there was a 1.5% decline in Melbourne house prices.

Dwelling prices fell by 1.3% nationally during the month, although there were small price gains in Adelaide, Perth and Darwin.

Shane Oliver of AMP Capital expects Sydney house prices to keep falling each month for the remainder of 2022 in response to further interest rate increases.

Dwelling prices in Sydney and Melbourne fell by 4.7% and 3.2% respectively in the June quarter.

ASX ready to shine as RBA meets

The Australian - Page 15 : 1 August 2022 - Original article by Richard Gluyas - PortMac.News Summary

Futures pricing suggests that the Australian sharemarket will gain about 46 points when it opens today.

The local bourse is expected to rise in response to a positive lead from Wall Street, which has now gained 13% since June.

Meanwhile, the Reserve Bank's monthly board meeting will be a key focus for investors in the coming week, with the central bank widely tipped to increase the cash rate by 50 basis points on Tuesday.

The profit reporting season and the latest housing data will also be closely watched by investors.