Latest updates on Key Economic Indicators:

Australian Dollar: $0.7022 USD (up $0.0049 USD)

Iron Ore Sep Spot Price (SGX): $113.90 USD (down $1.20 USD)

Oil Price (WTI): $93.98 USD (down $4.64 USD)

Gold Price: $1,772.04 USD (up $0.54 USD)

Copper Price (CME): 3.5295 (down $0.0440 USD)

Bit-coin: $23,078.06 (down 3.07% in the last 24 hours)

Dow Jones: 32,798.40 (down 46.73 on Friday's close)

All changes compared to 7am yesterday.

The first grain ship has left Ukraine

The first ship carrying grain out of Ukraine under a deal with Russia to reopen Black Sea routes set sail this morning.

t’s due to travel along the corridor that Moscow and Kyiv agreed to keep safe under a deal brokered by the U.N. and Turkey.

The agreement is significant for Ukraine as a major food exporter and for the rest of the world, especially import-dependent countries facing food shortages.

Russia promised not to attack the ships, but many — including Ukrainian officials — are apprehensive about Russian President Vladimir Putin keeping his side of the contract.

The cargo ship Razoni, which sails under the Sierra Leone flag, is carrying 26,000 tons of Ukrainian corn, according to a statement from Ukraine’s infrastructure ministry.

Macron promises Zelenskyy that Russia will face justice for POW ‘Massacre’:

Macron told Zelenskyy in a phone call Monday that France will support criminal investigations over the bombing last week of a jail holding Ukrainian prisoners of war.

“A few days after a new massacre perpetrated by the Russian armed forces in Olenivka, and while war crimes are multiplying, [Macron] reaffirmed his support for the Ukrainian people and their resistance, and expressed his determination to ensure that these crimes do not go unpunished,” said an Elysée official briefed on the call.

More than 50 Ukrainian prisoners of war died in the shelling on Friday in Olenivka, a town in territory controlled by Moscow-backed separatists since 2014, according to authorities in the Donetsk People’s Republic.

'Drill, baby, drill' is back in Europe as gas crisis looms:

The 10-mile-long island of Schiermonnikoog is known as one of the most beautiful places in the Netherlands, boasting the widest beach in Europe, 300 different species of birds and a bustling tourist trade.

But after the Dutch and German governments approved the development of a new gas field roughly 12 miles from Schiermonnikoog's shores, the island's mayor is anxious about its future.

The gas project, which spans German and Dutch territory in the North Sea, is just one venture that has been greenlit or is getting another look in Europe and the United Kingdom after Russia invaded Ukraine.

Europe is desperate to secure gas supplies that can't be cut off at Moscow's whim.

Last week, EU leaders set a voluntary target to reduce gas usage by 15% through March 2023 to evade a crisis once the weather turns.

Ukraine asks Australia for assistance to rebuild

The Australian - Page 2 : 2 August 2022 - Original article by Ben Packham - PortMac.News Summary

Ukraine's ambassador to Australia Vasyl Myroshnychenko has approached the Department of Foreign Affairs & Trade and the Prime Minister's office about getting Australia's help to rebuild the war-torn cities of Kherson and Mykolaiv when the conflict with Russia is over.

His request comes after Anthony Albanese's recent visit to Ukraine, where he said that Australia would support "For as long as it takes".

Myroshnychenko says the most immediate needs of the two cities include fixing hospitals and schools, while repairing bridges and pipelines would be among the more long-term requirements.

China's military 'Will not sit idly by' if Nancy Pelosi visits Taiwan

The Guardian - Page Online : 2 August 2022 - Original article by Vincent Ni, Ed Pilkington - PortMac.News Summary

Media outlets are reporting that US House of Representatives speaker Nancy Pelosi will visit Taiwan as part of her tour of Asia; she would be the first House speaker to do so since 1997 if she does.

The Chinese government has continually warned against any visit by Pelosi to Taiwan, which it views as a province of China.

Chinese government spokesperson Zhao Lijian says a visit by Pelosi would lead to "Egregious political impact", while China warned on 1 August that its military "Will not sit idly by" if she visits Taiwan.

Indonesia wants AUKUS subs monitored by UN

The Age - Page Online : 2 August 2022 - Original article by Chris Barrett - PortMac.News Summary

Indonesia is calling for stricter regulations around the sharing of nuclear material to fuel submarines in a submission to the upcoming United Nations nuclear non-proliferation review conference, with its proposal supported by Malaysia.

With Australia due to get nuclear-powered submarines through the AUKUS deal, Tri Tharyat from Indonesia's foreign ministry says it wants the use of nuclear energy for submarines to be closely monitored by the International Atomic Energy Agency.

Tharyat says Indonesia is taking a "Very serious interest" in the matter, given that nuclear-powered submarines are certain to pass through its waters.

Australia silent as second spy satellite set for launch

The Guardian - Page Online : 2 August 2022 - Original article by Troy Shepherd - PortMac.News Summary

Built by the US and Australia, the 'Antipodean Adventure' spy satellite is due to lift off from a launch site in New Zealand on 2 August.

It is the second one built by the US and Australia, with the first one having been launched two weeks ago.

Australia's Defence Department has been silent about the two satellites, which will be used to gather intelligence for allied nations.

Its attitude is in stark contrast to the US National Reconnaissance Office, which has been actively celebrating the 'Antipodean Adventure', which features an eagle, a rocket and a crocodile on its logo.

ICAC finding puts MPs on notice over misuse of public money

The New Daily - Page Online : 2 August 2022 - Original article by James Robertson - PortMac.News Summary

The NSW Independent Commission Against Corruption has issued a report in which it cites five examples of pork barrelling that could see a politician cited for corruption under the NSW ICAC Act.

They include using a minister's power to deliver grants to marginal electorates and using ministerial powers to approve grants for personal interest.

Integrity experts state that ICAC's report should put paid to the view seemingly held by some politicians that it is OK to use taxpayers' money for political purposes.

Home Affairs warns of online movements 'Fracturing' Australian society

The Age - Page Online : 2 August 2022 - Original article by Sean Parnell - PortMac.News Summary

A briefing paper prepared for the Albanese government by the Australian Federal Police warns that negative sentiment on social media, increased protest activity in 2022 and COVID-19 disinformation has led to increased threats against MPs and establishments like Parliament House.

Similarly, a briefing paper prepared by Department of Home Affairs warns that the rise of the digital economy and new forms of communication will result in new challenges for the security and safety of the Australian people.

Collectively, the two papers state that Australia is likely to face "Increasingly frequent, complex and interconnected crises" over the next four years.

July inflation gauge hits 20-year record

The Australian Financial Review - Page 1 & 8 : 2 August 2022 - Original article by Ronald Mizen - PortMac.News Summary

CommSec's chief economist Craig James says the Melbourne Institute's latest inflation data means the Reserve Bank is almost certain to increase the cash rate by at least 50 basis points today.

The Melbourne Institute's monthly inflation gauge rose by 1.2% in July; the headline inflation rate was 5.4%, while the Reserve Bank's preferred measure of underlying inflation rose by 0.9% during the month and 3.9% in the year to July.

The Melbourne Institute's inflation gauge tracks price movements month-on-month, while the Australian Bureau of Statistics uses a quarterly metric.

'Best and brightest' visa scheme fell short of Coalition promise

The Australian Financial Review - Page 5 : 2 August 2022 - Original article by Tom McIlroy, Michael Read - PortMac.News Summary

Former senior Immigration Department official Abul Rizvi claims the former Coalition government's global talent visa scheme attracted unrealistic expectations, while Brendan Coates from the Grattan Institute has described it as "Pretty ineffective".

Launched as a trial program in July 2018, the scheme aimed to attract overseas entrepreneurs and business leaders to Australia, but almost 60% of the visas issued under the scheme went to people already in the country.

Radical fix for teacher shortages

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

The Australian Institute for Teaching & School Leadership has proposed a number of reforms aimed at addressing the nation's shortage of teachers.

Amongst other things, it has recommended the introduction of a paid internship program for people in other professions who opt to become a teacher.

AITSL also contends that the salaries of Australia's best teachers should reflect their performance; it notes that so-called 'Lead teachers' are paid about 10% more than their colleagues, but in some countries they are paid up to 40% more.

Farmers urge tax break for pensioners to unleash 'Grey army'

Brisbane Times - Page Online : 2 August 2022 - Original article by Mike Foley, Benjamin Preiss - PortMac.News Summary

The National Farmers' Federation and National Seniors Australia have proposed reducing the income tax rate on pensioners' earnings in order to address labour shortages.

At present a single person can earn up to $480 per fortnight without affecting their pension entitlement, but they incur an effective marginal tax rate of 50% if their income exceeds this.

NFF president Fiona Simson contends that relaxing this rule would encourage more pensioners to enter the workforce, including travelling to regional areas to harvest fruit crops.

Labor delivers 'Big stick' threat to gas producers

The Australian - Page 4 : 2 August 2022 - Original article by Rosie Lewis, Perry Williams - PortMac.News Summary

Federal Resources Minister Madeleine King has threatened to trigger the Australian Domestic Gas Security Mechanism in October after the Australian Competition & Consumer Commission predicted a possible gas shortfall of 56 petajoules in 2023.

Australian Petroleum Production and Exploration Association acting CEO Damian Dwyer says that there will not be any gas shortfall in 2023, and that business and household gas users can be assured of adequate supplies.

Immunity over use of restraints in Australian aged care may breach torture conventions, lawyers say

The Guardian Australia - Page Online : 2 August 2022 - Original article by Josh Butler - PortMac.News Summary

Legislation that will implement 14 recommendations made by the aged care royal commission is expected to be passed by the Senate in the week ending 5 August, having been passed by the House of Representatives in the previous week.

However, legal advocates claim a section of the legislation that would give aged care providers immunity from prosecution over the use of restraints could breach international agreements on civil rights and torture.

Aged Care Minister Anika Wells contends the provision in question is needed to prevent harm to aged care workers and other residents.

The tech outage behind Qantas flight chaos

The Australian Financial Review - Page 21 : 2 August 2022 - Original article by Tess Bennett - PortMac.News Summary

Qantas has revealed why around 15 of its flights were delayed on the afternoon of 31 July, with the airline stating the cause was a faulty plane maintenance communication system outage.

The system relays information between aircraft and maintenance crews, and allows tasks to be 'Signed off' electronically; its failure meant that staff had to resort to using a manual checklist.

Dr. Philip Nesci, who is a former chief information officer and Intelligent Business Research Services adviser, says he is surprised that Qantas did not have a backup system.

Business futurist & Packer adviser Phil Ruthven dies

The Australian Financial Review - Page 3 : 2 August 2022 - Original article by Michael Bailey - PortMac.News Summary

Hungry Jack's founder Jack Cowin has paid tribute to Phil Ruthven, who passed away on 29 July from cancer at the age of 82.

Ruthven was the founder of industry information provider IBISWorld, and Cowin, one of his long-time clients, says that Ruthven's advice and counsel will be missed.

IBISWorld independent director Geoff Wild said that Ruthven pioneered data mining in Australia, while it was Ruthven who Kerry Packer went to for advice on how to invest the $805 million he got for selling Channel Nine to Alan Bond in 1987.

Ruthven's advice was instrumental in Packer using the money to expand his pastoral interests, so much so that he became the second-biggest landowner in Australia.

ABC appoints former Coalition media adviser Fiona Cameron as ombudsman

The Guardian Australia - Page Online : 2 August 2022 - Original article by Amanda Meade - PortMac.News Summary

Fiona Cameron will head an expanded ABC editorial complaints unit in the newly-created role of ombudsman at the public broadcaster.

Cameron has extensive experience in the media industry, having been the COO at Screen Australia for a decade, while her most recent role was as an authority member at the Australian Communications & Media Authority.

She was also the chief of staff and a media adviser to the Coalition's former communications minister Richard Alston during the Howard era.

Cameron will report to the ABC's board rather than MD David Anderson.

Calls for better government assistance amid booming rental market

abc.net au - Page Online : 2 August 2022 - Original article by Elias Clure - PortMac.News Summary

The Australian Housing and Urban Research Institute (AHURI) has called for an overhaul of the federal government's rent assistance program at a time when rental expenses are surging.

AHURI MD Michael Fotheringham says a key problem with the scheme is that it is not targeted in any way, with someone who is living in inner Sydney getting the same as someone in Perth or Hobart.

He says the government could save money on the program if it focused on low-income households in areas where rents had increased significantly.

ASX Energy pushes market to seven-week high

The Australian Financial Review - Page 28 : 2 August 2022 - Original article by Cecile Lefort - PortMac.News Summary

The Australian sharemarket posted a solid gain on 1 August, with the S&P/ASX 200 rising 0.7% to 6,993 points.

Rio Tinto was up 1.1% at $98.92, Allkem rose 4.5% to $11.79 and Plexure Group jumped 79.4% to end the session at $0.305.

However, Fortescue Metals Group was down 0.7% at $18.21 and United Malt Group shed 15.2% to finish at $3.04.