Latest updates on Key Economic Indicators:

Australian Dollar: $0.6950 USD (up $0.0030 USD)

Iron Ore Sep Spot Price (SGX): $110.30 USD (down $3.80 USD)

Oil Price (WTI): $90.92 USD (down $2.93 USD)

Gold Price: $1,765.72 USD (up $4.35 USD)

Copper Price (CME): $3.4775 (up $0.045 USD)

Bit-coin: $23,307.66 (up 1.44% in the last 24 hours)

Dow Jones: 32,812.50 at 5.04pm NY time (up 416.33 points on yesterday's close)

All changes compared to 7am yesterday.

As Nancy goes home, Xi sends in the jets

After becoming the first US speaker to visit Taiwan in more than 25 years, Nancy Pelosi left Taiwan on Wednesday with a message of support, but not long after, China made good on its threat to escalate tensions. 

Ms Pelosi finished her visit by assuring Taiwan of US support, but her visit had already courted "Wrath of Xi".

That wrath was shown later on Wednesday as Chinese military aircraft crossed the median line of the Taiwan Strait in an escalation of military activities, mere hours after Ms Pelosi left Taiwan.

Twenty-seven aircraft buzzed the Taiwan Strait, with 22 crossing the median line. 

Neither side's aircraft normally cross the median line, which is 12 nautical miles from the Taiwan coast.

In response, Taiwan's military said it scrambled jets to warn off the Chinese aircraft.

Earlier on Wednesday, Taiwan said some of China's planned military exercises this week were to take place within Taiwan's 12 nautical mile sea and air territory, an unprecedented move that National Defence Ministry Captain Jian-chang Yu described as amounting to a blockade of the island.

"Such an act equals to sealing off Taiwan by air and sea," he said. 

"Such an act covers our country's territory and territorial waters, and severely violates our country's territorial sovereignty."

History repeats:

The Chinese military exercises, which included live fire, are expected to start on Thursday and be the largest aimed at Taiwan since 1995.

In that year, China fired missiles in a large-scale exercise to show its displeasure at a then-Taiwanese president Lee Teng-hui's visit to the US. 

Taiwanese President Tsai Ing-wen responded firmly to Beijing's military intimidation this week. 

"Facing deliberately heightened military threats, Taiwan will not back down," President Tsai said.

"We will firmly uphold our nation's sovereignty and continue to hold the line of defence for democracy."

PM strikes Greens deal on climate

The Australian - Page 1 & 4 : 4 August 2022

Original article by Geoff Chambers, Greg Brown - PortMac.News Summary

The federal government's bill to enshrine a 43% emissions reduction target in law is set to be passed by the lower house on Thursday, after the Greens and teal independents agreed to back it.

Liberal MP Bridget Archer has also indicated that she will cross the floor to support the bill.

The Greens opted to support the bill after the government agreed to several concessions and made it clear that the emissions reduction target is a target is a floor rather than a ceiling.

PM Albanese has urged the Coalition to support the bill, arguing that it is an opportunity to "End the climate wars".

Parliament will debate Voice details before referendum

Brisbane Times - Page Online : 4 August 2022 - Original article by James Massola - PortMac.News Summary

Prime Minister Anthony Albanese recently indicated that much of the details regarding the structure of an Indigenous Voice to parliament will not be released until after a referendum on the issue has been held.

However, Albanese now says the federal government will release more details of the proposed model for a Voice prior to any referendum, while the issue will also be debated in parliament.

He adds that the Voice is an opportunity for national unity, but emphasises that all Australians must be allowed to express their views on the issue.

Unfair contracts to end

The Australian - Page 19 : 4 August 2022 - Original article by Robert Gottliebsen - PortMac.News Summary

The Coalition believed that it could become the party of family business after the 2019 federal election win.

However, the Coalition failed to follow through on its commitment to ban unfair contracts.

The new Labor government intends to provide protection for small and family businesses by outlawing unfair contracts that disproportionately favour the large companies that they do business with.

Labor could potentially use this move to position itself as the party of family business, which could ensure that Opposition leader Peter Dutton never becomes prime minister.

Fix low wages for "Women's work" before childcare sector fails

The Age - Page Online : 4 August 2022 - Original article by Angus Thompson - PortMac.News Summary

Goodstart Early Learning director Lynelle Briggs says the childcare and aged care sectors both face similar issues, including staff shortages, low wages and heavy reliance on government funding.

Briggs, who had jointly headed the Aged Care Royal Commission, says early learning and aged care are growth areas of the economy, but action is needed to address the issue of wages in sectors where the majority of workers are female.

Briggs warns that childcare workers are likely to join aged-care staff in exiting the sector unless they receive an adequate pay rise.

AWU targets corporate bosses in wage push

The Australian - Page 6 : 4 August 2022 - Original article by Ewin Hannan - PortMac.News Summary

The Australian Workers' Union currently undertakes enterprise bargaining with large companies on a site-by-site basis.

However, the union's national conference has passed a resolution to trial an initiative that will allow AWU branches to campaign and bargain together in order to achieve uniform increases in pay and conditions for employees across a company's operations nationwide.

Construction giant Boral will be one of the first targets of the new strategy, given that it has different enterprise agreements with the AWU in every state and a pay gap of to 15% for some workers.

Forget COVID-zero, this virus is here to stay

The Australian Financial Review - Page 36 & 37 : 4 August 2022 - Original article by Peter Collignon - PortMac.News Summary

More than 10,000 Australians have died from or with COVID-19 so far in 2022, while infection rates have soared despite the nation's high level of vaccination.

Australians will need to get used to living with COVID-19, because the emergence of more transmissible variants such as Delta and Omicron mean that the virus is unlikely to be eliminated for a long time.

Spanish flu remained in circulation globally for about 50 years after it peaked in 1920, with new variants emerging; however, its mortality rate began to fall sharply after the first several years, and it eventually became a winter seasonal illness in most of the world.

COVID-19 is likely to follow a similar trajectory.

NSW minister overboard, race to steady ship

The Australian - Page 1 & 6 : 4 August 2022 - Original article by Max Maddison - PortMac.News Summary

NSW Premier Dominic Perrottet has defended his handling of the scandal over the appointment of former deputy premier John Barilaro to a key US posting.

Deputy Liberal leader Stuart Ayres belatedly resigned on Wednesday over his role in the scandal, stating that he has done so in order to "Maintain the integrity" of the cabinet; he also said he did not believe that he had breached the ministerial code of conduct.

There is some concern among state government MPs that Perrottet had treated Ayres differently to former small business minister Eleni Petinos, who was recently sacked over bullying allegations.

Interest rates up, but big banks quiet - so far

The Australian Financial Review - Page 19 : 4 August 2022 - Original article by Ayesha de Kretser - PortMac.News Summary

Macquarie Bank acted quickly to increase its mortgage interest rates by 50 basis points, in line with the latest rise in the cash rate on Tuesday.

However, Australia's four major banks have yet to announce changes to their mortgage interest rates. Macquarie will also offer a fixed-rate discount of 75 basis points for new customers, as well as existing variable rate customers who want to shift to a fixed rate.

The Sydney-based bank has in turn increased the interest rates on its savings accounts more quickly than its larger rivals.

AWU targets corporate bosses in wage push

The Australian - Page 6 : 4 August 2022 - Original article by Ewin Hannan - PortMac.News Summary

The Australian Workers' Union currently undertakes enterprise bargaining with large companies on a site-by-site basis.

However, the union's national conference has passed a resolution to trial an initiative that will allow AWU branches to campaign and bargain together in order to achieve uniform increases in pay and conditions for employees across a company's operations nationwide.

Construction giant Boral will be one of the first targets of the new strategy, given that it has different enterprise agreements with the AWU in every state and a pay gap of to 15% for some workers.

Metricon slashes jobs as building confidence fails

The Australian Financial Review - Page 30 : 4 August 2022 - Original article by Michael Bleby - PortMac.News Summary

The latest Performance of Construction Index data has highlighted the growing pressures facing Australia's residential construction sector.

The monthly index of activity in detached house building fell 4.6 points to 34.6 points in July, with new orders in the construction sector falling to the lowest level in nearly a year and housing activity weakening for a third consecutive month.

The index is compiled by the Australian Industry Group and the Housing Industry Association.

Meanwhile, leading home builder Metricon has confirmed that it will retrench about 10% of its employees.

Renters priced out of their homes as landlords pass on RBA rate hikes

The Guardian Australia - Page Online : 4 August 2022

Original article by Rafqa Touma - PortMac.News Summary

There is growing concern that the flow-on effect of recent official interest rate increases is making the rental market unaffordable for many Australians.

The Australian Housing and Urban Research Institute's MD Michael Fotheringham says landlords are responding to higher mortgage repayments by passing their increased costs on to tenants.

He adds that, with rental vacancies at a record low, many landlords are adopting a "If you don't like it, leave" approach to tenants who object to large rent increases.

NSW Greens MP Jenny Leong has called for urgent changes to rental laws.

EV boom powers BHP Nickel search spend

The Australian Financial Review - Page 15 : 4 August 2022 - Original article by Colin Packham - PortMac.News Summary

BHP's Nickel West division will ramp up its expenditure on exploration in 2022 in response to growing demand for electric vehicles and battery minerals.

BHP Nickel West asset president Jessica Farrell addressed the annual Diggers & Dealers forum on Wednesday, noting that the mining giant has large untapped reserves of nickel, including the Agnew-Wiluna belt in Western Australia.

She added that BHP already has nickel supply agreements with car-makers with Tesla and Toyota, and it recently secured a memorandum of understanding with Ford.

Brexit spurs record investment boom for Australian firms in UK

The Age - Page Online : 4 August 2022 - Original article by Rob Harris - PortMac.News Summary

Macquarie Group, Lendlease and IFM Investors are among the Australian companies that intend to ramp up their investment in the UK in coming years.

Australia-United Kingdom Chamber of Commerce CEO Joanne Holland says Britain's exit from the European Union has created new investment opportunities for Australian companies.

National Australia Bank executive John McClusky notes that the transition to net zero emissions in particular presents significant opportunities for Australian companies in the UK.

Australian companies will also benefited from the free-trade agreement between the two nations, which has yet to be ratified.

ASX announces further delay to clearing system

The Australian Financial Review - Page 13 & 18 : 4 August 2022 - Original article by Ayesha de Kretser - PortMac.News Summary

Stock exchange operator ASX Limited has advised that the blockchain-based replacement for its CHESS settlement and clearing system is now unlikely to be launched before late 2024.

The new system has now been delayed five times since it was initially announced in 2015, and some market participants have previously urged the ASX to abandon the new system and purchase an "Off the shelf" replacement for CHESS.

The ASX has also advised that Accenture will undertake an independent review of the CHESS replacement project.

ASX falls as investors chew on mixed outlook

The Australian Financial Review - Page 24 : 4 August 2022 - Original article by Richard Henderson - PortMac.News Summary

The Australian sharemarket lost ground on 3 August, with the S&P/ASX 200 easing 0.3% to close at 6,975.9 points.

Stock exchange operator ASX Limited shed 3.4% to end the session at $87.45, Domino's Pizza Enterprises fell 3.3% to $71.42 and Wesfarmers was down 1.1% at $47.05.

However, Lynas Rare Earths rose 7.6% to $9.55 and Pinnacle Investment Management was up 12.2% at $11.30.