Latest updates on Key Economic Indicators:

Australian Dollar: $0.6970 USD (up $0.0020 USD)

Iron Ore Sep Spot Price (SGX): $105.75 USD (down $4.55 USD)

Oil Price (WTI): $87.83 USD (down $3.09 USD)

Gold Price: $1,790.90 USD (up $25.18 USD)

Copper Price (CME): $3.4750 (down $0.0025 USD)

Bitcoin: $22,535.41 (down 3.48% in the last 24 hours)

Dow Jones: 32,726.82 (down 85.68 points on yesterday's close)

All changes compared to 7am yesterday.

Kyiv Says Russia Plans Fresh Offensive

Ukraine said Moscow was putting together an attack force aimed at President Zelenskiy's hometown of Kryvyi Rih, as Russia bombarded several parts of Ukraine, causing casualties and damage.

The governor of the Sumy region on the border with Russia, Dmytro Zhyvytsky, said three towns had been shelled by Russian forces on August 3, with a total of 55 missiles fired.

The General Staff of the Ukrainian Armed Forces said in its update on August 4 that Russia had begun creating a strike group in the Kryvyi Rih direction and that it could be preparing new offensive operations in southern Ukraine.

The steel-producing city of Kryvyi Rih, where Zelenskiy grew up, lies around 50 kilometers from the southern front line.

Britain's Ministry of Defense said in its daily intelligence bulletin that Ukraine continued to hit Russian military targets with missile and artillery strikes targeted at strongholds, personnel clusters, logistical support bases, and ammunition depots throughout the front line.

Penny Wong, ASEAN warn on China's military exercises

The Australian Financial Review - Page 1 & 11 : 5 August 2022 - Original article by Emma Connors - PortMac.News Summary

Chinese state media has labelled the visit of US House of Representative Speaker Nancy Pelosi to Taiwan an "Act of war", and the Chinese military has responded to it by conducting a series of military exercises around the island.

Some drills are being conducted within areas less than 16 kilometres from the Taiwan coast, sparking concern from Australia's Foreign Minister Penny Wong that they could result in a "Miscalculation" that could lead to accidental conflict.

She made her comments during a visit to Cambodia to meet with ASEAN foreign ministers, who expressed their concern about "Unpredictable consequences" flowing from the crisis.

Trade with China boosts Australia's prosperity

Herald Sun - Page 61 : 5 August 2022 - Original article by Terry McCrann - PortMac.News Summary

Australia's trade surplus of nearly $18bn for the month of June highlights the nation's recovery from the pandemic, with the surplus having fallen to just $3bn in August 2020.

The latest trade figures also underline Australia's heavy dependence on exports to China; two-way trade totalled $270bn in 2021-22, with shipments to China - mainly commodities such as iron ore - accounting for $170bn of this figure.

At the same time, both sides of politics agree that China is the biggest threat in the Asia-Pacific region.

Meanwhile, coal and gas are two of Australia's biggest export earners, but the Greens want to ban all new coal and gas developments and preferably shut down existing projects as well.

Greens fire a warning shot on future bills

The Australian - Page 4 : 5 August 2022 - Original article by Greg Brown, Geoff Chambers - PortMac.News Summary

The federal parliament's climate bill has passed the House of Representatives, with the teal independents and the Greens securing only minor amendments.

Greens leader Adam Bandt has urged Labor not to get too complacent when it comes to getting future legislation passed, reminding it that it only has a majority in the lower house.

Bandt says that Labor will need to work with the Greens to "Progress its agenda", while the Greens will work with the government to "progress ours".

Amendments secured by independent MPs included one from Helen Haines that added a provision to the legislation supporting regional communities.

Federal ICAC should be overseen by non-government MPs

The Guardian Australia - Page Online : 5 August 2022 - Original article by Paul Karp - PortMac.News Summary

The federal government aims to introduce legislation to establish a national integrity commission by the end of 2022.

Independent MP Helen Haines has welcomed indications from the government that the anti-corruption commission will be overseen by a joint parliamentary committee.

However, some crossbenchers contend that the committee should be chaired by a non-government MP.

French to Albanese : We can build subs

The Australian Financial Review - Page 7 : 5 August 2022 - Original article by Andrew Tillett - PortMac.News Summary

The office of Prime Minister Anthony Albanese has declined to comment on claims that French President Emmanuel Macron had raised the prospect of building submarines for Australia at a recent meeting between the two leaders.

Macron is said to have proposed that Naval Group build four conventional submarines for Australia at its Cherbourg shipyards.

This would help to address a potential capability gap between the retirement of the Collins-class vessels and the delivery of nuclear-powered submarines under the AUKUS alliance.

Any move to build submarines in France would likely be opposed by Australian unions.

Hiroshima mayor warns of AUKUS dangers

The Australian Financial Review - Page 12 : 5 August 2022 - Original article by Michael Smith - PortMac.News Summary

Hiroshima mayor Kazumi Matsui has urged Prime Minister Anthony Albanese to visit the Japanese city of Hiroshima to observe the consequences of nuclear war at first hand.

He says Australia's move to acquire nuclear-powered submarines under the AUKUS treaty sends a bad message at a time when countries should be aiming to do away with nuclear weapons and energy altogether.

Matsui's parents were in Hiroshima when the US dropped an atomic bomb on it in August 1945, but they survived.

However,140,000 people were killed by the bomb, with thousands more dying from radiation sickness in the months that followed.

Tariffs to cost more to collect than the revenue they raise

The Sydney Morning Herald - Page Online : 5 August 2022 - Original article by Shane Wright - PortMac.News Summary

Around 90% of imported goods now come into Australia tariff-free, with cars, furniture and knitted goods among the remaining 10% of goods on which tariffs apply.

The federal government currently collects around $1.5 billion from tariffs, or just 0.3% of its total tax take, and the amount that it collects will fall further as new free trade agreements are implemented.

As part of a report to be released on 5 August regarding assistance to business, the Productivity Commission has estimated the decline in revenue from tariffs as a result of additional FTAs being put in place will see the cost of collecting tariffs on remaining goods increase to $4.81 for every dollar of tariff revenue raised.

Axe luxury car tax if you want EU trade deal

The Australian - Page 6 : 5 August 2022 - Original article by Ben Packham - PortMac.News Summary

Australian and European Union officials will commence a new round of negotiations over a free-trade agreement in in October.

Michael Pulch, the EU's outgoing ambassador to Australia, has signalled that the nation's luxury car tax will be a key issue in negotiations for the trade deal.

The tax raises about $880m in revenue per annum, and Pulch notes that it largely only applies to vehicles that are imported from Europe.

Australia's tariff of five per cent on European cars would also have to be abolished under a free trade deal.

More staff needed to end visa backlog

The Australian Financial Review - Page 7 : 5 August 2022 - Original article by Tom McIlroy, Michael Read - PortMac.News Summary

The Department of Home Affairs informed the incoming Labor government in a brief that there were over 962,000 active non-humanitarian visa applications on hand.

It informed ministers Clare O'Neil and Andrew Giles that 130,000 of the applications could be processed more quickly if category-specific visa caps were lifted.

Home Affairs also warned the incoming government that visa processing was being hampered by insufficient staff in its offshore visa delivery network, due to COVID-19-related disruptions.

'Rich Listers' private accounts to face public disclosures

The Australian Financial Review - Page 6 : 5 August 2022 - Original article by Tom McIlroy, Michael Bailey - PortMac.News Summary

The Senate has passed legislation that closes a 27-year loophole on the disclosure of corporate accounts of so-called "Grandfathered large proprietary companies".

It means that the private accounts of businesses connected to rich listers such as Lindsay Fox, David Haines, Kerry Stokes and Anthony Pratt will be subject to public disclosure.

The Australian Securities & Investments Commission have called for the loophole to be closed during recent inquiries into corporate tax avoidance.

Clerk sues over sacking after COVID

The Australian Financial Review - Page 28 : 5 August 2022 - Original article by Hannah Wootton - PortMac.News Summary

It is estimated that nearly 500,000 Australian have experienced 'Long Covid' since the start of the pandemic.

The issue of how workplaces manage the long-term consequences of the respiratory illness is set to come under scrutiny in an unfair dismissal claim against Melbourne-based Parnell's Barristers.

Louise Stary was sacked as a barristers' clerk just nine months after joining the firm.

She had taken almost three months of sick leave due to complications arising from COVID-19.

However, the firm contends that her dismissal was not due to COVID-19 or a pre-existing disability, but solely to her inability to perform the requirements of the role.

NSW Transport Minister David Elliott puts name forward for deputy Liberal leadership

abc.net au - Page Online : 5 August 2022 - Original article by Heath Parkes-Upton, Cecilia Cornell - PortMac.News Summary

NSW Transport Minister David Elliott says he has told NSW Premier Dominic Perrottet he is available for the deputy Liberal leadership, which has become vacant following the resignation of Stuart Ayres.

Elliott is likely to face challenges for the role from Roads Minister Natalie Ward, Treasurer Matt Kean and Alister Henskens, who holds a number of portfolios.

The resignation of Ayres resulted from claims he may have breached the Ministerial Code of Conduct over his role in the appointment of former NSW deputy premier John Barilaro to a lucrative New York trade role.

Big four banks to shut 37 bank branches as closures hit 'Crisis point'

The Australian - Page Online : 5 August 2022 - Original article by Matt Bell - PortMac.News Summary

More than 550 bank branches across Australia have been closed in the last two and a half years.

Some 182 jobs will be shed when a further 37 branches are closed over the next three months, including 24 Westpac branches.

The Financial Services Union's national secretary Julia Angrisano has urged the federal government to intervene to ensure that communities continue to have access to banking services, particularly in regional areas.

Finance jobs most at risk of automation

The Australian Financial Review - Page 3 : 5 August 2022 - Original article by Gus McCubbing - PortMac.News Summary

Workforce data and analytics platform Faethm by Pearson has analysed the jobs it considers are most at risk of automation, with finance brokers at the top of its list.

Other occupations that are highly vulnerable to automation include stockbroking clerks, librarians, pilots and human research advisers.

Pearson's chief data scientist Richard George says that any job that involves routine tasks is at risk of automation; he says accounting is one example of a profession that is likely to be "Disrupted" by automation.

Lew climbs Myer's share register one buy at a time

The Australian Financial Review - Page 17 : 5 August 2022 - Original article by Carrie LaFrenz - PortMac.News Summary

Premier Investments has increased its stake in department store group Myer Holdings by 2.3%, to around 22.2%.

The Solomon Lew-backed retailer is said to have paid $0.50 per share for the additional shares in Myer.

Australia's creeping acquisition laws allow large stockholders to buy up to 3% of a company's shares every month without triggering a takeover bid.

Premier Investments had increased its stake in Myer to 19.9% in February; it had acquired an initial stake of 10.8% in 2017.

Generators warn power grid reforms will drive up bills

The Sydney Morning Herald - Page Online : 5 August 2022 - Original article by Nick Toscano - PortMac.News Summary

The Energy Security Board is proposing the adoption of a capacity mechanism, which would see power providers paid to have capacity available at those times when the sun is not shining or the wind is not blowing.

However, power company AGL has expressed concerns about the proposed mechanism, including that it could see the bills of energy customers increase.

Hydro and gas power assets operator Snowy Hydro is also of the view that the mechanism could see power bills go up, while it claims it will prolong the life of coal-fired power stations.

ACCC targets tech giants over hoarding data

The Australian Financial Review - Page 10 : 5 August 2022 - Original article by Tom Burton - PortMac.News Summary

Australian Competition and Consumer Commission merger and digital general manager Tom Lerner has told a Melbourne University law school competition policy forum that the ACCC is concerned that digital platforms are becoming 'Gatekeepers' of people's data.

The ACCC is to make recommendations to Treasurer Jim Chalmers by October on how to address the issue of 'Data-hoarding'.

Meanwhile the ACCC is also likely to recommend that tech companies such as Google and Facebook be forced to allow external developers access to their device and software platforms, so as to bolster consumer protection and strengthen digital competition.

Australia considers strengthening privacy laws

The Age - Page Online : 5 August 2022 - Original article by Latika Bourke, Nick Bonyhady - PortMac.News Summary

The UK parliament had established a TikTok account with the hope of getting more young people engaged in the process of democracy.

However, the account has been shut down, following complaints from a number of MPs who have been previously sanctioned by China.

TikTok's parent is the Chinese company ByteDance, and the MPs in question claim the TikTok app has been described by tech experts as "Essentially Chinese government spyware".

A Home Affairs department notes it is considering all options in order to address data use concerns about TikTok and other social media companies, with a strengthening of privacy laws among them.

Netflix racing to learn the ad business

The Australian - Page 20 : 5 August 2022 - Original article by Sarah Krouse, Suzanne Vranica - PortMac.News Summary

Netflix is set to launch an advertising-supported version of its streaming video service in early 2023.

The move represents a significant shift in direction for Netflix, which has until now consistently ruled out any shift to an advertising-based model.

Netflix's subscriber based has declined for two successive quarters, and it is hoped that the move to launch a lower-cost subscription package will help to arrest a decline in revenue.

Netflix also intends to target subscribers who share their passwords with others by charging a fee for doing so.

US media falls $574b in streaming horror show

The Australian Financial Review - Page 26 : 5 August 2022 - Original article by Anna Nicolaou, Nicholas Megaw - PortMac.News Summary

Analysis by the 'Financial Times' reveals that the biggest US media companies have lost almost US400 billion ($574 billion) in market value so far in 2022, with the companies in question including Netflix, Disney, News Corp and Spotify.

Analysts contend that the slump in their market value is the result of a 'Perfect storm' that has included a surge in inflation that has led to fears of a recession, along with more people being outside after the pandemic and therefore less time inside and on their screens.

'More builders go broke' due to contract system

The Australian Financial Review - Page 29 : 5 August 2022 - Original article by Michael Bleby - PortMac.News Summary

Hutchinson Builders chairman Scott Hutchinson says "I bet more builders go broke" as a result of what he describes being as Australia's unique contracting system, with Hutchinson Builders being the largest building company in Queensland.

Hutchinson says the Australian system "Loads" all of the risks of a project onto the head contractor, while non-bank lender Qualitas MD Andrew Schwartz contends the 'design-and-construct contract' system is efficient as it clearly sets out responsibility.

ASX Stocks end flat despite IT surge

The Australian - Page 22 : 5 August 2022 - Original article by Matt Bell - PortMac.News Summary

The Australian sharemarket closed slightly lower on 4 August, with the S&P/ASX 200 easing 0.02% to close at 6,974.9 points.

Fortescue Metals Group shed 2% to end the session at $17.66, Woodside Energy was down 3.1% at $31.52 and Orica fell 9.3% to $15.60.

However, the Commonwealth Bank rose 1.3% to $101.80 and Tyro Payments was up 17.5% at $1.00.