Good morning everyone.

1. The Sydney lockdown is to be extended for another week. The stay-at-home orders have been extended until July 16, which is next Friday. Despite some reporting yesterday that the government wanted kids to return to school after the holidays, that won’t be the case.

2. The Reserve Bank of Australia left interest rates on hold at 0.10% during its monthly meeting. The central bank did however reveal that it was making a major adjustment to its stimulus package, committing to purchasing “at least” $4 billion in bonds a week after September. It gives the RBA flexibility to adapt its QE program, changing its mandate from a set $5 billion every week.

3. As global hubs like London and New York reopen, Australia risks losing its reputation as an attractive place for highly skilled workers, experts warn. While in the short term the Fortress Australia approach has benefitted the economy and public health, a loss of people and investment could have long-term consequences. The pandemic has also shifted Australia’s pro-globalisation mindset, Natashas Kassam, director of public opinion at the Lowy Institute, told Business Insider Australia.

4. Oops. NSW Health says it gave more than 160 HSC students at a Sydney private school, St Joseph’s College in Hunters Hill, a Pfizer jab “in error”. This caused something of a stir online yesterday, given how scarce Pfizer shots are right now. The health department said they planned to inoculate only Aboriginal students, but something went awry.

5. Victoria is likely to see some lifting of restrictions today, after it recorded zero new COVID-19 cases this morning. The state’s mask mandate is expected to be relaxed, meaning workers would no longer have to wear them in the office.

6. Australia’s snap lockdowns have hurt consumer confidence, which has effectively sunk to its lowest level since November. It reverses months of improvement as Australians temporarily lose faith in the recovery. ANZ head of Australian economics David Plank said he believes that confidence will bounce back as long as Sydney is able to end ongoing restrictions soon. Given this morning’s announcement, that’s a little shakier.

7. Economists have warned growth in one of Australia’s strongest property markets is unsustainable as they begin to call the top of the market. Two out of three told a recent survey that New South Wales prices will peak in the next six months, after rising more than 15% in 12 months. Few are particularly hopeful about the prospect of increased affordability though, as values and lending sit at record highs.

8. Early data suggests the Pfizer vaccine is less protective against infection from the Delta variant. But it remains highly protective against hospitalisation after infection, which is the main game. Ran Balicer, chairman of Israel’s national expert panel on COVID-19, said it was “too early to precisely assess vaccine effectiveness” against the Delta variant based on data from Israel.

9. The UK prime minister announced plans to lift most of the coronavirus restrictions in England on July 19. He said the country had to accept that there would be more COVID-19 deaths to come. Amid the vaccine rollout, fewer deaths have been linked to the latest surge in UK cases.

10. $43 trillion worth of assets under management globally are now linked to net zero emissions goals via the Net Zero Asset Managers Initiative. 41 firms have joined the initiative, raising the amount of funds managed with an ESG focus. Asset managers are aiming to bring client portfolios to net zero by 2050 under the initiative.

BONUS ITEM

Some vintage Australian politics aesthetic for you.

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