1. Doherty Institute says reopening with thousands of cases won't increase fatalities over six months

Modelling by the Doherty Institute set to be presented at national cabinet today and shared in a report by The Australian has found that ending restrictions when case numbers are in the thousands will not result in more deaths. The Doherty Institute reportedly investigated three scenarios of reopening with tens, hundreds and thousands of cases and found no material difference in the predicted fatality rate over 180 days.

2. Wesfarmers reports $2.4 billion net profit

Wesfarmers has reported a 16.2% increase to net profit after tax from continuing operations to $2.421 billion and a 10% increase in revenue to $33.941 billion, as well as a proposed special dividend of $2 per share that will see about $2.268 billion returned to shareholders. "While COVID-19 had a significant impact on operations during the year, the Group's businesses maintained their focus on building deeper customer relationships and trust," said CEO Rob Scott.

3. Lynas posts record profit of $157 million

Lynas has announced a record profit of $157.1 million, up from a loss of $19.4 million last year, and a 60.3% increase in revenue to $489.0 million. "Strong cost controls were maintained as we benefited from favourable market conditions for Rare Earth materials," said CEO Amanda Lacaze.

4. Athlete claims Tokyo Olympics gold medal is peeling

Trampoline gymnast Zhu Xueying has claimed that the gold medal she won at the Tokyo Olympics just weeks ago has started peeling. Photos posted to social media appear to show a blemish on the medal, however the Tokyo Olympic Committee told China's Global Times that the peeling was likely from a protective coating on the medal rather than actual damage.

5. US indexes close lower overnight

On Thursday in the US, the Dow Jones closed down 192.38 points or 0.54% to 35,213.12, the S&P 500 lost 26.19 points or 0.58% to 4,470.00 and the Nasdaq fell 96.05 points or 0.64% to 14,945.81.