1. Treasurer Chalmers takes charge in superannuation reform
Australian treasurer Dr Jim Chalmers has discussed the future of Australian super with prominent business leaders as well as former prime minister and the man responsible for its inception in this country, Paul Keating.

The aim is to determine where the capital injected into super funds by the Australian capital is best suited to building on prospects for the population, with a heavy focus on property. And in Keating’s view, he has warned them not to take their social licence for granted. They should be thinking about how to facilitate access to housing rather than simply chasing returns by investing in offshore companies, he said. (AFR)

“This is a society that can’t house its own children,” Mr Keating said. “If super funds just think they can go buy tech stocks in America and highways in Italy, they’re going to run into trouble. Without being heavy-handed, there is a requirement of the funds to look at social opportunities.”

This is seconded by Chalmers, who “pointed to figures showing super investment in infrastructure had grown from 3.7 per cent to 6.6 per cent of portfolios since 2014, while investments in residential housing had grown from 7.4 per cent to 8.5 per cent over the same period,” the AFR reports.

“Infrastructure investment is not matched by what we would love to see in residential housing, and the obvious question that raises for all of us is how do we turn that around,” said Chalmers.

2. Anthony Albanese to release legal advice on Scott Morrison ministerial portfolios
Prime Minister Anthony Albanese is set to brief cabinet today about the legal advice regarding former PM Scott Morrison assuming multiple ministerial portfolios in secret. Albanese will then address the advice public “so that people can see it and be transparent about it,” he said.

“Quite clearly, there are real questions to be answered here. There is a question of legality.

“There hasn’t been a suggestion of illegality but … there have been questions raised about how this could occur, how it fits in with the conventions and the normal accountability mechanisms and checks and balances that are there in our parliamentary democracy. They are matters that need to be considered.

“There is a basic fundamental weakness in checks and balances – if no one knows who the minister is, then how can they be held to account for decisions which are made?”

3. Solar briefly overtakes coal for first time during winter
This month of August has seen a remarkable turn of events in the energy sector, as solar power took top spot in the power grid as the most used fuel source, with more and more Aussies looking to combat the extreme spike in energy prices.

The emergence of solar as the dominant source was first observed in August last Friday, when it overtook coal for 35 minutes as the biggest fuel source. On Sunday the period lasted for three hours and 20 minutes. (AFR)

4. APA Group makes two huge calls to start the week
Aussie pipeline giant APA Group (APA) has rustled some feathers this week with two big announcements. Firstly, it has walked back on its intentions to expand operations into the US energy market, while chief executive Rob Wheals announced he is stepping down after 14 years with the company, three of which were in the top job.

While the first decision is said to please many investors, there are one or two question marks hanging over the second, namely the timing of Wheals’ decision. “APA shares are hovering just below record highs. APA’s earnings (a preliminary snapshot of which was released on Monday) are growing nicely, and the company is in a good position to grab a slice of the tens of billions of dollars that will be required to make the energy transition work,” the AFR reports.

“The great service Wheals has given to APA makes the suddenness of his departure – with just six weeks’ notice and without a succession process in place, let alone a plan – even stranger.”

5. ASX continues downtrend
ASX futures were down 52 points or 0.8% to 6901 at about 6am AEST, with the AUD flat at 68.73 US cents.

On Wall St: Dow -1.6% S&P 500 -1.8% Nasdaq -2.2%.

Brent crude -1.3% to $US95.44 a barrel. Iron ore +0.9% to $US100.65 a tonne.

2-year yield: US 3.34% Australia 2.94%.

10-year yield: US 3.02% Australia 3.51%.