1. Albo gives in on IR laws

Labor’s new industrial relations laws will become law this week after the PM gave into small business demands. And it was former Wallaby-turned-Senator, David Pocock who tackled the PM to give more exemptions to small business employers. The Government has agreed to new multi-employer safeguards for businesses with fewer than 50 employees, with the onus on ­unions to prove common interest before firms have to bargain. Small businesses with fewer than 20 regular employees will be exempted from multi-employer bargaining. Also the Greens agreed to back the bill after securing changes that would give parents an enforceable right to request ­unpaid parental leave. 

2. Serious protests about China lockdown

It's been a good quarter for Australian stocks and our super funds but could China change all of that? The Australian says investment bank Citi sees China’s zero-Covid policy and property slump as “headwinds” for the world’s biggest consumer of commodities and Australia’s biggest trading partner. Citi does expect China will eventually move away from its zero-Covid policy and severe lockdowns by March next year. That said, serious protests over the weekend in China against lockdowns could bring about a change even quicker.

3. Important data out this week

The Australian stock market players and interest rate worriers have some big numbers that could hit or help their hip pockets this week. Stock markets and interest rates are closely linked to inflation in the US. If it’s falling, then US interest rate rises are near an end, which is good for stock prices there, and here. And if rate rises in the US are about to top out, it puts less pressure on our Reserve Bank to keep raising rates here. This week, the US gets an important inflation reading and a jobs report, while locally we see the October monthly reading for inflation here.

4. Will Xi Jinping be bounced out of his zero-Covid policy?

The AFR says: “Rare displays of public defiance have erupted throughout China as frustration with Xi Jinping’s zero-COVID policies reach boiling point after an apartment fire killed at least 10 people because strict pandemic restrictions prevented residents from fleeing the blaze. Protests broke out in streets and on university campuses around the country over the weekend in what was the biggest public display of criticism towards the Communist government since the 1989 Tiananmen Square massacre.”

5. ANZ to fund big emitting companies

Just when many banks are cutting back on supporting old world power players, ANZ Banking Group says it will allocate more capital – not less – to heavy emitters to enable the Australian economy’s smooth transition to net zero emissions. The AFR reports that “ANZ doubled its $50 billion sustainable financing target to $100 billion by 2030, having already hit $40 billion within three years and finding itself on track to meet the $50 billion by the end of this financial year.” But the $100 billion target will include transition financing to help big emitters like Santos and Woodside transform their businesses. ANZ head of institutional banking Mark Whelan said the increased target would help speed up the transition and meant its “largest emitting customers with good transition plans in place will have access to more finance”.